Here are the top skills to hone in on as a tenant rep broker today.
✨ Article summary: Tenant rep brokers are increasingly adopting cloud-based tech for collaboration and data storage, with a growing emphasis on effective data management to stay competitive. Tenant rep brokerage teams should focus on data-driven decision making, streamlining workflows with technology, and enhancing digital collaboration. Combining tech-savvy with relationship-building skills is essential for success, and tools like LeaseUp can automate tasks, centralize information, and improve client communication.
In talking with brokers over the last few months, we’ve noticed a few high-level trends in how commercial real estate is adopting tech. More brokers are mentioning “cloud-based” in connection with collaboration and data storage than before. Data is a more common topic in general – effectively managing deal data has become a major focus for many brokerage teams.
To stay competitive, tenant rep brokers should follow emerging tech trends in the industry, and adapt their skillset to align with future changes. Here are the top skills to hone in on as a tenant rep broker today.
Tenant reps today have access to a wealth of data that can inform their decisions and strategies. Market data analysis, property comparisons, and lease negotiation benchmarks are just a few examples of how data empowers tenant rep teams to secure the best possible outcomes for their clients.
Centralizing your deal data in one place can help with identifying trends in the market, looking back at how things like price, availability, and markets have changed in the past. This puts you in a position to better predict where markets are headed in the future.
From managing complex deal pipelines to creating professional reports, technology streamlines workflows and frees up valuable time for tenant reps. Big data and AI tools make it easier to get in front of more prospects and convert them to clients. Tenants are increasingly looking for an improved client experience on the tech end as well. Using a digital platform to streamline the property search and build a robust tour package gives tenant rep brokers who adopt new tech a leg up.
The ability to collaborate effectively with clients, colleagues, and other stakeholders is crucial for success in tenant representation. Technology facilitates seamless collaboration, ensures everyone is on the same page throughout the deal, and results in faster decision-making and a more efficient overall experience.
There’s no doubt that technology will play a critical role in the brokerage of the future. The ability to understand and leverage market data will be key to making informed decisions and presenting compelling arguments to clients, and tech tools that deliver that data in a more efficient way will eventually win out.
But technology is only part of the equation. The successful tenant rep of the future will possess a unique blend of skills.
Commercial real estate is fundamentally a relationship-based business. Sometimes low-tech methods are best, whether it’s walking a building to confirm vacancy, or cold-calling a prospect list. The ability to build trust and advocate effectively for clients will always be paramount, and clear communication is an essential skill to build. This applies to every interaction with prospects or clients, including client reports like surveys and tor books. Dedicate time to deepening existing relationships and expanding your network, figuring out how to get in front of new prospects and improve the experience of the clients you already work with. Whether you’re delivering surveys or providing a tour package, the tech element in your person-to-person interactions matters, and making it easier for prospects or clients to easily absorb the information you’re giving them speeds up the deal cycle.
In addition to sources of solid lead data and a good CRM, commercial real estate software like LeaseUp can automate tasks, centralize information, and improve communication, allowing teams to focus on high-value activities like client relationships and strategic planning.
Brokerage teams with LeaseUp in their tech stack are able to collaborate with teammates and gather feedback from clients on our digital platform, then create effective, branded client deliverables with the data.
