Property or Deal? (Most likely, both!)
One of the questions people ask most frequently is “Should I add this as a property in ClientLook, or a deal?”. Usually, the answer is “Both!”.
Property Records in ClientLook
Property records in ClientLook are designed to stay in the system forever. A property record consists of all the intelligence you have gathered about a given property over the years. This can include property specifics like improvements, building attributes, land information and financials as well as any custom fields you would like to create to track anything under the sun. It also includes notes (which we call “Updates”) that anyone on your team has entered on the property record, or on the record of any contact or company in your database that has an interest in the building, whether it be the owner, a tenant or a prospect. The property record also accumulates all the updates created on the records of deals that are related to that property – more about that later. The property record also contains property photos, details on upcoming property tours and other events and any documents you choose to save.
Deal Records in ClientLook
A “Deal” in ClientLook is anything in your pipeline that you might get paid for. It could be a property listing, a tenant representation assignment, a site selection deal, a lease renegotiation, a development project – almost anything. Contacts in your database can be related to the deal as appropriate, and individual updates created on the contact records of people you talk to concerning this deal can be related or linked to the deal, so that the deal becomes a comprehensive record of all activity related to the assignment.
When Does a Potential Assignment Become a Deal?
Users frequently ask us when to create a deal. Some people create a deal for every prospective assignment, and then track the potential until they either win it and then follow through the cycle, or until they lose it and mark it as lost. Others wait until they have a signed listing or representation agreement or the deal reaches a certain threshold of certainty. How you choose to do it is entirely up to you.
When a Deal Relates to a Property
Sometimes a deal concerns a property. An easy example is a listing. When you have a lease or sale listing, obviously that deal concerns a property. Your property record might be for “123 Main Street” and the building has available space and is for sale. You’ll probably have two deals – one called, perhaps, “123 Main Street Leasing” and one called “123 Main Street Sale”. Each of these can be related in ClientLook to the appropriate property by simply editing the deal and using the “Related Property” field. Other types of deals might relate to a property as well. An example would be a tenant rep assignment where the tenant has narrowed their search to a particular property. Or a redevelopment project that relates to an existing property record.
Once your deal is related to a property, any updates created on or linked to that deal record will display on the property record as well.
Properties Are Forever – Deals Come and Go
Whereas a property record is permanent, a deal has a shorter lifespan. Let’s say you have a property at 123 Main Street where you represent the owner, and have created a corresponding record for that property in ClientLook. A vacancy opens up on the 7th floor. You create a ClientLook deal for the 10,000 SF lease listing, and as you work the deal you create updates on the records of the contacts you are working with and link them to the deal. After the space leases and you get the commission check, you archive the deal by making it “Inactive”. Any updates you created on that deal remain on the property record. Now, 6 months later, the owner decides to sell the building. You would then create another deal, this time for the sale listing, and the process repeats.