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The Story Behind Our Passion: Why We Chose to Exclusively Represent Tenants and Buyers

Posted on August 27, 2014 by mike.kushner in About Us, Blog No Comments

At Omni Realty Group, I take great pride in being Central Pennsylvania’s only exclusive tenant rep/buyer agency firm. I carefully chose this specialization because of my passion for educating and representing business owners to ensure they receive a fair deal from their seller or landlord.

As fellow local real estate agent, Bill Gladstone, owner of Bill Gladstone Group, NAI CIR says, “In today’s world of discovery and specialization, generalists are falling by the wayside in all industries.” We embrace this same mindset which is why we purposely selected to only work with tenants and buyers in the commercial real estate market.

As the owner of Omni Realty Group, I have been exclusively practicing Tenant Rep/Buyer Agency since 1998, when I first established the company. Prior to forming Omni Realty Group, I worked as a traditional commercial agent. My 28 years of experience extends across all real estate sectors including, Office, Industrial, Retail, and Multifamily. In addition, I have also developed office, retail and multi-family projects.

“It is hard to be both a landlord’s seller’s as well as a tenant’s buyer’s broker and do both well,” says Gladstone. “The day of trying to be all things to all people just doesn’t work.”

Being a Tenant Rep/Buyer Agency firm provides me with an opportunity to better serve my clients by getting to know them and their businesses on a more personal level. I must have a detailed understanding of their business operation, financial position and their risk profile to negotiate the most favorable terms on their behalf. This information is extremely confidential, so I work hard to develop a deep level of trust with each and every client.

The clients I serve are any individual or business entity that is involved with commercial real estate. This includes people who are looking to relocate or establish a new location, re-negotiate their current lease or invest in commercial real estate.

As I look to the future, my main goal remains the same – to educate business owners, facility managers and investors about tenant representation/buyer agency. Many people are unaware that they need representation just as a landlord or seller has representation. There is also a common misunderstanding about Pennsylvania real estate agency law and how it authorizes the types of business relationships that a real estate agent can have with a consumer.

Unless you have a tenant representation/buyer agency agreement with your agent, he or she is not exclusively representing you and does not have a legal obligation to represent your interests. My exclusivity as a tenant rep/buyer agency allows me to avoid the inherent conflict of interest that exists when an agent represents both the tenant/buyer and landlord/seller.

One final thought from Bill Gladstone says, “The sooner you discover your niche the sooner you will define the added value you bring to your clients.” My niche is advocating for the best interests of tenants and buyers. I am fortunate to have discovered this passion and to fully embrace it as the focus of my day to day work. Doing so allows me to provide the highest level of service, loyalty and confidence to each and every client.

What else would you like to know about Omni Realty Group? Just ask me and I am happy to answer!

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Why Omni is Central PA’s Only Exclusive Tenant Rep/Buyer Agency Firm

Posted on April 24, 2014 by mike.kushner in About Us, Blog, Tenant Representative/Buyer Agent No Comments

A broker is a broker, right? This is the general perception among the vast majority of businesses. However, this lack of understanding of the different types of real estate brokers can prove to be a very costly oversight when buying or leasing commercial property.

Just as doctors and lawyers have certain areas within their field in which they specialize, so do brokers. And this specialization can have a big impact on your business’ negotiation for commercial real estate.

So what are these different specialties? One of the most distinguishable differences between brokers is who they represent – the tenants and buyers or the landlords and developers.

Tenant Representation and Buyer Agency are interchangeable terms that refer to an arrangement in which a real estate agent works on behalf of the tenant or buyer. Pennsylvania law states that, without any other agreement, real estate agents work for the landlord or owner. Some firms will offer tenant representation while also representing landlords and developers, which creates a conflict of interest.

With Omni Realty Group, I have selectively chosen to be Central Pennsylvania’s only exclusive Tenant Rep/Buyer Agency Firm to avoid this conflict of interest and to better serve the interests of my tenant and buyer clients. I believe that commercial real estate tenants and buyers should receive unbiased advice, up-to-the-minute market information and aggressive representation in negotiations. And the only way to offer this level of service is to focus solely on the unique interests of the tenants and buyers.

In fact, it is my steadfast policy to never represent landlords or owners. This eliminates any conflict that can result from trying to represent the interests of both sides. It also ensures that my loyalties lie solely with our tenant /buyer clients. This approach, combined with my extensive experience, proven expertise and dedication to client service, sets Omni apart from other brokerages.

Today, business owners and managers understand the compelling “no conflict of interest” business model of Tenant Representation and Buyer Agency. More businesses are seeking firms that specialize in this niche of the commercial real estate industry to add greater value and to establish on-going client-service provider relationships. When working with a Tenant Rep or Buyer Agent, a business searching for a property to lease or buy is not at risk of their broker attempting to focus special effort on his or her own listings.

Given this specialty, one common question is “Who pays the broker?” In most cases, these services are free of charge because they are paid for by the landlord or seller. An even greater benefit is the peace of mind that since a Tenant Rep/Buyer Agent only represents tenants/buyers, the organizations that hire them don’t have to be concerned with the broker balancing between the obligations it has with its tenant/buyer clients and its landlord/owner clients.

Have you ever worked with a Tenant Rep/Buyer Agent? Do you need additional clarification as to their services and benefits? Share your comments and questions in the space below!

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As Office Property Nears Completion, Builder and Buyer Chime In

Posted on May 22, 2012 by mike.kushner in Blog, Community, Construction No Comments

Two months ago, we published an interview from the perspectives of both the builder and the owner of an office construction project in Harrisburg. The project is nearing completion and we thought it would be a good time to check in on their progress.

Here’s a follow-up interview with David Martin of Michael L. Martin, Inc. and Robert Beachy, property owner.

David Martin (Builder):

When do you anticipate completion of the property?

Our goal is to deliver the project the last week of May (after Memorial Day).

Has the recent rain impacted this project’s timeline at all?

The rain has hindered our progress this past week and is forecasted to do the same this week.

How else does weather impact the progress of constructing a property?

Rain can really slow down the progress at this point in the project. Typically this is the time when we are doing the exterior finishes like curbing, parking lot paving, sidewalks, etc. This work cannot be done while it’s raining.

Have any significant unexpected challenges arisen in this project?

There have been a few, some of them were related to constant changes being made to building codes and ADA requirements. Getting a sewer hookup to the property has been the biggest challenge on this project.

For you, what’s the most enjoyable part of the construction process?

For me, the entire process is rewarding. If I had to pick one part it would be the design phase. Creating a plan that works best for the client is a challenge that I enjoy.

Bob Beachy (Owner)

Is this property turning out the way you envisioned it when you began this project?

Yes, for the most part with some minor differences such as having to change some of our kitchenette cabinetry to comply with ADA guidelines. We had also hoped to have two windows in the basement but had to change it to one window because of the grade of the lot.

What do your existing clients think about the re-location?

No one has been in the space yet but clients that have driven by the building say it looks very nice and several of them commented about how nice the stone exterior looks.

What value would you place on the role of a commercial real estate agent in the process of completing a new build?

It was very helpful to have someone knowledgeable about the building process to advise us and who had prior relationships with other agencies and professionals that we needed to involve in our project.

Now that the property is near completion, what are you thinking and feeling about this experience?

We are pleased with how the project is turning out, but we’re also glad to be nearing the end!

What recommendations do you have for others who might be looking to build?

Spend time developing a thorough project budget with the assistance of a commercial realtor/developer. Know someone who has a lot of connections with other agencies and professionals. Be patient. Check on the progress of your project regularly. Hire a good builder with an excellent reputation.

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Navigating One of the Most Complex Relationships in Modern Commerce

Posted on May 16, 2012 by mike.kushner in Commercial Real Estate, Tenant Representative/Buyer Agent No Comments

We’ve been following a discussion on a commercial real estate group on LinkedIn.

Recently, someone started a discussion which read:

The Tenant’s Advocate – we represent tenants only with negotiating commercial office leases only. Our fees are paid the by the landlord, not the tenant.

A few comments ensued, mostly around the follow-up question from a group member who replied:

I was really interested in your comment. How do you work for the tenant, but get paid by the landlord without having a conflict of interest?

We thought it would be helpful to share our response. We hope it shines some light on the vital role a tenant representative plays in the office leasing arena.

Our response:

I totally agree with your post. I have been a tenant rep/buyers agent for over 26 years and my motivation is to obtain the best outcome for my client. In addition, a “true real estate professional” is negotiating much more than rate per square foot. The long-term office lease represents one of the most complex relationships in modern commerce. It spins an intricate web of mutual obligations between tenant and landlord, which can endure up to a quarter century or even longer. It survives a succession of real estate and business cycles, employees and other relationships. For the corporate or institutional tenant, the lease is often its largest single financial commitment. For the landlord, it may determine the property’s long-run financial viability. Entering into such a commitment demands technical expertise of the highest caliber. In the current real estate climate – where the non-rent variable has emerged as the most significant factor in leasing economics – demonstrated effectiveness is required. A tenant must consider an almost endless list of variables, such as negotiating tax and operating expense escalations, work letters, electrical charges, sublease and assignment rights, alterations, and options to expand or renew.

Have you used a tenant representative/buyer agency in a transaction? What were your experiences?

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