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6 Deadly Mistakes Tenant Reps Make And How To Correct Them

Cindy Saxman Spivack
 


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The 6 Deadly Mistakes Are Working Without:
1. a qualified prospect.

2. having a signed exclusive agreement.

3. clear boundaries.

4. a strategic expansion plan.

5. knowing where the client's competition is located.

6. LISTENING TO THE CLIENT.

Your real estate business will run more smoothly if you follow the 6 strategies below for effective Tenant Representation. Those who make these necessary changes will earn more money this year - it's that simple, I guarantee it!

1. Working without a qualified prospect.

Have you ever spent hours trying to find a client the perfect location, only to discover he/she isn't properly capitalized? The following 3 things will save you from working with unqualified prospects:

  • Ask for a financial statement. Does this person (or company) have the funds available for this transaction?

  • Are you working with the decision maker? If not, who is the decision maker, and what is your access to this individual?

  • Does your client have reasonable rental expectations for the marketplace and is he/she willing to pay? If not, move on.

    2. Working without having a signed exclusive agreement.

    This does not require any further explanation - JUST DO IT! It's not worth your time to invest hours and hours of time finding the “perfect location" only to have the client engage someone else. Please do not be willing to take the risk - it just isn't worth it. If the client won't sign, take that as a “sign" and move on.

    3. Working without clear boundaries.

    What are your client relationship expectations and what will you “allow" the client to expect from you? Are you available 24/7 or do you communicate with clients on Monday to Thursday afternoons only? Do you send a written report weekly or call each Friday afternoon with an update? Will you send email blasts, make calls to landlords or sit back and pray the phone rings? Let your client know how you work, when he/she can expect to hear from you and then deliver! This ensures you'll have your “freedom" to work the way you do without unnecessary interruptions.

    4. Working without a strategic plan.

    Have a ready checklist with you for new clients, then simply mark off where the client wants to locate, what size of abode they'll need, what amenities are necessary, and even what they definitely don't want. Do this thoroughly just once, upfront, with each client and it will be a great time saver!

    5. Working without knowing where the client's competition is located.

    The client will be very impressed when you show him/her you have taken the time to map this out.

    6. Working without LISTENING TO THE CLIENT.

    I put this last and in capital letters because it is the most important and yet the hardest (even harder than getting a signed exclusive agreement). Something I have always done well is listen to the clients needs - and considering I love to talk, that's an accomplishment! Good listening is rare and yet the biggest attribute you can develop. Have a list of discovery questions prepared before you ever meet the prospect. Ask the right questions, listen carefully, recite back in your words what he/she is looking for with detail and, you have got the job.

    Cindy Saxman Spivack, Founder and President of Business Coaching Gym, Inc. and Commercial Real Estate Success, teaches Commercial Real Estate Professionals 7 Key Strategies for building an enormously successful commercial real estate business in 12 months or less. For free how-to-articles and powerful lead generation and time management tips go to Cindy's website at http://www.commercialREsuccess.com or email her at cindy@businesscoachinggym.com

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