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
In addition to the phases and terminologies of the commercial property lifecycle that a Client and Real Estate professionals will become familiar with when undertaking a commercial property project, there are other terms that are standard in the industry, and which form the conversations of Lessor and Lessee (also known as Landlord and Tenant) and the service providers and subject matter experts that assist in the procurement process such as Certifiers, Surveyors and Solicitors.
In this course, you will gain an understanding of many of the more common terminologies used when undergoing any number of phases through the commercial property lifecycle of workplace strategy development through to occupation of premises, including Property Acquisition Project Planning, Needs Analysis and Strategy Development, Market Search and Shortlist, Evaluation and Analysis, Negotiations and Heads of Agreement, Exit Obligations, and New Space Preparation & Relocation.
Approximately 20 Minutes
Students will gain an understanding of factors to consider when choosing whether to lease or buy a commercial property for business operations.
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
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
Students will gain an understanding of viability, cost analysis and comparison and why this is such an important part of the property procurement process.