Depending on your side of the business, finding either the right tenant or the right space to lease is critical to your success. Without a proven game plan to effectively identify and assess potential tenants or sites, you can wind up spinning your wheels, literally, as you drive from location to location trying to gather and organize information.
There are several aspects to consider, many of which are time-consuming, when determining whether to pass or pursue a deal. Often, you’ll be far better off by getting to a quick “no” rather than a long “maybe.” Every deal needs time and attention. The more you can focus on opportunities that have a legitimate chance of succeeding, the better your odds.
A great strategy to help in this effort is to put processes in place that make it easier to quickly get to no’s and shine a spotlight on the yes’. Here are a few ideas to consider:
- Have a well-defined set of requirements of what you need, along with a list of what you want but may be able to live without. Setting your legitimate needs apart from your wants can reduce future heartache of not satisfying one of those needs. It will also speed up your process of vetting deals.
- Every deal is different and it can be a challenge to weigh one vs. another, or even more so against a group. Creating a scoring system based on your list of needs and wants is a way to make this easier. The system can be weighted to give more value to the needs and less to the wants. The results will be tangible and give you an accurate direction of where to focus (and where not).
- Collect and organize your personal and team information in a consistent manner from the start. Trying to assess multiple deals and not having everything you need organized in a meaningful way can make even the smallest of tasks take significantly longer and will limit your effectiveness when weighing the options. To take this to the next level, collect your information in a system that will automate the analysis and reporting for you. Your information has incredible value and even more so when it can be displayed in various contextual models.
- Take forward-thinking steps and cut out redundant actions. As you collect your information, do it in a way that will reduce the lift down the road on the deals that move forward. Your time is your most valuable asset. Look for ways to reduce duplicative steps, such as data entry, sharing or requesting files, or manually building reports (especially status reports), to name just a few, and you will save time in the future. That time can then be allocated to more profitable pursuits like that next deal!
- Validate as much as you can with research, but trust your gut. Sometimes the research will show positive results but will fly against the feeling in the pit of your stomach. As many have learned through experience, it is often wise to pay attention to our intuition and let some deals go. You will never know whether or not you are always right, however, you will save a considerable amount of time by not vacillating on the “maybe” deals that just don’t feel right. And sometimes, if not most of the time, you will be right!
Most of these ideas can be taken on with minimal investment, just some planning and sweat. However, to fast track these processes there are numerous site analysis and tracking software solutions that can help you more effectively research the market, track your competition, organize your data, and assess your target list.
When evaluating software solutions, be sure to consider the long-term viability of the solution. Covering your existing needs is essential, but knowing that the solution you choose can also grow with your business, is flexible enough to expand into other areas, is based on your needs, and can integrate with other solutions so you don’t get stuck down the road, are also very important factors to consider.
If you’d like to any explore any of these ideas further, Common Areas is here to help. Common Areas helps increase productivity between your people, properties, and processes through its configurable cloud-based software solution. Common Areas can empower you and your team with tools tailored to your needs in the lease lifecycle management process to help your organization make better-informed decisions, save time and be more productive in your business. Click here to schedule an in-depth Discovery Call with experts to find out how Common Areas can help.
In our next blog installment, we will discuss the important role of due diligence in the lease lifecycle management process and how technology can help anticipate and uncover any hidden problems that may exist earlier in the process to avoid painful, costly lessons in the future.