We have defined success for tenant reps through our previous post on “How to be a Succesful Tenant Rep” as happy clients, more referrals, enhanced reputation, bigger pipeline, increased revenue streams and greater profitability.
In this post we will discuss in more detail the 1st P – Pipeline, which we have defined as;-
Pipeline is all about finding the right clients and lots of them
It might be stating the obvious but the ability to build a solid pipeline of opportunities is a significant key to running a successful tenant rep business. In our view it is probably the most important factor in success.
The “right” clients are those that are loyal, are well networked to provide referrals, are able to provide multiple opportunities (like a major corporate), who value good advice and occupy high quality office space. Finding the right clients is also easier when you have strong relationships and wide networks.
However, to create these we have stated previously there are 2 main factors at play. The first is the ability to create a unique value proposition and the second is a strong reputation for results.
That sounds reasonable and every tenant rep in the marketplace will promote their ability to deliver on this outcome. How they deliver will differ from one person or company to another. Other factors in delivering on this outcome will be their relationships with the supply side of the commercial office marketplace, with leasing brokers and landlords. In fact, it is probably this detail that most tenant reps would consider to be their “unique value proposition”, their ability to source and close a good deal for the clients.
But is this actually unique? Particularly with the move to a wide variety of CREtech platforms that make commercial office searches easier for just about anyone to find, or at the very least be able to identify multiple options.
Perhaps a more powerful differentiator would be for a tenant rep to demonstrate an ability to match office space to their client’s business drivers. To be able to articulate a methodology that will improve their clients top line revenue and bottom line profitability. To be able to demonstrate to businesses how their choice of office can positively affect their accelerated growth, attract the best and brightest to their doors, directly contribute to reducing staff turnover and improve workplace productivity to the point that office rental costs are completely offset?
Now that would be a unique value proposition!
All successful tenant reps have this key factor working in their favour. They have all built strong reputations for delivering on their promises. Their personal and/or business brands position them powerfully in the marketplace for their clients to find them. Both through word of mouth referrals and through valued relationships that have been built throughout the corporate real estate industry. The biggest challenge for those at the beginning of their careers is to build such a reputation, whereas the challenge for those already there, is complacency.
Consistency, reliability and value are all hallmarks for building and maintaining a reputation for delivery. A service that goes beyond these benchmarks, where expectations are regularly exceeded and not just met, is one worthy of further examination by the market and this is generally enough to be given an opportunity.
Tenant reps that can demonstrate their ability to go beyond the current market standards by setting new benchmarks in delivery, will find themselves in a position for further opportunity as the market takes notice.
Share this Post