Request for Proposal (RFP) is a written summary of terms for an agreement where one party would be willing to enter into the agreement with another party if the terms work for each party. The RFP is not binding by either party. I always use a RFP when negotiating on a tenant’s behalf. Many agents don’t want to take the time to do this which causes misunderstanding when negotiating lease terms.
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList.