We have written elsewhere on this blog about the impact on profitability for tenant reps from powerful tools, systems and processes. We have also written about the impacts of strong pipeline and increased productivity on the success of a tenant reps business. But, perhaps we should talk about exactly what a tenant rep is meant to do?
In a very quick and rudimentary internet search the following definition would appear typical from tenant rep businesses advertising their services; -
A tenant representative is an expert commercial real estate broker who helps a prospective tenant find, lease and build-out commercial rental space.
An effective tenant representative broker essentially brings three skills to the table to serve you and your business. Those skills are market expertise, professional negotiating and transaction management.
Further searching found the following definition (courtesy of C&W) and it is this one that should resonate more powerfully with prospective clients and one in which many tenant rep businesses should aspire too; -
Tenant representation experts help tenants identify and align strategic business, financial, and operational objectives with real estate requirements.
Tenant Representation services include strategy development, build-to-suit planning, demographic analysis, logistic/distribution services, market analysis, cost of occupancy analyses, and negotiations.
The real challenge for tenant reps is how they might achieve such an outcome for their clients? It shouldn't be stating the obvious to suggest that the only way these outcomes can be achieved is through the tenant rep gaining an in depth understanding into their client’s businesses. By asking the right questions a tenant rep will eventually gain sufficient insights to be able to deliver the type of results that they and their clients aspire too. This starts with the the very first step in the process by seeking answers to the following question;
How can your choice of office positively affect your business and be perfectly matched to your business drivers?
The ability to of ask the right questions will allow a tenant rep to create a tenant requirements brief that will resonate powerfully with the clients. This brief will then be used to find the perfect office space in addition to providing their clients some guidance and direction for the design and final build out for the new office tenancy.
To assist tenant reps in this process, Blueprint² have developed a unique methodology for analysing the 4 elements of risk and opportunity associated with matching tenant business drivers to office space, aimed at improving their business’s top line revenue and bottom line profitability.
These 4 elements, strategic, reputational, operational and resources are best represented by the following questions; -
- Strategic: How can we assist you in choosing an office that best suits your business?
- Reputational: How can your choice of office enhance your brand and positively affect your clients?
- Operational: How can your choice of office increase operational efficiency and workplace productivity?
- Resources: How can your choice of office attract the best and brightest staff to your business and keep them happy and healthy?
Although arguably the most important step in the process for finding the right office space for your client's business, the creation of a truly amazing tenant requirements brief is only the first step. Once prosecuted however, the ability to deliver an outcome for your clients that exceed their expectations, is well within the realms of possibility and in fact even likely. From that point we are talking about improved reputations and greater referrals, all leading to greater tenant rep success, including stronger pipeline, improved productivity and increasing profitability.
Additional advantages in using the Blueprint² tools are listed below.
Contact us should you wish to find out more
Blueprint² is a web based application that walks a client prospect through a series of up to 50 questions which are then analysed to create a project brief. The brief provides details on preferred locational requirements, building amenity, effective size of office, transport options, workplace choices, engineering preferences and budget expectations.
Blueprint² was created to provide tenant reps with a solution for the 3P’s described here. Our tenant requirements briefs provide tenant reps with a unique value proposition via their methodology and consistent quality. Generating briefs very quickly allows tenant reps to successfully service more clients thereby increasing their efficiency and productivity.
Finally, Blueprint² will contribute significantly to profitability through ease of use, consistency and reliability in delivery, higher commissions through matching tenant drivers to higher grade property attributes and building better tenant rep brand reputation.
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