10 QUESTIONS ANY TENANT SHOULD BE PREPARED

January 23, 2018 by

TEN LANDLORD QUESTIONS ANY TENANT SHOULD BE PREPARED TO ANSWER WHEN LEASING COMMERCIAL REAL ESTATE

For a business to lease commercial office space, or any commercial space, successfully, it helps immensely if the tenant realizes the landlord will base much of its decision on the credit worthiness of the tenant.  I usually tell my tenant clients to view the process much like applying for a bank loan.  Towards that end, below are ten landlord questions/concerns a tenant should be prepared to address along with some tips on handling them.

1.  Will the tenant be able to pay rent as specified in the lease?

  • The gold standard in answering this question is to provide the landlord with two to three years of audited financial statements if available.  This may be easy for established businesses with a long-standing track record. If audited statements are not available, the tenant needs to provide whatever financial information it does have which can include unaudited statements, “Quickbooks” profit and loss statements and balance sheet, and tax returns.  However, addressing this issue for young companies or start-ups is more problematic but not insurmountable.  Providing information on the source of funding and bank statements should enable the start up to overcome this obstacle.  Work with your broker for guidance as he/she often has past experience with the particular landlords involved.

2.  What are the tenant’s strengths, what are its primary sources of revenue, and are these services likely to continue to benefit the company?

  • Marketing/promotional materials should usually be submitted to the landlord to help with this.  The tenant’s website can also be instrumental here.  For non-profits, it is important to explain how the non-profit generates its revenue:  dues, grants, contracts, or a combination along with some history of its revenue from these sources.

3.  Are there any key individuals in the tenant’s company that it could not afford to lose without losing revenue?

  • If the company or organization is in the news or generating press releases on staff changes, the tenant can explain the plan to replace such key people.  Curriculum vitaes of those currently in charge or soon to replace such people is also helpful.

4.  What type and amount of security is the tenant willing to provide; what type and amount of security should be required?

  • The landlord’s decision on this issue will depend on the financial capability and stability of the tenant and the concessions the landlord makes to get the tenant to sign the lease:  free rent, build out allowances, the current market for commercial space, and rent to be paid by the tenant.

5.  Does the tenant have a reputation for dealing honestly and fairly with the business community?

  • Constant attention to the firm’s social media profile is very important here.  The tenant should expect the landlord to Google the tenant.  If there is negative material on the internet, the firm should make sure it is addressed and explained.

6.  What are the tenant’s economic requirements of the transaction (e.g., minimal rental and improvement allowances versus higher rent and larger concessions)?

  • In searching for space, it is very helpful if the tenant can find space that meets its needs as close as possible to the “as built” condition of the premises.  For example, if the space needs only new paint and carpet as opposed to a complete build out from “shell” condition, there will be more landlord dollars available to the tenant for things like free rent, lower rental rates, or lower rent escalations.

7.  Are there any unusual requirements that need to be addressed?

  • This can be anything.  We once had a tenant that insisted on the right to smoke cigars on the balcony adjacent to its space.  Unusual is ok; unreasonable is not.

8.  What type of tenant improvement work will be required?

  • The landlord is concerned not only with the cost of the tenant improvements it pays for, but also that the dollars it spends have some benefit to the residual value of the landlord’s building.  If the build out required is one that would be attractive to follow on tenants after expiration of the existing tenant’s term, the landlord may be able to refill the space with a new tenant with minimal improvement costs rather than demolishing the existing build out and starting over from shell condition.  Also, trends in design and décor change over time, but  outlandish or bizarre design will not help to keep the landlord flexible and open to the deal.

9.  Does the tenant grow its business from within or by acquiring other companies; has it incurred significant debts as it has expanded its operations?

  • Debt will be a key line item in the landlord’s financial review of the tenant.

10.  What are the long and short-term projections for the tenant’s business operations?

  • About fifteen years ago, we were involved in a lease where the tenant was an association representing phone booth manufacturers.  Even then, the association’s members were dying due to the growth of cell phones.  Whether the landlord is a single individual, a partnership, a large equity firm, a life insurance company, pension fund or real estate investment firm, they are business people.  Landlords will look at the tenant’s business with an experienced critical eye, often with a battery of paid experts to assist in the analysis.  The tenant must be prepared to answer some tough questions.

VOTED – “Best Real Estate Firm”

January 17, 2018 by

FOR IMMEDIATE RELEASE!

Alexandria Real Estate Award winners

Alexandria, VA January 10, 2018

ELKINS LANE REALTY ADVISORS, LLC named “Best Real Estate Firm”
After receiving over 3400 ballots, the results of Zebra Magazine’s annual Reader’s Choice poll are now in and posted in the January 2018 issue of the magazine. In it, Elkins Lane Realty Advisors at Weichert Realtors was named the readers’ favorite commercial realtors. Elkins Lane is the leading commercial real estate team for Weichert Realtors throughout the D, strict, Maryland and Virginia.

Principals Scott Elkins and Rick Lane launched their commercial real estate practice nearly 20 years ago. The firm’s core business is comprised of commercial tenant representation, sale and purchase of commercial buildings, commercial real estate portfolio acquisition, IRS 1031 transaction management, and asset repositioning.

They may be contacted at:
Rick Lane, Esq.
Cell: 703.626.6691; Office: 703.549.8700
Scott Elkins
Cell: 703.725.8901; Office 703.549.8700
www.elkins-lane.com

Old Town Alexandria, Virginia 1601 Duke St – SOLD

August 17, 2017 by

For Immediate Release:
Alexandria, VA August 2017
ELKINS LANE REALTY ADVISORS
Weichert Commercial

Completes Second Old Town Alexandria, Virginia Purchase for VInci


Completes Second Old Town Alexandria, Virginia Purchase for VInci

Elkins Lane Weichert Commercial recently represented Vinci School in the purchase of 1001 North Fairfax Street, Alexandria. This 5000 SF facility will serve as complementary classrooms for the 1601 Duke Street location and traded for $1,450,000.

1601 Duke, an 11,000 SF building, formerly the headquarters for The Society of American Florists, was purchased last year for $4,450,000.

With schools in China and Ottawa, Vinci curriculum is based on a strong art-infused STEM format using Montessori methods for children 18 months through elementary.

Elkins Lane Realty Advisors, LLC, a multi-service CRE firm. works exclusively with the Weichert Commercial Brokerage for transaction

ELKINS LANE REALTY ADVISORS
Weichert Commercial
Completes Second Old Town Alexandria, Virginia Purchase for VInci

SOLD – 1101 Queen Street, Alexandria, Virginia

August 15, 2017 by

For Immediate Release:
Alexandria, VA August 2017

ELKINS LANE REALTY ADVISORS
Weichert Commercial

Completes sale of
1101 Queen Street,

Alexandria, Virginia.

Elkins-Lane Real Estate Advisors
Review our office video
Elkins Lane Weichert Commercial announces the sale of 1101 Queen Street, Alexandria, VA, a 6800 SF multi-use building in Old Town Alexandria for $2,550,000.

The fully leased 2-level building received a base-building renovation in 2008 and is home to ARC Document Solutions (NYSE), Pilates ProWorks, and a Salon & Spa.

The property was purchased by local investors.

Elkins Lane Realty Advisors, LLC, a multi-service commercial real estate firm, works exclusivity with Weichert Commercial Brokerage for transactions.


For Immediate Release:
Alexandria, VA August 2017

ELKINS LANE REALTY ADVISORS
Weichert Commercial
Completes Second Old Town Alexandria,
Virginia Purchase for VInci

NEW Hotel – Old Town Alexandria, 1600 Block

August 15, 2017 by

For Immediate Release:
Alexandria, VA August 2017

ELKINS LANE REALTY ADVISORS
Weichert Commercial


Represents Seller in the proposed

Hyatt Centric in Alexandria



Elkins Lane

?

Elkins Lane worked with the Association of the United States Navy as part of the assemblage for the new hotel in the 1600 block of King Street in Old Town Alexandria.


The 135 room 4-Star facility is slated for completion in late 2018. Donohoe Hospitality Group represented the buyer, Magna Hospitality Group headquartered in Rhode Island.


Elkins Lane Realty Advisors, LLC., a multi-service CRE firm, works exclusively with Weichert Commercial Brokerage for Transactions.

Elkins Lane worked with the Association of the United States Navy as part of the assemblage for the new hotel in the 1600 block of King Street in Old Town Alexandria.

Financing Commercial Real Estate Purchases – Two Important Ratios

June 21, 2017 by

This is the next in a series of posts directed to non-institutional buyers of commercial real estate. By “non-institutional” I mean individuals, families, partnerships, limited liability companies and corporations that own or are seeking to buy small to medium-sized commercial real property.

Buyers of commercial real property fall into two broad categories: users or investors. A “user” buyer intends to use the commercial property purchased to conduct its business. This could be office, retail, or warehouse/industrial in nature. “Investor” buyers purchase the commercial property purely for the rental income the property will generate and for the appreciation on resale thus providing a return on the investor’s investment in the property.

Whether an investor or user loan, commercial real estate lenders are “cash flow” lenders. The value of the real estate is a secondary source of repayment—foreclosure is a last resort. On an investor loan, cash flow from the operation of the asset (net income above expenses) is the key factor in the lender’s evaluation of risk. This is usually expressed as a ratio known as “debt service coverage”. Typically, lenders will want to see a minimum debt service coverage ratio of 1.2 to 1.4 to provide sufficient confidence to make the loan.

Although there is no income on a user loan, a similar analysis of income v. expenses on the part of the borrower will be made. Personal financial statements, personal and business tax returns, and business income and balance sheets will provide the lender the information it needs to make this evaluation.

Loan to value is another important ratio in the decision to lend or not to lend. Loan to value is a simple ratio or percentage expressed by the amount of the loan divided by the value (appraised value) of the property. Note it is the appraised value, not the sales price. This percentage is not dissimilar to residential loan to value analysis. However, in the residential world, loan to value can be as high as 97-100% under government programs provided by FHA and the VA. Not so for a commercial real estate loan. Lenders typically will look for a loan to value of 65-75%. Borrowers with good credit and/or substantial balance sheets will do better, but as a general rule, the lender will be looking for a greater down payment than in the residential arena. One exception is the SBA 504 loan program that can provide up to 90% financing provided the purchaser will use at least 51% of the property for its own business.

In poor economic conditions, banks are less willing to provide pure investor real estate loans resulting in lower loan to value ratios. Banks are a little more flexible on user loans as the owner is directly involved with the asset on a day to day basis.

The commercial real estate purchaser should be prepared to address these issues with the lender when loan application is made.

Rick Lane is a top realtor with Weichert Realtors in the Washington, DC Metropolitan market. He has 20 years’ experience in real estate brokerage and real estate law and construction. He is a winner of a Weichert National Sales Award (top 5% nationwide). He is a former partner in the law firm of Thompson and Waldron and a former Vice President with the Trammell Crow Company in Washington, DC. Rick is a graduate of the University of Virginia and William and Mary Law School. He may be reached at:

Richard F. Lane, Esquire
Weichert RealtorsCommercial
Elkins Lane Realty Advisors
121 N. Pitt Street, First Floor
Alexandria, VA 22314
Direct: 703.888.5106
Cell: 703.626.6691
Office: 703.549.8700
Email: ricklane@elkins-lane.com
www.elkins-lane.com






This is the next in a series of posts directed to non-institutional buyers of commercial real estate. By “non-institutional” I mean individuals, families, partnerships, limited liability companies and corporations that own or are seeking to buy small to medium-sized commercial real property.


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Evaluating the Purchaser’s Capacity to Close

March 14, 2017 by

WHAT YOU SHOULD KNOW WHEN SELLING COMMERCIAL REAL ESTATE PART 2 (AND IT’S COMMERCIAL REAL ESTATE—NOT COMERCIAL REAL ESTATE):

EVALUATING THE PURCHASER’S CAPACITY TO CLOSE

IT’S COMMERCIAL REAL ESTATE—NOT COMERCIAL REAL ESTATE

This is the second in a series of posts on issues important for a Seller to know when selling commercial real property. This post is directed to “non-institutional owners”-- individuals,families, partnerships, limited liability companies, and corporations that own small to medium-sized commercial real property as opposed to “institutional owners”—equity funds, REITS, life insurance companies, etc.—who own large portfolios of commercial real estate. 

Let’s assume the Seller’s marketing team has done its job resulting in an offer. On the surface,the offer is attractive to the Seller. Many factors may enter into the final decision to accept or reject the offer. Price is usually paramount. However, the Purchaser’s capability to successfully close is a close second. Accurately assessing that capability is a key component to any successful sale.

The first question to ask is where is the Purchaser getting the money to pay for the property? Is it “all cash” or does the offer include a financing contingency??

If all cash. If all cash is offered, the Seller should require “proof of funds”. This could include copies of bank statements, investment accounts, or financial statements which show sufficient cash to close on the property to include the purchase price and closing costs. If the sale is part of an IRS Section 1031 exchange or if a significant part of the cash required is coming from the sale of other real property, a copy of the closing statement or a copy of the contract of sale for that property with contingencies removed should be provided by the Purchaser.

If a financing contingency is a part of the offer. “All cash” offers are more the exception than the rule. Most contracts to sell commercial real estate include provisions that the Purchaser’s duty to close is contingent on obtaining a loan for at least a portion of the purchase price.Financing contingencies typically allow a period of time for the Purchaser to obtain financing from a lending institution sufficient to close. If the Purchaser is not successful, it can notify the Seller and receive a refund of the earnest money deposit. The first question here is the same as that for an all cash offer. Where is the Purchaser getting the money for the down payment? The Seller should require the same evidence as that for an all cash offer outlined above.

Next the Seller should carefully consider the length of the financing contingency period.Remember, unless the Seller can get a right to “kick out” the offer if a better one comes along,the property will be off the market and subject to the Purchaser’s success or failure in obtaining a loan. On most small to medium sized properties, there is typically a two-step loan process. The Purchaser should be able to get a written loan commitment within thirty-forty- five days of final sales contract ratification. However, this commitment is usually subject to an appraisal of the property. On average the appraisal will take another thirty days. Larger more complicated properties or loans from life insurance companies or commercial mortgage backed securities lenders will take even more time—sixty to ninety days. If the Purchaser is requiring more time,the Seller needs to know why.

How can the Seller eliminate some of the risk in taking the property off the market for the length of the contingency? It is important to take a close look at the amount the Purchaser intends to borrow. Commercial loans for purchasers that intend to use the property for their business typically require 25-35% down and even more for investor loans. Higher loan to value loans are usually only available from special government programs like the SBA 504 loan program. The contract should specify the amount or percentage of the purchase price the Purchaser intends to borrow and a credible interest rate or interest rate range. Receipt of a financial statement and aright to run a credit report on the Purchaser prior to the Seller ratifying the contract will also help the Seller to make an informed judgment about the Purchaser’s likelihood for success.The Seller should also require some milestones in the contract for the loan application process.

For example, the Seller should require the Purchaser to make written loan application within a relatively short time period—five working days is not unreasonable. The Seller should also require written confirmation that the application has been made by the Purchaser. Obtaining a written loan commitment (which may be subject to appraisal) should be the second milestone.

Depending on the type of property and loan, requiring it within thirty to sixty days is not unreasonable. Again, the Seller should require written receipt of a copy of the loan commitment.The final milestone is completion of the appraisal and a final loan approval. All these milestones should be included in the time is of the essence provision of the contract which will put the Purchaser’s deposit at risk if it does not meet the milestones.

Following these steps will minimize the risk to the Seller presented by the financing contingency and help to ensure a successful closing.






This is the second in a series of posts on issues important for a Seller to know when selling
commercial real property. This post is directed to “non-institutional owners”– individuals,
families, partnerships, limited liability companies, and corporations that own small to medium-
sized commercial real property as opposed to “institutional owners”—equity funds, REITS, life
insurance companies, etc.—who own large portfolios of commercial real estate.


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What You Should Know when Selling Commercial Real Estate

November 28, 2016 by

This is the first in a series of posts that will examine issues important to an owner of commercial real estate when contemplating selling that commercial real estate asset or portfolio. This information is geared for individuals, families, partnerships, limited liability companies and corporations that own a small to medium sized commercial real estate property or portfolio that they may want to sell. Hereinafter, I will refer to these types of owners and landlords as “Owners”. These Owners usually do not own commercial real estate as their primary business.

Please note this is not intended for large institutional owners—equity funds, real estate investment trusts, life insurance companies, and the like. These types of commercial real estate owners have batteries of experts to assist in the analysis and disposition of large individual assets or portfolios that may be located all over the U.S. or the world.

The first issue is to ask what exactly are you selling?

This question is meant in an even broader sense than to ask is it retail, office, land, warehouse, residential, or industrial property? No matter which type of property, there are two major markets available for the property with limited overlap between the two markets. They are:

  1.  the “user” property market, and
  2. the “investment property” market.

What is the difference between user and investment commercial real estate?

The answer is pretty simple. User property is commercial real estate that is used by the Owner to operate its business. Examples include a professional firm (law firm, CPA, medical) that owns the office building that houses its firm or practice, a retailer that owns not just the business but the real estate where the store sells, a warehouse that is owned by the manufacturer, or a restaurant that also owns the restaurant building. User properties are usually delivered vacant at closing with a new Owner looking to move in to operate its own business. So, if the property will be delivered vacant at closing, unless your property represents a development or redevelopment opportunity, users are your best market. The good news is that users typically will pay more for a given building than an investor. The intrinsic value of operating its business in the building may justify a higher price to a user.

Investment commercial real estate is usually delivered subject to a lease(s). While it is true both users and investors value future appreciation, an investor is primarily concerned with the income and return on investment that the building will generate over the period of time the investor holds the building. Investor buyers prefer to minimize or eliminate “lease up” risk by purchasing buildings that are already fully leased, or nearly so, with good credit tenants. If the investor buyer needs to lease up the building or the tenants represent poor credit risks, it will lower the price the investor is willing to pay.

Why it is important—timing and pricing. Factors associated with the Owner/user’s business are more likely to spark the decision to sell the building. These may include growth, contraction, retirement of key Ownership personnel, turmoil in the Ownership entity, and the like. The market for the particular commercial property may be good or bad when the business event occurs that will drive the sale. To the extent possible, Owner/users need to forecast these events to allow for a reasonable period of time to capture the best price available in the then current market. They also need to price the asset correctly. As user property, the asset may command a higher price for the reasons above, but prices and price per square foot attained by comparable properties (“comps”) are the key components in determining the best price.

Investor properties are driven much more by interest rates and the leases on the property. An investor Owner may choose to sell in anticipation of key tenant leases expiring, tenants defaulting, or simply to cash in to take advantage of an opportunity available in the market. Prospective investor purchasers will be most interested in the length of the tenant leases and the strength or credit risk posed by the tenants. In addition, if interest rates are low, the investor purchaser may be able to leverage the rate on its loan compared to the return on the building to increase its overall return on investment—example—borrow at five percent but make a return of more than five per cent. Investment properties may frequently command a price per square foot that would make no sense to a user buyer. Comparable returns on similar properties and for alternative investments, along with the risks associated with the leases, will be the most important factors in determining the best price.

Recognizing where your asset is positioned and forecasting to the best of your ability will maximize the chances for a successful transaction.

Rick Lane is a two-time Weichert Realtors Commercial Real Estate Agent of the year in the Washington, DC Metropolitan market. He has 20 years’ experience in real estate brokerage and real estate law and construction. He is a winner of a Weichert National Sales Award (top 5% nationwide). He is a former partner in the law firm of Thompson and Waldron and a former Vice President with the Trammell Crow Company in Washington, DC. Rick is a graduate of the University of Virginia and William and Mary Law School.






This is the first in a series of posts that
will examine issues important to an owner of commercial real
estate when contemplating selling that commercial real estate
asset or portfolio. This information is geared for individuals,
families, partnerships, limited liability companies and
corporations that own a small to medium sized commercial real
estate property or portfolio that they may want to sell.
Hereinafter, I will refer to these types of owners and landlords
as “Owners”. These Owners usually do not own commercial real
estate as their primary business.

Tenant Representation

November 14, 2016 by

Tenant Representation: What it is and how to use it.

or, How to lease commercial office space.

Tenant Representation

When a business person needs to lease space, whether office, retail, or industrial, they too often start by

  • 1) driving around town and calling the telephone numbers on “For Lease” signs they see on buildings, or
  • 2) Googling “space for lease”. In both instances, that business person will almost always end up talking to the landlord’s broker.

The landlord broker’s job is to lease the empty space in the building advertised at the highest possible return to the landlord.

So, on the landlord or ownership side of the leasing process, the business person faces not just the building’s owner, but also a professional, licensed real estate broker and company who usually leases many different buildings and who monitors the market on a daily basis-- not just through the internet, but through telephone calls, market research and personal relationships. On the tenant side of the leasing process, the business person has whatever person he or she has assigned to the task and whatever information they can glean from the internet. The tenant must become an instant expert at leasing—something that is not a part of the tenant’s core business, and concerning a decision the tenant faces only once every time their lease term ends. In the case of a start-up business, it may be the first time the decision makers have ever faced commercial real estate business decisions.

Facing such an information deficit, most CEO’s and decision makers for companies large and small now hire their own real estate professional. That professional is called a “tenant representative”, or in the case of sales, a “buyer’s agent”. The tenant representative most often, but not always, is paid by the landlord but is recognized up front as the agent of the tenant.

Effective use of tenant representation.

The first element is obvious: hire a tenant representative that has market knowledge of the type of space and the relevant market and sub-markets of interest to your company or organization. You should also expect your tenant representative to learn about your business, customers, and employees as all three are important factors on what space is best for your business.

Technical and legal knowledge are also important factors. The tenant representative often interfaces with an architect on design and basic requirements needed in the space, and with attorneys on the legal terms that can often make or break a good deal for the tenant.

The tenant representative should create a market for your tenancy. This is imperative even when a tenant may end up targeting only one space or building—perhaps that building meets all of the company’s requirements in terms of location, size, price, and image. IT DOES NOT MATTER. The tenant representative will develop alternatives that the tenant representative can use to leverage the targeted building. We like to have at least three viable contending buildings for the client’s tenancy which we then use to maximize concessions from the landlord—lower rent, free rent, increased build out contributions, and lower escalations.

In today’s competitive environment, use of tenant representation will save the decision maker of any company or organization both time and money if used effectively.

We can also help reduce your ? commercial lease rates - see our blog about this


When a business person needs to lease space,
whether office, retail, or industrial, they too often start by 1)
driving around town and calling the telephone numbers on “For
Lease” signs they see on buildings, or 2) Googling  “space
for lease”.  In both instances, that business person will
almost always end up talking to the landlord’s broker.  The
landlord broker’s job is to lease the empty space in the building
advertised at the highest possible return to the landlord. 

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Understanding the Business Enterprise in Tenant Representation

November 8, 2016 by

A guide to winning the business!

Too many tenant representatives frequently ink new clients even though they are absolutely clueless about the business of their clients. If the tenant representative is successful with this approach, it is probably more a function of blind luck.

Before the tenant representative even walks in the door to meet the client for the first time, he or she should already be prepared to converse effectively with the client about their business. This will enable the tenant representative to understand the client’s “needs” and to provide the “solution” needed.

Consider the age-old adage of “Sell yourself before you sell the product”.

Proper research and education will provide an edge before going in for the sales pitch. Yes, it’s elementary, but many commercial real estate prospectors fly-in blind. Breaking the ice with knowledge about the prospect makes a great case for yourself as their representative. Foremost, check-out the individual(s) with whom you are meeting, perhaps a LinkedIn profile. “I noticed you went to Stanford; my brother went there”, or “I see you’re a Cap’s fan”. You get it!

Suggested procedure: At a minimum Google the business as well as the players. If the company is listed on an exchange, take a look at the company’s performance. Look at the chairman/CEO’s forward in their annual report. Checkout their product lines.

Continuing Education to Increase Your Acumen!

  • A course in Accounting 101 (even if you took it in college). This will enable the tenant representative to thoroughly understand the components of an income & expense statement and balance sheet along with the significance of cash flow vs profits.
  • A Course in Business Law 101
  • A Course in Financing the Business Enterprise

Why is increasing your business acumen relevant? You are doing your client’s bidding in terms of articulating the business and the significance of their financial statements. If there are obvious negatives, these may be of concern to the landlord’s representative, the asset manager, and the decision maker. Understanding the negatives will help the tenant representative to put them in perspective and perhaps even take them out of the conversation.

It is all about PREPARATION, the most important word for a salesperson! It is not intended to be a guide for the entire sales process.

Scott Elkins

Scott Elkins has been a CRE practitioner for 27 years in the Washington DC Region. Previously he spent more than 2 decades as a senior lending officer, most recently as Senior Vice President for Corporate Banking for Sovran Bank NA in the Washington Market.

Clients included, Mars, Inc, Kay Corporation, Gannett, Marriott, and Equitable Life. Included locally, Jack Kent Cooke and the Redskins, Clyde's Restaurant Group, and the Brown Automotive Group. However, his experience included many small and middle-market borrowers as well.

Too many tenant representatives frequently ink
new clients even though they are absolutely clueless about the
business of their clients. If the tenant representative is successful with this approach, it
is probably more a function of blind luck. Before the tenant
representative even walks in the door to meet the client for the
first time, he or she should already be prepared to converse
effectively with the client about their business.

This will enable the tenant representative to understand the
client’s “needs” and to provide the “solution” needed.

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