The Leasing Process (Tenant Representation)

GUIDELINES FOR TIME FRAMES WHEN WORKING WITH TENANTS

1. Define basic space requirements including (Mandate):

  • Size and layout
  • Expansion and option space
  • Price and term
  • Budget
  • Image and quality
  • Geographical area
  • Intangibles and other goals

Time Required: 1 day

2. Selection of and interview with your support team:

  • Space Planner (if desired)
  • Interior Design (if desired)
  • Trades/General Contractor (if desired)
  • Attorney
  • Accountant
  • Time Required: 1 to 7 days
  • 3. Determine Alternatives Available:
  • General market knowledge of "deals" available
  • Search of database (e.g. interface, spacelist.ca, etc.)
  • Your network of leasing practitioners, landlords
  • Commercial Division tools (e.g. your network, email broadcast system, etc.)
  • Verification of terms and conditions
  • Review list with client

Time Required: 7 to 14 days

4. Narrow Down Alternatives:

  • Inspection tours with client of likely alternatives
  • Selection of 3 - 5 best alternatives
  • Space planning of best alternatives
  • Review and re-draw of space plans
  • Selection of top 2 - 3 alternatives
  • Time Required: 7 to 14 days
  • 5. Request For Proposals On Top Alternatives
  • Draft and transmit requests for proposals, or
  • Draft and transmit Letters of Intent

Time Required: 1 day

6. Analysis of Proposals And Alternatives:

  • Financial analysis
  • Layout efficiencies
  • Intangibles and goal analysis
  • Time Required: 1 to 7 days
  • 7. Final Selection:
  • Choose top alternative with client
  • Establish terms required
  • Prepare and present offer/counter-offer
  • Approve, re-negotiate, or select other alternative
  • Review lease for business points
  • Review lease for legal points
  • Re-negotiate lease terms
  • Sign lease

Time Required: 7 to 30 days

8. Tenant Improvement Build-Out:

  • Monitor progress
  • Report progress
  • Final walk through check

Time Required: 30 to 120 days

MINIMUM TIME ESTIMATED

Before Tenant Improvements - 24 to 103 days

Including Tenant Improvements - 54 to 194 days


NOTE: Some tenants often simply select the space they want, skip steps (sometimes 5) 6, 7 and 8 and proceed to:


Offer To Lease

  • Prepare a draft offer
  • Review with the tenant
  • Present and negotiate the offer with the landlord/landlord’s representative
  • Upon mutual agreement and receipt of the Lease Agreement, review the Landlord Lease with the tenant
  • Advise the tenant to seek legal advise before signing the lease (lease is legal document)
  • Assist the tenant thru completion process

Time Required: 7 to 15 days