Level Two - Example One (Soho) Flashcards
What were your clients key drivers?
- Wanted to be on a square
- Wanted to be in Soho
- Wanted fitted space
Why did they want fitted space?
- Immediate occupation
- Capex cost
What is the purpose of Terms of Engagement?
Contract between you and your client to ensure there is an agreed scope of work, fees.
What did you include in your Terms of Engagement?
- Scope of work
- Fee Structure
- Complaints Handling Procedure
- PII
If your client asked you to reduce your fee, would you do it?
- See if there was anything I could reduce in terms of the work scope to reduce the fee
- Consideration for workload at the time to assess if it was something that could be done at a cheaper budget.
- I would need to look into it.
You mentioned your client deemed relocating too expensive, what was too expensive about the relocation that stopped them moving?
- Always a Stay v Go exercise
- Financial terms of staying were a lot more attractive than relocating.
How did you do conflicts of interest checks? Why do we do them?
- Salesforce
- Ask colleagues if they have previous relationships with the client.
- To remain impartial and independent
What was included in the Heads of Terms?
- Rent
- Term
- Incentives
- Outside LTA 1954
- Repair
- Alienation
- Alteration
- Permitted Use
What terms did you agree?
- £80.00 psf
- 2 year term
- 4 months rent free
What specific negotiation strategies did you use to secure better renewal terms?
Win win scenario
Create leverage
Market knowledge
How do you manage client expectations when their desired relocation becomes unfeasible due to market conditions?
How did you approach helping your client evaluate whether to stay or relocate?
Pro and Cons list
Financial analysis
What is Stay v Go?
comparing relocation costs and market conditions with current lease terms, office and condition
