Your organisation needs to dispose of space. Leases are long term commitments and when circumstances suddenly change, it is important to have a plan that empowers leaders to make the moves necessary to keep a company moving forward in a positive direction.
Our disposition process always starts with identifying the primary functions of the property and understanding what drives the ideal prospects. We’ve mapped out the most commonly occurring disposition scenario. We hope this offers some perspective to tenants approaching property disposition.
Guiding prospects to make the connection between their business needs and the property’s features is one of the most important steps to securing a sound deal. Understanding the property’s merits and having insight into property requirements specific to each industry can fast track you to the right prospects, saving time and money on resources. Give some thought as to where you will look and how to identify targets. Think of targets as that last piece of the puzzle, perfect for the property and what it has to offer.
Once identified, prospects will need to be wooed. Personal solicitation and campaign materials can draw the right offer to you, deepening the connection between your target and the property. Persuasion and encouragement that comes from a genuine place means knowing the true value of the property unique to each prospect.
Make sure inspections are insightful for targets. Be sure that there is a person present with useful understandings on the property. Someone who will do their homework and be able to answer almost any relevant question someone may ask.
Negotiations should be clear and well recorded, leaving nothing to chance. You do not want to lose your best offer at the time of signing because of minor miscommunications. By this time other offers, performing as leverage for you, may be off the table. Above all, developing trust and transparency in negotiations is crucial to a good outcome.
Everyone knows small details within a lease can change your legal obligations. Be sure that the property contracts you sign off on are reviewed from both a legal and commercial perspective.