Wednesday, August 21st, 2019 August21st2019

Sell for More News: Tech can set your building apart from the competition

Published on August 21st, 2019

Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.

 

Tenants today expect more from landlords.  Accordingly, commercial property owners are adopting a more tenant-centric mindset to stay competitive.

This means that landlords are focused on how to provide more value to tenants. They must adapt and consider how they can be a better “partner” to their tenants.

To improve the tenant experience, some owners are turning to tenant engagement software.  These services, like apps that connect to on-premise or nearby amenities, increase the feeling of community and instill a sense of belonging.

Some are even starting the experience when the tenant isn’t even a tenant yet. The tenant’s experience with a landlord begins long before they start working in their new space. And while relationships are generally in a good place when a Letter of Intent is signed, they hit an inherently tense, but crucial period immediately after: the lease negotiation process.

Negotiation, at its very essence, is filled with friction. In the leasing process, both parties are attempting to broker a deal that is favorable to them, which brings them into conflict. This makes for an awkward and uncomfortable process, where multiple rounds of edits are passed back and forth through various forms of communication. Unfortunately, this process can drag on for weeks or even months, frustrating all of the stakeholders in the process.

The resulting negativity that emerges during the negotiation process sours the fledgling relationship before a tenant even gets into the space, creating a lot of ground for the property owner to make up. Incorporating value-added tenant experiences is one way a landlord can make up that ground, but it doesn’t address the root of the problem.

Instead of accepting this status quo, some owners are turning to technology, like LeasePilot, to ensure a smoother lease drafting and negotiation process.

This specialized software is designed to increase transparency and collaboration through the entire leasing process.  These tools can bring both property owners and tenants together to edit and negotiate leases within one platform, meaning both sides can eliminate incessant calls, emails and endless versions of the document.

A seamless editing process enables landlords to be more responsive, speeding up the process for everyone involved.  This also benefits tenants, who can spend less time negotiating terms or marking up documents, and more time on their businesses.

 


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About Beau Beach, CCIM

Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.

Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.

He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.

Beau can be reached at 800-721-3287, click to schedule a call or Beau@ProwessIRES.com