West, Lane & Schlager Realty: A Tenant-Focused Perspective
October 5, 2011 § Leave a comment
As a real estate company that exclusively represents tenants, West, Lane & Schlager maintains a tenant-focused business model. Principal Mindy Saffer, who has worked at the firm since 1999, chalked up the recent success of tenant-focused brokerage firms to the prior disinclination of some individuals to sign long-term commercial leases in 2008 and 2009, which made them more willing to make a commitment in the next year’s market. West, Lane & Schlager’s revenue grew more than 40 percent from 2009 to 2010, and the figures were directly related to its tenant-based model.
Furthermore, West, Lane & Schlager’s approach to tenant representation focuses on several steps that, when executed together strategically, provide clients with the best real estate solution. These steps were designed to meet tenants’ needs and surpass their expectations. First, the firm utilizes a strategic planning model known as the VISION Process, which provides an objective approach to real estate possibilities like lease renewals, comparisons between leases and purchases, and building acquisitions. The next phase defines which talented real estate broker will handle the tenant’s case with regard to geographic and economic needs. Next, the company participates in a market review and evaluation of all possible building options for the tenant, which takes recent industry trends into consideration. The professionals at West, Lane & Schlager then compare options in a financial analysis, which is developed through innovative financial modeling software technology and presents figures such as monthly and annual expenses, operating expenses, present value, and other categories.
The real estate firm provides a lease and sale comparison report that includes the most accurate market information regarding historical lease and sale transactions. The next step involves a letter of intent, which is drafted to include important conditions and then released to the preferred building’s owner. After the letter of intent is reviewed, the tenant is privy to a legal document review in which brokers survey the language and characteristics of the lease or purchase agreement. Lastly, tenants who give their business to West, Lane & Schlager benefit from the firm’s ability to monitor future costs like unnecessary annual statements that go against the lease.