The Six Step Tenant Representation Process
The entire six step tenant representation process will take anywhere between three and nine months to complete depending on client requirements and economic conditions.
The first step is identifying client needs and establishing economic objectives. Individual client space requirements vary widely from large manufacturing and distribution centers to office and warehouse space. This is more difficult than it sounds because a company will be seeking a longterm lease or space to construct facilities which makes establishing client needs the most important step.
The second part to establishing client needs is then determining their economic objectives. Two questions come to mind: What does the client hope to gain from their space? How can the tenant rep work to maximize those gains?
The second step is to perform a market analysis. This includes selecting favorable locations researching the real estate market and working to find and secure tax/economic incentives for expansion.
The third step is to set appointments for clients to view the space. As a client tours prospective locations it is important to bring in an architect or general contractor to assist in determining property solutions for an individual space. Once a short list of properties has been created then a client and their rep can proceed to the fourth step.
Step four involves the selection of the best site for a clients needs. This includes creating executive summaries cost analysis SWOT/financial alternatives to determine the best possible site for the client.
Once a final site is selected we move to step five where the lease/purchase is negotiated. In this step the client and their legal counsel negotiate terms and finalize an agreement. This process can take some time especially when there is a snag on a particular item.
Step six is the post lease/purchase phase where the tenant rep assists with project management and finalizing the deal because a client may renegotiate some contract terms before they sign the lease/purchase agreement. Once the agreement is signed the process ends and the rep is then paid a commission based on the value of the agreement.
About the writer: Will Nguyen is an accomplished writer. Favorite places on the web include Synergy tenant representation and Officeblvd office search
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