Some companies have a very specific process they give their team to complete. If your company does not, I would start by questioning the prospect about their needs. This Need's Assessment helps you qualify whether the prospect is a good fit for your property and which spaces you should show them when they come for a visit.
The more information you can gather during the Need's Assessment, the better off you will be during the lease negotiation as well. Your assessment should give you a good idea of what is most important to your tenant when they are looking for a space.
Space Needs Today & Future
Most prospects will have an idea of how much space they think they need. I always write down the number they give me, but I also question further. How many offices do you need now? Are you planning on growing and adding more employees in the future? How many restrooms would you like to have in the space? Do you have any equipment that is over sized and needs a larger room? Often times I find that prospects under estimate the true amount of space they need. If they are a growing business, it may be prudent for them to consider space that has a little elbow room or that has vacancies around it so they have the room they need to grow.
Time Frame
How soon is the prospect looking to move? If a tenant wants to move next week, but we would need to make alterations for a suite or building to suit them, we may not be a good fit for that prospect. Or, if I do have a space that is perfect for them and they need it immediately, I may be able to charge a higher rent for the convenience of having the space they need.
Location
Location is one of the most important items in Real Estate as it cannot be duplicated. Is the prospect trying to stay near public transportation? Food Services? Highways? or are they looking for a quiet out of the way location? If they are looking for a quiet space, one right next to the elevators may not be the best fit.
Service Needs
Do they need a building that is full service or do they prefer to take care of some things themselves? If they are looking to lease a single-tenant building, do they want you to provide utilities, landscaping, and janitorial services? or are they willing to take responsibility for these items themselves?
Security and Access
Will the prospect need after hours access to the building? Will they be working late hours and need extra HVAC? Are they very security conscious? or is it not a concern for them?
Signage and Parking
What are the signage and parking needs of the prospect? I have had deals fall through because the prospect wanted a large pole sign at the road and the city would not let us add one.
Lease Term
Is the prospect looking for a space for 6 months? 1 year? 10 years? This may make a difference in which locations I will show them. If they are looking for a short term space, prospects are usually more willing to compromise on their wants. If they plan on staying for many years, they will be less flexible.
Budget
This is usually the first item the prospect is going to ask you about. How much will the space cost? It can be a difficult question for me to answer so we usually quote a range. Our prices will vary based on the length of the term the prospect is willing to sign, the cost of the improvements we are funding for the space, and the desirability of the suite I am showing them.
It's important for me to get an idea of the prospects budget. If they have a monthly amount they are trying to stay under, I may not show them the first floor space at the front door. Instead, the 7th floor suite that is the farthest from the elevators may be a better fit for their pocket book.
Other Unique Needs
I usually ask about unique needs like this, "Is there anything else you need in a space that I should be aware of?"
The most important thing while conducting a needs assessment is to listen to what the prospect is telling you and HOW they are telling you. It should become fairly clear what is most important to them. Make a note or star these items.
What other questions do you like to ask prospective tenants?
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