In this weeks installment of the Tenant Tips will discuss how to be a great Tenant Rep broker. This is my Top 10 list to discuss how to be a great tenant rep broker. First of all, we all say tenant rep, but it is short for tenant representation. Tenant representation is a speciality within commercial real estate, focused on being a buyer’s agent for people who wish to lease, not buy.
On a macro level the Tenant Rep always looks out for the best interests of the Tenant. Remember the Tenant comes first, not your listings, not just the easy sites, and never the fee. Ask yourself “what would I want done if I was the Tenant”? Every tenant has a specific set of criteria for a location. While the criteria may vary from tenant to tenant the process of being a great Tenant Broker does not.
Top 10 steps to being a great tenant rep broker.
1. Determine if you can even help. Be honest, is this in your wheelhouse?
2. Meet face to face and interview the Tenant. Who are they? Do they have experience or is this the first business they’ve ever run? Ask probing questions and really get to know the people and their motivations.
3. Talk about the money. Detail how and when you get paid.
4. Sign a Tenant Rep agreement. Explain why you need this and who you represent.
5. Discuss the concept. Know it well enough that you can sell It to Landlords or property owners. Remember, you’re the face of this business in the CRE world. Represent well.
6. Create a plan with a realistic timeline and discuss until you get everyone’s buy-in. If you agreed to meet every day or once each quarter do it.
7. Do the research, yes, all of it includes when you “probably” know the answer. You may surprise yourself
8. Take the tour, pick the site(s). This should be easy with all the research you’ve done.
9. Close the deal, follow up and stay in touch for additional locations and referrals.
As I wrote this post I realized we also need some guidelines on how to be a Represented Tenant so that will follow. Stay tuned. As always, your comments and opinions are welcome and appreciated.
Original Source: John Orr, CCIM Blog
Photo Credit: Figure Stepping Up To His Goal Stock Image By Master isolated images Source: freedigitalphotos.net