Cutting your Teeth as a Tenant Rep Broker in 2022?
Last Updated on October 24, 2022 by Morgan Beard
Commercial real estate brokers are professionals who assist their clients in buying, selling or leasing properties for commercial purposes. While a commercial real estate broker works for both tenants and landlords, the tenant representative represents one side, the tenant!
In order to become a tenant rep, it is important to have an intimate understanding of the role. They are the professionals who help businesses with their real estate needs, and it can be very lucrative if done right. Tenant reps are experts in comp analysis, site selection, strategic location surveys, and of course negotiation. They make deals happen.
In the past, tenant representation brokers relied on somewhat antiquated systems that led to delays. Tenant representatives are often juggling many different tasks at once. They are forced to spend so much time on manual tasks like updating spreadsheets, manually tracking critical lease data, and researching market trends.
It’s essential to use any means possible to expedite the process. From planning and touring to negotiating and closing, tenant representation brokers are managing many moving parts. Real estate technology can streamline the entire process — all while giving tenant representatives an edge.
Brokers are the Technology Advisors of the Future
The future of real estate is here, and it’s more exciting than ever. To serve the everchanging CRE market, tenant representatives need technology! Technology can enable tenant representatives to collaborate with clients on the entire deal life cycle – track their deals from initial contact through negotiation & signing; work together as one team for greater efficiency by tracking all activity in a centralized database that everyone accesses seamlessly (even tenants!).
Tenant representatives can build their deal pipeline and provide digitized real estate solutions for their clients smoothly without any hiccups in route to signing a new lease.
New digital tools and an improved understanding of clients’ individual needs will not only help brokers lease space, but will help with the prospecting process as well. As the pandemic continues, and with it, remote work, tenant rep brokers are working harder than ever to navigate this difficult market and capture limited tenant demand.
“We’re able to communicate with our clients inside Occupier, our team inside Occupier and other vendors like attorneys or project management groups, contractors; we can all communicate in one online fashion.”
Jeremy Adams, Managing Director at JLL Atlanta
Negotiation & Strategy
When it comes to negotiating a deal, you can’t just rely on your good faith and persuasive powers. The proof is in the details, and that’s what will make or break a negotiation. Neither party wants bad blood between them after completing the deal process, so tenant rep brokers must be meticulous about every little thing that happens during these discussions in order for things to go smoothly.
Here’s some tips:
1. Do your homework. The best thing you can do for your client is be ready. Research them and what they want before the meeting so that when it comes time to deliver, not only will all of this information fit seamlessly into place but also give off a positive impression which will make clients feel confident in you.
2. Don’t focus just on “winning.” The best way to negotiate is not by competing with other parties, but collaborating and coming up with a shared goal. When you know what your end game looks like from start-to finish then it will be easier for everyone in the room so that they can work toward reaching those same desired outcomes together!
3. Clarify any misconceptions. It’s important to be aware of the many misconceptions that can occur during negotiation. These conflicts may lead you down a path towards ending your deal, or even worse-a lawsuit!
The best way for both parties involved in negotiations is understanding one another’s thoughts and beliefs because this will help create less stressful conversations with no room left over for errors like misunderstandings.
When you are negotiating, always ask the other person if they understand what it is that was said. It’s important to see things from their perspective and get all of their questions answered so there aren’t any surprises later on down the road!
There are many small details that can make or break a deal. A lack of care in even one tiny area could lead to disaster, as both parties will have incurred significant costs for lawyers’ fees when it’s all said and done.
The Power of Omnipresence
What’s your thoughts on having an online media presence?
It’s definitely more than just having a LinkedIn profile. The way you present yourself online is just as important, if not more so than the physicality of your presence. You need to be able to represent who YOU really are and what YOUR company has to offer on all fronts from social media profiles distributed across multiple channels and platforms on the internet.
Trust that you are an expert in your given vertical of tenant representation, and you have a voice that people love to listen to . It can be expressed in any format or platform they choose; including tweets – which is what makes YOU so special!
Natalie Wainwright is Vice President of the Office Tenant Representation Division in Logic Commercial Real Estate where she focuses exclusively on representing office tenants. With a knack for being prescient and omnipresent, Natalie has been able to create many opportunities through her online media presence which was crucial with all that’s happening these days! Listen for what Natalie has to share here.
Closing:
What does the future of real-estate broking look like? With CRE technology, there are many ways to elevate your tenant-rep game as well as be present and omnipresent. The brokers that adopt will ultimately survive absorbing clients’ deals from those who don’t – all while marketing themselves as thought leaders and experts in the commercial real estate happenings! What’s happening in this ever changing industry.
