The philosophy behind tenant representation is straightforward and pragmatic: in order to reach an equitable solution to leasing space, the corporate tenant needs access to industry and market information, expertise in real estate transactions, and the negotiation skills of a seasoned professional. This is where a tenant rep comes in. An effective tenant representative will wear many hats, taking on several key roles in the process of finding and securing the right commercial space for his or her client.
Some of the most common roles of a tenant rep include:
In order to be successful in this field, it is important to have an intimate market knowledge of the inventory currently available, before anything else. Whether your client is looking for retail, office, industrial, or healthcare property, you will need to know the buildings in the market, as well as their availability and the timing of vacancies.
Negotiation is definitely more art than science, and nowhere is the art of negotiation more important than in commercial real estate transactions. The best tenant reps know how to create leverage based on the conditions of the market, as well as the characteristics of the tenant and the goals of their clients. Tenant reps should also have solid relationships with building owners and leasing teams. All of these characteristics work together to help properly position deals, making effective negotiation possible.
Long gone are the days of simply knowing the market and matching what your client needs to the current available inventory. The best tenant reps not only know their market and are skilled at negotiation, they are also adept at managing and overseeing the entire leasing process across multiple disciplines including space planning, financial analysis, information technology, human resources, real estate law, and more.
With all that tenant reps have to juggle on a daily basis, it is crucial for them to have systems in place that allow them to work smarter -- not harder. RealNex allows tenant reps to rep their clients better through their innovative platform.
Let’s take a closer look at 3 ways to help streamline your business when working with RealNex…
- RealNex allows you to rise above with timely follow ups and detailed market expertise.
- Track all tenants, lease expirations, and options
- Pre-set follow up routines and communication cycles
- Establish detailed profiles of potential space requirements
- Monitor history and follow up
- Daily call list and activity reminders
- Store and analyze lease comps
- With RealNex, you can impress your clients with our collaborative platform.
- Tour Book app and web portal allows easy and efficient collaboration with tenants
- Capture instant feedback with our Space Evaluation and Rating system
- RealFit, our 3D Test Fit tool, expedites budgeting and assures space works to accelerate decision making
- Research surrounding area for competition amenities or market voids
- Professional presentation of comparative analytics and space profiles speed up decision cycles
- RealNex helps you secure and deliver the best deal possible.
- Analyze and compare multiple comprehensive lease proposals
- Consolidate lease expenses, security deposits, CAM and commissions into clean and easy to read spreadsheets
- Add subjective ratings of key attributes such as walkability, access, transit and amenities
- Space attribute summary
- Key metrics such as cost per square foot, net effective, etc.
Ready to get started? Contact us today to learn more.