Apto has 3 primary user templates that are geared to specifically handle the day to day process of a broker tracking and closing deals in Apto. These templates are specific to 1) Tenant Representation 2) General Brokerage and 3) Investment Sales.
The tenant representation template uses the “Pursuits”, “Assignments” and “Leases” tabs as seen here:
Working The Deal Through The 3 Stages:
The tenant representation workflow moves your deal from prospecting to a closed deal in a 3 step process.
- “Pursuits” is the stage where you are seeking to represent a contact or company
- “Assignments” is the stage where you have won representation of a contact or company
- “Leases” is stage where you have completed an assignment
The deal workflow provides you with insight into your entire pipeline of deals and where you stand with each one. Below are some best practices you can follow so that your deals move through a streamlined process within the platform.
A pursuit record is utilized primarily to track within the system a potential business opportunity with a company and/or contact. When the user creates a new pursuit record the Apto platform will prompt you for the following data:
- Client Contact
- Commission Estimation
Once saved, the record will display this information and at this point you can add in your “Deal Team” and commission splits so that you can track the potential commission earned from a deal throughout the sales cycle.
As a best practice the broker should be recording all the activities on this record with the aim of building a reputation with that client/company in order to gain the representation agreement to find them a space that meets their needs.
Use the activity pane to log important interactions with the prospect to finally either end up securing the agreement or closing out the pursuit record with a status that reflects the outcome of the conversations. (i.e. Dead = no longer an active pursuit etc)
Once the user has secured the right to represent the prospective client, log this final activity, and advance the record to an active “Assignment” by selecting the “Advance to Next Stage” button. All of the data that was entered into the Pursuit stage will be brought over to the Assignment stage automatically.
Advancing the deal from a Pursuit into an Assignment:
Here the user manages the active assignment. The aim of the assignment record is to record all activities that go into finding your tenant client a new space or property to lease.
On the details section of the assignment record the user can develop a “Site Selection & Tour Activity Report” which can display important items such as tours of available spaces, sent marketing materials, lease offers, and rejections.
To record an activity on this Report make a selection from the “Marketing Phase” drop down list available on each new task, logged call or email you send to a prospective landlord, tenant or any other contact that has anything to do with the assignment.
If your client asks for an activity report this report can be exported to excel so you can send it out to them in a timely manner.
Site Selection & Tour Activity Report
On the assignment record the user can record assignment criteria relevant to that tenant’s needs. You can also record critical dates such as the clients need date for a new location, when the representation agreement was signed and the date that the assignment expires. Modifications to the deal team and commission splits can also be made on the Related Tab.
By logging your activities and touring your client through available locations, the aim is to find the ideal space for your client. Once the user has determined the secondary party to the assignment we can then advance this assignment into the next stage, a “Lease”. In order to advance the user must click the “Advance to next stage” button located in the right hand corner of the assignment record.
Advancing from an Assignment to a Lease:
The leases database allows you to store all of your closed deals in one convenient location. When the user generates a lease record in Apto the main data points that need to be enter will be, but not limited to:
- Landlord Company
- Landlord Contact
- Fields in the Lease Summary section
- Any further Deal Party members (i.e. Landlord/Tenant Attorneys) located in the Related Tab (Tenant and Landlord information will pre populate based on who you have represented in the deal and the Landlord contact and company you add to the lease record)
Once all relevant information has been entered in the user can elect to (as a best practice) create a new task to follow up with their tenant client prior to their lease expiration. This simple workflow (shown below) shows how to create a lease expiration follow up task based on the lease expiration date on the lease record.
Lease expiration follow up task:
This completes the walk through on best practices for tenant representation deal workflow.