Furniture as a Service expands toolbelt for CRE and building ownership.

FaaS. Tenant Rep’s New Best Friend.

Today’s tenant representative competing in the hustle and bustle world of commercial real estate simply has to be over-the-top, full service minded. Delivering at the highest level is key to winning the trust and respect of potential clients, and exceeding expectations of current ones. From my observation working within the brokerage firms, I can easily say it’s a balancing act at best.

Patience is so important but must be balanced with drive. An easy-going likable personality must align with strong negotiation tactics. Passion inspired space recommendations has to sometimes give in to not so favorable feedback from the tenants. The list goes on and on.

I have true empathy for the mission and feel qualified to share a couple of comments here on a solution that might lessen the load on occasion. It’s a privilege to work side by side with commercial real estate tenant representatives, project management groups, and landlord teams on a daily basis as a member of the CORT Workplace team.

One of the most popular new approaches in this collaborative relationship seems to be FaaS. Furniture as a Service is just another way to position fast, flexible and very changeable furniture rental.

This overlooked tool is gaining serious momentum in the fast-paced, ever-evolving CRE landscape.

Tenant reps, especially. Read on. True scenarios…

1. Scenario: Good client needs a bigger space because business is booming. Great news, right? But in the meantime, they need you to figure out where to put forty new hires. As part of your bigger assignment, you are charged with finding them a swing space for five or six months while TI is completed on their new larger suite. Your goal is to find that swing space AND have a solution on how to outfit it fast, provide a plan and mega flexibility. FaaS is your answer.
2. Scenario: New client is expanding into your local market. You win the assignment. You find them a great space. Their only hesitation in signing the lease is they need to set up quickly and start generating revenue in this new city. They have a million needs. Suggest FaaS. This could be the deal closer. Imagine handing this tenant a 3D space plan, pricing and the assurance the entire space could be outfitted within a few days. Done!
3. Scenario: Start-up tech firm is awarded funding. Their VC partner isn’t wanting to invest substantially in FF&E. Human capital has driven the success so far, and that’s where the investment dollars need to go. They consider coworking locations but work with you to evaluate moving into their own space. FaaS might enable them to get their name on the sign, and you the deal. Recommend temporarily furnishing the space for a year. Help them delay permanent furniture purchase decisions, reduce their monthly capital via an operating lease and get focused on building their business.

If you are busy and excelling in commercial real estate, chances are you need great ideas, a strategy that will lighten your load, and another valuable resource to serve up to clients. FaaS fits the bill in many scenarios. Rental is a new way to furnish work environments that are ever-changing. Staying agile is smart business for tenants, and can help you maintain that critical edge!

Melanie Jones is a regional industry leader on the CORT Workplace team. Her mission is supporting change in the way furniture is used in the workplace with CORT’s Furniture as a Service (#FaaS) subscription-like model. @melanie_cort #faas #subscriptioneconomy #flexspace #access #usership #sharingeconomy #innovation #assetlight #change #FurnitureasaService