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What to Expect from the Broker:
- Determine The Needs Of The Tenant
- Identify existing locations
- Is the Tenant properly serving the entire marketplace
- Are there overlapping stores
- Evaluate Existing locations
- Determine the market characteristics
- Has the market changed to no longer meet Tenant needs
- Are there better sites/locations to serve the market
- Identify the Competition
- Does the competition out position the Tenant
- Is the competition in need of replacement location
- Where is the new competition looking to go
- How can the Tenant out position its competitor
- Evaluate the Marketplace as a whole
- How many locations does the Tenant need to properly serve the market
- Determine which markets are not being served or being under served
- Demographically, which markets meets tenants criteria
- Physically, which sites and markets meets the tenants criteria
- Develop a ?Hit List? of new sites/locations
- Determine and prioritize new sites/locations
- Determine which locations, if any, will be relocated
- Spend time with Tenant driving the markets and brainstorming
- Spend time with Tenant to review maps and map out plan of attack
- Site Specific
- List all sites
- Identify on a map all sites
- Include demographic summary
- Outline deal points
- Mark all competition
- Provide Tenant with a current list of active sites and the status of each deal ? through a Tracking Report.
- The Property
- Prepare and negotiate Letter of Intent?s for each
- Determine any problems with each deal
- Prepare a submittal package as required
- Finalize Deal
- Communicate with Tenant/Landlord attorney
- Guide the finalization of legal documents to satisfactory conclusion to assure targeted turnover and opening date
- See through all deal points until deal is closed or until space is turned over.
What to Expect from the Tenant
- Tenants Needs
- Current information on Tenant criteria, including site, signage construction, and deal structure
- Discuss changing market conditions with Tenants needs
- Communication
- Scheduled conference calls to discuss deal status and progress of deals
- Keep in the loop with construction as well as Real Estate
- Knowledge of key issues relating to the deal(s)
- General
- All calls to Tenant to be referred to Broker
- Prompt response to offers and lease negotiations
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