There are multiple places a New Tenant Deal can be added in Deal Manager. The easiest and most common way is clicking the +Add button found in the Deal Dashboard.
Required Deal Information
All that is required to enter a New Tenant Deal into Deal Manager is the Tenant Name.
Tenant: This will be the Deal/Tenant name. If we do not have this or the tenant is confidential, we can input Undisclosed or Confidential.
Optional Deal Information
After we have an initial Deal Name associated with the Deal, we can hit Save to create the deal record in Deal Manager. Although no additional information is needed to hit save, we may have additional optional information relating to this Deal we would like to enter now. This includes items like the property or properties this Deal could be associated with, the contact on the tenant side we are working with on this deal, as well as any other initial inquiry information.
Property: Select the primary property the tenant is interested in or could be a fit for the tenant.
Company (if using): This is the company the prospective tenant is associated with. As you type into this field choices will be reduced either until the Company is found or until there is no existing company found. If no existing company is found, we will need to click the New Link to add the company.
When creating a New Company on a Deal all that is required is the Company Name. All other fields are optional and can be filled out as desired.
Company Name (if using): The actual name of the company we are working with and the name that will be referenced when searching deals by company.
Add Additional Leasing Agents: If multiple agents are working on this deal together, they can be added as co-collaborators here.
Tenant Representative: If we wish to enter the contact information of who we are working with on the tenant side for this deal that can be added in this section.
Tenant Initial Inquiry Information: This section contains additional information on the deal. Typically, only used to designate the desired SF and if they are interested in associating this deal with additional properties other than the one specified earlier under the “Property” option. Note this information is for informative purposes only as the economics of a deal will be calculated when creating a formal proposal in Deal Manager.
To access the Initial Inquiry Information click the “Add Initial Inquiry” option on a deal to reveal the fields available.
In addition to the above, if we are ready to enter in the economic details of the proposal, we can click the Add Proposal option to show the proposal entry form.
Creating a Proposal
In order to create a proposal, I need to make sure a property is specified on the Deal if I didn’t do that when initially creating the Deal record. Going to the Deal Details tab I select the property and hit save.
Once a property is associated with our deal we can now click the Add Proposal option found under the Deal Proposals tab.
Required Fields on Proposal Entry
There are some fields that are required before a proposal can be saved.
Lease Type: Select one of the lease types set up in the drop-down.
Proposed SF: If no space exists or if the proposed SF of this deal is above/below the current unit SF input the proper proposed SF value here. Otherwise, will default to SF of the space selected above.
Start Date: The proposed start date of the Deal. Typically, the rent commencement date.
Term: Number of months for the proposed deal.
Starting Rent: Enter in the starting rent for this proposal. Dropdown option allows for denoting rent in $/SF/YR, $/SF/MO, Flat Amount Annual, Flat Amount Monthly.
Optional Fields on Proposal Entry
There are many fields that are available depending on the type of deal that will affect Deal Economics. These may not be required for every deal but should be entered as they exist in an offering to the tenant.
Proposal Name: This can be changed to any name you would like to call the proposal. We will default a name but this can always be over-ridden (/ex/ Initial Proposal 1, Tenant Counter 1, Final Version, etc)
Space: If one exists select the space here.
Move In Date: If the move in date will be different than the start date for this deal you can input that value here. If nothing inputted, it would default to the start date at save. A Move In Date will transfer to Voyager.
Possession Date: If the true possession date is different than both the Move In date and the Start date, you can input that value here. This would typically be used if there is construction happening and the client takes possession of the unit without actually moving in.
Downtime: Typically used for tracking the number of months prior to the tenant taking possession and paying rent. You can input a Possession date and input a Downtime for the Start Date to auto-populate for you.
Termination Month: If Termination option is present, enter the month of the lease term the option expires.
Holdover %: If this tenant has the possibility of going into Holdover, you can mark
that % here.
Rent Escalation: Enter in the % or /sf escalations for this proposal. Leave blank for deals with no rent escalations.
Free Rent Schedule: Using the Add Step button you can add free rent steps to your proposal. You would select the start month, the number of months, and the % of rent that will be abated. In the below example Rent will be 100% abated at Month 1 (start of the lease) for 3 months.
Additional Charges: Additional Revenue charges to be added to the deal and counted towards our NER Calculation. Simply click Add Charge and select the additional charge from the list of values available.
Expenses: Input expense values here. Landlord Year 1 denotes non-Recoverable expenses. Tenant Year 1 denotes Recoverable expenses.
Transaction Costs: If this deal requires a Tenant Improvement or any other type of leasing cost (landlord work/concessions) then select the appropriate cost from the dropdown and input the $/SF or flat amount of the cost. Additional costs can be added by selecting “Add Custom Cost”
Commissions: If custom commissions are set, select the Commission dropdown that applies to this deal for the Landlord Rep (you) and the Tenant Rep (tenant broker/representative). If none set, simply input the commission amount and choose % or /SF.
Security Deposit: Enter in the total dollar amount of security deposit if known.
Security Deposit Notes: If the security deposit is yet to be determined notes can be entered here to discern what security deposit would be.
Once saving the initial proposal entry we will then change the stage to proposal. To do this simply click on the Deal Stage then select Proposal and hit update.