There is much to understand before the Client organization can endorse a market search to source the right property to meet their future needs to operate, perform and engage with their customers and their employees.
To achieve the company aspirations and ensure the Tenant Representative has the right brief that represents the Client organization and their future needs, a Needs Analysis should be conducted. A needs analysis can tell the Client organization how they work now and why they are doing it this way. This process is largely facilitated by the Client and can be supported by the Tenant Representative, working closely with internal stakeholders such as the Property Lead, senior management, perhaps specialist areas within the business such as the IT department, and can be expertly facilitated to get the best results by external consultants such as a Workplace Strategist or Designer.
A thorough and professional Needs Analysis will help the business to align the workplace dynamics of people (social), process (work) and place (environment) and leverage the ability of the workplace to contribute to business success.
In this course, you will gain an understanding of the approaches taken by the Tenant Representative and their Client in undertaking a Needs Analysis.
Approximately 20 Minutes
A comparable premises benchmark will provide data on what type of space other organizations are leasing.
Perhaps this is because the client organization wants to compare themselves to a competitor or perhaps they just want premises descriptions of building grades, fit out models, and amenities available in the market so they can compare their current use of premises to other businesses. Often this data gives organizations a feel to what is good practice today and will be used when pulling together the business case for any impending relocation.
In this course, you will gain an understanding of what is included in commercial real estate benchmarking and how it will benefit the property acquisition process by providing comparable both in premises and rent structures, as well as find out what the Tenant Rep and client may discuss regarding benchmarking and the Stay vs Go analysis.
Approximately 20 Minutes
A quality check process is important to ensure that the Tenant Rep knows what the client is asking and that the client project brief is able to reflect that.
Confirming client requirements is an essential early step in property procurement as it helps to make sure the set of criteria defined is aligned to what the organization needs to continue striving in their line of business. During this phase of the property procurement journey, the Tenant Representative is responsible for ensuring alignment between the overall client requirements, business needs and the project brief.
To confirm client requirements, the Tenant Reps need to have the client project brief ready for checking purposes. With all the findings from discovery activities and the input from consultants, they should be able to develop the preferred criteria for the project and transform the initial draft brief into a more detailed, complete client project brief. While this is the main document which the property sourcing strategy will be based on, it is quite helpful if the Tenant Rep has a checklist in place to cross check it against the prepared client project brief, and see whether they have done everything correctly, and have everything they need to plan for the next step - the market property search.
In this course, you will gain an understanding of the activities that the Tenant Rep went through with the client, learn how to examine all the findings, and combine the results into a more complete version of the client project brief. You will also look at how to assess client requirements to ensure everything that needs to be addressed is included in the brief.
Approximately 20 Minutes
There are many decisions to be made throughout the property acquisition process. Untested issues and objections can distract from making an effective decision. There are many deterrents to making a call and just as many positives to doing things differently. Thus, to avoid misunderstanding and mistakes in the subsequent phases, it is essential for the Tenant Rep to go through these strategy discussions with relevant stakeholders and get their final approval on the project brief.
Things that have to be done by the Tenant Rep before going to market can be as simple as 3 steps.
First, they must have completed a thorough review of the business needs and aspirations, collected enough on the quantitative data, made a decision in the "renew vs relocate" debate, and managed to develop a full client project brief from all the discoveries and analyses.
Second, book a meeting with the client, and be ready to present the brief with a strong strategy action plan that is created based on the efforts from previous engagements such as workshops and discovery activities.
Third, get the endorsement of the client brief, and after obtaining the approval, the Tenant Rep can start to talk generally about the next step, which is Expression of Interest (EOI), for their premises sourcing project.
In this course, you will gain an understanding of the steps discussed above through the perspective of a Tenant Rep and learn how they do things normally to ensure that the prepared client project brief is endorsed before going to market.
Approximately 20 Minutes
It is important for the Tenant Representative to get the essential information on their client’s requirements before they can determine the best way forward to help them.
Through a thorough Needs Analysis process, the Tenant Representative and the client are now in a better position to recognize the company aspirations, visions, and business needs.
The client project brief is the blueprint of what the client wants and what will eventually be endorsed before the Tenant Representative can set off to do their premises sourcing work.
In this course, you will gain an understanding of the methods and process of how the Tenant Rep brings together in draft what they know from the work done to uncover the needs of the organization and help them identify what they don’t know about the business and how they will get this information to inform a clear and complete brief, that won’t change.
Approximately 20 Minutes
The asset disposal as part of the exit obligations is just as important as the relocation and hand back of premises itself and is a link in the chain to achieve lease obligations.
To meet exit obligations the outgoing tenant needs to leave the landlords asset in the same condition to which they found it, i.e., when the lease started. There will be some wear and tear tolerated, and in the cases when the tenant negotiates to remove any fixtures to reinstate to the prelease conditions, they must also manage the disposal of their redundant or retired assets.
In this course, you will gain an understanding of the need to think outside the obvious when it comes to lease expiries and exit obligations.
Approximately 20 Minutes