Negotiating Power for Commercial Tenants
To our team here at Tenavox, the current environment for small businesses in commercial real estate did not seem to align with what we have at our fingertips in other industries. Decision-making in the 21st century has evolved. Feedback and recommendations take front and center in consumer behavior. In fact, 8 out of 10 consumers use recommendations and reviews in their purchase decisions. In every other facet of decisions for your business from computers to consultants to copy services, accurate data, online recommendations and feedback are the absolute normal before making a purchase or signing a contract.
Now think about in your personal life...You read reviews for a car you are thinking of buying, you read a review on the hotels you're considering staying at on your vacation, you are provided with feedback on who to hire for your landscaping project at your home...why wouldn't you want to know what other Tenants think about a building that you're about to sign a long-term financial commitment with?
So we asked ourselves, why is this the status quo in commercial real estate leasing and what can be done?
For as long as commercial buildings have been leased, the power in negotiations has rested with Landlords and their representatives. In the current environment, the vast majority of CRE technology products are built to serve those very same parties. This has left small business owners and decision makers in the relative dark…
Here are a few hard truths
- Every current listing site is built around fees from Landlords and representatives. It is where they get the majority of their information as well. In fact, most of the time if the building isn't being paid to be "listed" on the site it doesn't even exist! Regardless of your interest level.
- "Listings" are really just advertisements. Ultimately all you will find on these sites are quoted rates, brochures and almost certainly outdated space data. Which helps a Tenant literally ZERO. All it does is entice you to call each broker individually (painfully). None of which tell you what you really need to know, what SHOULD I pay for this lease?
- Updating and keeping track of space inventory is near impossible for representatives and coordinators. Most brokerage houses have nowhere near the time and effort to keep this massive (and fragmented) inventory accurate. Ever made a call for a space only to be told the listing is "old" or "not right"? You know what we mean.
- Tools for accurate comparison of leases, analyzing of deal points and powerful search functionalities are sold to these same owners and their representatives for exorbitant costs, assuring the industry status quo, the best information STAYS with them. Until now...
Tenavox was formed with a simple mission. Create and deliver a platform for Tenants to make the best lease decisions possible in their market. With this in mind, we approached things from a completely new angle from every CRE site on the market.
So what is Tenavox?
- An efficient platform for businesses where they could access digestible and accurate data on what other Tenants think and pay for leases in their market. The buildings, ratings, information and data on our platform are collected, uploaded and maintained by us. We aim to collect every building in the United States and are adding more and more every day.
- We don't ask Landlords and Brokers to keep and update space inventory on their site (they can if they want). We ask them to tell us what kinds of Tenants they are looking for, in the same vein of thought, we ask Tenants to tell us what they're looking for in their commercial lease space. Neat huh? We work to connect real time needs with real time wants. Our industry-first "preference" smart-matching system ensures Tenants and Landlords only work with each other when there is a true qualification to ensure time savings, effort and alignment of interests for both parties.
- Professional, digestible and relevant ratings for buildings built around what matters most to a business, NOT a vacuous "Class A,B or C" building rating, along with resources, tools, guides and more to help level the playing field in lease negotiations.
- A safe and anonymous advocacy platform where Tenants can feel comfortable reviewing and providing feedback on their buildings. The goal is for our community of business decision makers to gather to crowdsource issues, experiences and questions on potential lease assets.
With these three core tenets in place we formed Tenavox. We think our platform delivers a one-stop site for making your lease decision as efficient, economical and fair as possible.
At Tenavox we don't display a "quoted" rate. We use a professional algorithm to predict what Tenants should be paying for a lease, not what the Landlord or their reps may want.
For the first time, get quality feedback from real Tenants in a moderated forum to learn what other businesses really think about their buildings.
Get access to enterprise-level tools and functions for searching, filtering and analyzing buildings and deal terms to ensure you negotiate your lease with the best quality information.
Finally, tap into our vast resources for guiding you through a lease from start to finish, calculating space needs, identifying commute logistics and more.. All 100% free.
With Tenavox you will find out what it's really like to be a Tenant in a building before you sign a lease.
Need more reasons? Check out the Why Join page.
Questions? Check out the FAQ.