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What are the best practices for reporting on commercial lease negotiations to stakeholders?

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Commercial lease negotiations are complex and often involve multiple stakeholders, such as landlords, tenants, brokers, lawyers, and accountants. Reporting on the progress and outcomes of these negotiations is crucial to ensure transparency, alignment, and compliance. However, many commercial real estate professionals struggle with finding the best practices for reporting on lease negotiations to their stakeholders. In this article, we will discuss some of the key aspects of effective reporting, such as:

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许存涵

董事, 信约律师事务所

1 The purpose of reporting

Reporting on lease negotiations is not just a formality or requirement, but serves several important purposes. It can communicate objectives, strategies, and expectations of the negotiation process to stakeholders, as well as provide regular updates on the status, challenges, and achievements. Additionally, it can document the terms, conditions, and obligations of the lease agreement to stakeholders and ensure compliance with accounting standards, legal regulations, and ethical principles. Overall, reporting on lease negotiations can build trust, credibility, and accountability with stakeholders while avoiding misunderstandings, disputes, and risks.

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Remember, simplicity and clarity are key. By following these best practices, you ensure stakeholders are well-informed and engaged throughout the commercial lease negotiation process.

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2 The audience of reporting

Reporting on lease negotiations is not a one-size-fits-all approach. You need to tailor your reporting to the specific needs, preferences, and interests of your audience. For example, your landlord may want to know more about the financial aspects of the lease agreement, such as rent, incentives, and escalations. Your tenant may want to know more about the operational aspects of the lease agreement, such as maintenance, improvements, and subleasing. Your broker may want to know more about the market conditions, competitive analysis, and negotiation tactics. Your lawyer may want to know more about the legal implications, clauses, and contingencies. Your accountant may want to know more about the accounting treatment, classification, and disclosure of the lease agreement.

Therefore, you need to identify your audience, understand their expectations, and deliver relevant information to them.

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许存涵

董事, 信约律师事务所
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When reporting to a particular stakeholder, list down the points you intend to communicate. After that, for each point, sit down and ask yourself... ...so what? Why would the stakeholder be interested in receiving this piece of information? How is this information relevant to them? Do they need this information to fulfil a KPI? Does the information identify a risk that they are responsible for managing? And bearing this in mind: a) can that piece of information be better communicated to meet their needs? b) should more detail be added, or should the point be simplified? c) in fact, is this even something that needs to be communicated to that stakeholder? Or are you just saying it for the sake of saying it?

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3 The format of reporting

Reporting on lease negotiations can take various formats, depending on the stage, scope, and complexity of the process. For instance, letters of intent are preliminary documents outlining the main terms and conditions of the lease agreement, such as rent, term, space, and incentives. Term sheets are more detailed documents specifying the final terms and conditions of the lease agreement. Lease abstracts are summary documents highlighting the key features and obligations of the lease agreement. Finally, lease agreements contain comprehensive legal language and provisions of the lease agreement. It is important to choose the right format for your reporting based on its purpose, audience, and timing.

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4 The content of reporting

When reporting on lease negotiations, it is important to be clear, concise, and accurate. Avoid jargon, ambiguity, and errors in your report. Include the background and context of the lease negotiation, such as the property, parties, and objectives. Detail the progress and status of the negotiation, including milestones, challenges, and achievements. Outline the outcomes and implications of the lease negotiation, such as terms, conditions, and obligations. Additionally, provide information on next steps and actions of the lease negotiation such as due diligence, legal review, and execution. Supporting documents such as market research, financial analysis, and legal opinions should also be provided to substantiate your reporting.

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许存涵

董事, 信约律师事务所
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Codeswitch constantly. The way we communicate should differ depending on whether our audience is, for example: a) a busy C-suite who has too many issues to deal with in too little time; b) legal counsel who may be willing and able to deal with a bit more technical detail; c) a property manager who needs to assimilate and pass on instructions to electricians, contractors, designers, etc. Not intending to perpetuate stereotypes here - but my point is that if we fail to consider what mode of communication is best understood by our audience, then we significantly hamstring our ability to communicate effectively.

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5 The frequency of reporting

Reporting on lease negotiations should be timely, consistent, and responsive. You should report on lease negotiations as often as necessary, depending on the pace, intensity, and dynamics of the process. For example, you may report on lease negotiations more frequently during the initial stages, when the parties are exploring options and exchanging proposals. You may report on lease negotiations less frequently during the final stages, when the parties are finalizing details and preparing documents. You should also report on lease negotiations whenever there is a significant change, event, or issue that affects the process.

You should also establish a regular schedule and channel for your reporting, such as weekly emails, monthly calls, or quarterly meetings. You should also be available and responsive to any questions, feedback, or requests from your stakeholders.

Reporting on lease negotiations is a vital skill for commercial real estate professionals. By following these best practices, you can improve your reporting quality, efficiency, and effectiveness, and achieve better results for your stakeholders.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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许存涵

董事, 信约律师事务所
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I suggest that before reporting, we should ask more questions than we think we need to ask. This is, to my mind, integral to understanding our stakeholders and their needs - and allows us to ascertain (a) what information is relevant and useful to them; (b) what information is not; (c) what information is best communicated to other stakeholders instead; and (d) how all of this information should be communicated.

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What are the best practices for reporting on commercial lease negotiations to stakeholders?

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6

1 The purpose of reporting

2 The audience of reporting

3 The format of reporting

4 The content of reporting

5 The frequency of reporting

6 Here’s what else to consider

Commercial Real Estate

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What are the best practices for reporting on commercial lease negotiations to stakeholders?

1

2

3

4

5

6

1 The purpose of reporting

2 The audience of reporting

3 The format of reporting

4 The content of reporting

5 The frequency of reporting

6 Here’s what else to consider

Commercial Real Estate

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