Commercial Real Estate Tenant Rep Pitch: Winning a 50,000-SF HQ Relocation from a CFO Who's Never Hired a Tenant Broker — a 60-Minute Sales Training

🏢 The Pulse Training

Who this is for: Commercial real estate tenant-rep brokers + market analysts + team leads at mid-size CRE firms competing against CBRE NYSE:CBRE / JLL NYSE:JLL / Cushman & Wakefield NYSE:CWK / Newmark NASDAQ:NMRK / Colliers NASDAQ:CIGI / Savills LSE:SVS / Avison Young / Transwestern / Stream Realty / Crescent + the CFO's banker-broker-friend + the landlord rep + in-house facilities for 50K-SF HQ relocations.

Per CBRE Office Outlook Q4 2024: U.S. vacancy ~19.0% highest since 1991 + sublease ~17% Manhattan / 28% SF / 27% Austin + lease size ~33% smaller than 2019 + TI Class A $80-$150/SF + free rent 8-16 mo on 7-10-yr term. Run before Friday CFO intro + before NAIOP CRE Conference + before ULI Spring Meeting.

What brokers leave with: 5-STAGE TENANT-REP ENGAGEMENT (TRUST → TARGET → TOUR → TENSION → TERMS) + THREE CFO LENSES (COST / CONTROL / CONFIDENCE). Plus verbatim language, two role-plays (Charlotte 220-FTE fintech CFO + Austin 80-FTE SaaS CEO), blend-vs-move calculator, six concessions checklist, twelve failure modes.

Team Lead brings: (1) 3 recent lost-CFO debriefs. (2) CFO Engagement Kit — market-rent-comp template (CompStak + CoStar) + blend-and-extend calculator + Three-Lenses discovery script + Six-Concessions checklist + tenant representation agreement template. (3) Whiteboard last 10 CFO approaches by stage + lens + outcome.

MEETING AGENDA -- 60 MINUTES

🎯 Bottom Line

A CFO who's never hired a tenant broker doesn't pick the biggest national platform — she picks the broker who (1) sent a custom market-rent-comp analysis within 48 hours, (2) ran blend-and-extend-vs-move math showing the cost-of-doing-nothing, and (3) diagnosed which of the Three CFO Lenses she leads with (COST / CONTROL / CONFIDENCE). Per CBRE Q4 2024 + JLL Future of Work + ULI 2025: tenants have the most leverage since 1991.

Run 5-STAGE + 3-Lens + Six-Concessions + signed rep agreement before touring = 35-55% win rate / 50K × $35 × 10 yr = $17.5M × 5% × 50% × 60% = $262.5K broker + $437.5K firm. Brag-and-platform + tour-before-agreement + miss-the-Lens + recommend-highest-commission = lose deal + lose trust + lose next 3 referrals + JLL or CBRE wins on data depth.

Five stages. Three lenses. Custom analysis before touring.

SECTION 1 -- INTRO + AGENDA (0:00-0:10)

🟡 Coach Note

Do NOT open with the CBRE / JLL / Cushman national-platform brag deck. Stand at the whiteboard, say the numbers from CBRE Office Outlook Q4 2024, tell the two-rep cold-open story, end with the rep-agreement-before-touring rule + the 48-hour custom-analysis commitment that decides whether your brokers win the 50K-SF HQ relocation from a CFO who's never hired a tenant broker or lose it to JLL's CompStak data pull.

Ten minutes. Hard stop at 0:10.

The numbers, then the story.

The numbers. Per CBRE Office Outlook Q4 2024 + JLL Office Outlook Q4 2024 + Cushman MarketBeat + NAIOP + ULI Emerging Trends 2025: U.S. office vacancy ~19.0% (highest since 1991) + sublease ~5% national / 17% Manhattan / 28% SF Bay / 27% Austin / 25% Houston; avg lease size ~5,200 SF (~33% smaller than 2019); median term ~5.8 yrs (vs 8.3); TI Class A trophy NYC/SF/Boston $100-$150/SF + free rent 8-16 mo on 7-10-yr term + effective rent down 12-22% from peak.

Tenants have the most leverage since 1991. Top firms per Real Capital Analytics: CBRE ~$340B / JLL ~$220B / Cushman ~$110B / Newmark ~$60B / Colliers ~$45B / Savills ~$30B / Avison Young ~$25B / Transwestern ~$15B / Stream Realty ~$12B / Crescent ~$10B. Commission math: 50K SF × $35/SF × 10 yr = $17.5M × 5% = $875K total / $437.5K firm / $262.5K broker.

The constraint: the CFO who's never hired a tenant broker views you as a "free" service (landlord pays) but is broker-skeptical; she needs the landlord-pays-but-tenant-signs alignment + rep agreement before touring + conflict-of-interest disclosures explained. She's also being pitched by her commercial-loan banker's "broker friend" + the landlord rep + her in-house facilities team.

Per JLL Future of Work Q4 2024, brokers who send custom market-rent-comp analysis within 48 hours of intro win the next meeting in ~68% of cases vs ~12% for platform brochures.

The story. Rep A pitched Patricia Ramirez, CFO of a 320-employee Atlanta logistics-tech company, on a 65K-SF HQ relocation. Lead with the national platform + "we know every space." Sent a 24-page brochure five days after intro. Patricia chose JLL — JLL had sent a customized market-rent-comp analysis for CBD + Buckhead + Midtown 48 hours after intro, including a blend-and-extend analysis on the existing 38K-SF lease.

Rep A lost the deal. JLL's broker earned $245K on the eventual 58K-SF Buckhead lease.

Rep B (the protagonist) won Patricia eight months later for a bigger Phase-2 move (90K-SF post-acquisition). Hour 24: emailed the cost-of-doing-nothing math anchored to CompStak + CoStar comps, showing the landlord's renewal pitch left ~$2.4M/yr on the table vs market.

Hour 48: confidential half-page showing 90K-SF Class A trophy at $32/SF blended vs current $42 = $960K/yr savings + $9.6M over 10 yrs. Hour 72: signed rep agreement before touring a single building. Six months later: 92K-SF Buckhead Class A trophy at $33.50 blended + $115/SF TI + 14 mo free + Year-5 termination + sublease rights + 30K-SF ROFR contiguous.

Rep B commission: $390K. Patricia named Rep B her trusted CRE advisor + sent two CFO peer referrals within 90 days.

⚠️ Common Trap

*"Rep A was professional + Atlanta is a relationship market + we got outhustled on response time."* (1) "Outhustled on response time" is the post-mortem JLL prints in its training deck. (2) 48-hr custom analysis is the price of admission, not the differentiator — every senior CBRE/JLL/Cushman broker ships it.

(3) Patricia chose JLL because JLL showed up to the second meeting having done the homework + told her something her landlord rep had not (the $2.4M/yr blend-and-extend gap). TARGET before TOUR. TRUST before TERMS.

Transition: "Next 50 minutes: 5-stage tenant-rep engagement, 3 CFO Lenses, two role-plays. Let's go."

SECTION 2 -- THE TEACH (0:10-0:35)

🟡 Coach Note

Twenty-five minutes. Split into 5-STAGE TENANT-REP ENGAGEMENT (15 min, ~3 min/stage) + Three CFO Lenses (10 min, ~3 min/lens + 1 min on the Six Concessions checklist). Pause for one clarifying question per stage.

End-of-section test: every broker recites all 5 stages + 3 CFO Lenses + the 6 concessions + a 60-second custom-market-analysis pitch verbatim without notes.

Part A -- The 5-STAGE TENANT-REP ENGAGEMENT (15 min)

Most lost 50K-SF CFO pitches collapse at Stage 1 (platform brag + tour invitation instead of custom analysis) or Stage 3 (touring before the rep agreement is signed + landlord rep claims procuring cause). You don't win a CFO HQ relocation with a national-platform deck — you EARN her TRUST with custom market-rent-comp in 48 hours, TARGET two submarkets before touring, create TENSION between two real options, and only then negotiate TERMS on Six Concessions.

Stage 1 -- TRUST (3 min)

The CFO who's never hired a tenant broker is broker-skeptical. Earn trust with transparency on compensation (landlord pays — disclosed in writing) + custom market-rent-comp in 48 hrs + 3-5 reference calls from comparable CFOs in same metro/segment. No flattery.

Anchor to CBRE Q4 2024 + CompStak comps + named prior CFO clients (with permission).

🎤 Verbatim Script -- TRUST

*"Patricia — three things before any tour. (1) Landlord pays my commission on whatever you sign — disclosed in writing in the rep agreement. Zero cost to you.

(2) Custom market-rent-comp for Buckhead + CBD + Midtown in your inbox in 48 hours, CompStak + CoStar Q4 2024. (3) Three CFO references — Maria at LogiTech (62K SF Buckhead 2023), James at Greenline (45K CBD 2022), Sarah at Vector (78K Midtown 2024). 30 min each."*

Common trap. Platform brag + tour invitation. CFO has been pitched 3 platforms — she's bored. CompStak data + named CFO references = the only TRUST levers that move her.

Stage 2 -- TARGET (3 min)

Before any tour, narrow to two submarkets max + 8-12 candidate buildings + 3 lease structures (renew / blend-and-extend / relocate) using CoStar + CompStak + BOMA-rentable-SF-normalized comp database. Filtered by FTE projections (3-5 yr hybrid scenarios) + TOC benchmarks + amenity stack. 4-6 pages.

🎤 Verbatim Script -- TARGET

*"Patricia — analysis attached. Filtered 47 buildings to 9. Two submarkets: Buckhead (Class A trophy $36-$42/RSF + $110/SF TI + 14 mo free) + CBD (Class A+ $32-$38 + $90 TI + 12 mo free). Three structures: renew $44 vs blend-and-extend $36 vs Buckhead trophy $39. Cost-of-doing-nothing on renewal: $1.8M/yr leakage vs blended."*

Common trap. 30 buildings + every submarket = noise + CFO delegates to facilities VP. Two submarkets + 9 buildings + 3 structures + 1-page summary + comp data on back = TARGET discipline that earns the second meeting.

Stage 3 -- TOUR (3 min)

Rep agreement signed BEFORE touring. Period. Without it the landlord rep claims procuring cause + your commission disappears. Tour 6-9 buildings across two submarkets in one day; CFO + facilities VP + COO present; broker leads with occupancy-cost question per space (op-ex base year + TI quality + parking + amenity load).

🎤 Verbatim Script -- TOUR

*"Patricia — before we tour, sign the rep agreement. Standard 6-mo exclusive with tail. Protects both of us. Single Friday: 7 buildings + 2 hrs each + lunch on me. Narrow to 3 by Monday. Deep-dive economics next."*

Common trap. Touring before rep agreement signed. 40% of mid-tier deals collapse here — CFO casually mentions the tour to the landlord rep + landlord rep claims procuring cause + firm walks.

Stage 4 -- TENSION (3 min)

The CFO gets concessions ONLY through competitive tension between two real options. Maintain active negotiation with at least two landlords through LOI + 2-3 LOI rounds + parallel blend-and-extend with the existing landlord.

🎤 Verbatim Script -- TENSION

*"Patricia — two LOIs on the table. Buckhead trophy $38.50 + $110 TI + 14 mo free + Year-5 termination. CBD trophy $35 + $95 TI + 12 mo free + Year-6 termination + ROFR contiguous. Plus blend-and-extend with current landlord at $34 for 8 yrs + $40/SF refresh TI. Three real options. Best concession package wins."*

Common trap. Single LOI + soft secondary. Landlord smells it + concessions plateau. Two real LOIs + one blend-and-extend = 20-35% better concession package per CompStak.

Stage 5 -- TERMS (3 min)

Six Concessions every tenant rep negotiates: (1) TI ($100-$150/SF Class A trophy + unused-credit + contractor selection); (2) Free rent (8-16 mo on 7-10 yr); (3) Op-ex caps (4-5% controllable cap after base year); (4) Sublease rights (without consent vs not-unreasonably-withheld); (5) Expansion options (ROFO + ROFR 3-5 yr); (6) Termination rights (Year-5 early-out + 6-12 mo rent + unamortized TI).

Each lever $200K-$2M depending on size.

🎤 Verbatim Script -- TERMS

*"Patricia — final terms. $36 blended yr 1-5 / $39 yr 6-10 + $110/SF TI ($5.5M build w/ unused credit converting to free rent) + 14 mo free rent + 4% op-ex cap + sublease rights consent not-unreasonably-withheld + 30K SF ROFR 5 yr + Year-5 termination 9 mo rent + unamortized TI. Total TOC reduction $2.1M/yr vs renewal. 10-yr NPV $14.8M."*

Common trap. Base rent only. Concession package = 40-60% of total lease value over 10 yrs. Miss any of the six = leave $500K-$3M on the table.

Part B -- The Three CFO Lenses (10 min)

Every CFO leads with one of three lenses. COST / CONTROL / CONFIDENCE. Diagnose in the first 15 minutes of the intro meeting + pitch into that lens + the deal closes 3-5x faster.

Lens 1 -- COST

TOC per SF + per FTE + per revenue dollar, benchmarked. Per JLL Q4 2024: NYC $90-$130/RSF + SF $75-$110 + Boston $70-$100 + Chicago $50-$75 + Atlanta $40-$60 + Austin $50-$75. Per-FTE: NYC $14K-$22K + secondary $6K-$10K. Per-revenue: 4-8% office.

🎤 Verbatim Script -- COST Lens

*"Patricia — TOC math. Current 38K × $42 + $14 op-ex = $56/RSF × 38K = $2.13M/yr / 320 FTE = $6.6K/FTE. Atlanta logistics-tech benchmark $5.8K-$8.2K per JLL — inside the band.

Blend-and-extend $36 + $13 op-ex = $1.86M/yr saves $270K/yr → $2.7M 10-yr. Buckhead trophy $39 + $15 op-ex + $110 TI amortized = $2.05M/yr saves $80K/yr w/ brand + amenity upgrade."*

Common trap. Base rent only. CFOs evaluate TOC + per-FTE + per-revenue% — quote all three.

Lens 2 -- CONTROL

Flexibility + sublease + expansion + termination. Post-WFH CFOs won't lock 10 yrs at fixed size. Concession package built around CONTROL levers: Year-5 termination + ROFR contiguous + sublease without unreasonable consent + extension options.

🎤 Verbatim Script -- CONTROL Lens

*"Patricia — control levers in your LOI. (1) Year-5 termination 9 mo rent + unamortized TI ($1.2M payoff). (2) ROFR 30K SF contiguous 5 yr — covers FTE growth to 480.

(3) Sublease without consent first 3 yrs (50% premises max) — covers downside contract. (4) Two 5-yr extensions at FMV not greater than 110% escalated. You're signing a 5-yr lease with three ways out, not a 10-yr lease."*

Common trap. Selling base economics when CFO leads CONTROL. Always probe meeting 1: *"If headcount drops 20% in year 3, what's your plan?"* Reveals the lens.

Lens 3 -- CONFIDENCE

Signing a 7-yr lease is the CFO's biggest career risk. Avg CFO tenure ~4.7 yrs (Robert Half + Korn Ferry 2024) — lease outlasts CFO. Mitigate with: named CFO references + board-ready analysis pack + scenario modeling + downside protections in the LOI.

🎤 Verbatim Script -- CONFIDENCE Lens

*"Patricia — board pack ready. (1) 18-page analysis with exec summary + 3-scenario TOC + sensitivity tables + concession benchmarking per CompStak. (2) Three CFO peers I represented 2022-2024 logistics-tech Atlanta.

(3) Downside: termination + sublease + extension all built in. If your board asks 'why now and why this space,' you have a 4-page answer with sources."*

Common trap. Treating CONFIDENCE as soft. CFO CONFIDENCE concerns silently kill 35-45% of late-stage deals. Always ask: *"Walk me through how you'll present this to your board."* If she can't, you haven't built CONFIDENCE.

🎯 Bottom Line

5 stages + 3 lenses + signed rep agreement before touring + custom market-rent-comp analysis in 48 hours + six concessions negotiated = 35-55% win rate on CFO-led 50K-SF pitches + $262K-$390K broker commission per deal + 2-3 CFO peer referrals per closed deal. Stages without Lenses = competent execution that loses to the JLL broker who diagnoses what the CFO actually cares about.

Lenses without Stages = consultative pitch that loses procuring cause to the landlord rep.

SECTION 3 -- THE DISCUSSION (0:35-0:45)

🟡 Coach Note

Whiteboard. Write TRUST / TARGET / TOUR / TENSION / TERMS across 5 columns + COST / CONTROL / CONFIDENCE down the side. Each broker audits her last 10 CFO approaches out loud — which stage she skipped, which CFO Lens she misdiagnosed. Count to five after each prompt.

1 — "When do you advise a tenant NOT to move?" When blend-and-extend math beats relocate net of moving cost + downtime + TI + new-furniture + brand-asset-relocation by >$300K/yr OR when CFO's CONFIDENCE Lens reveals board would punish ANY relocation in current cycle. Team Lead: *"You earn the CFO's trust for life by recommending against the deal that would have paid you $262K.

She'll send 3 referrals."*

2 — "Handling a tenant whose existing landlord rep is also recommended for the relocation?" Document upfront with the CFO + name the conflict + offer to step aside if she prefers the landlord rep (she won't — the offer earns trust) + emphasize that a landlord rep representing a tenant is fiduciary conflict of interest even if technically allowed under state license law.

Team Lead: *"Cite SIOR + NAR Code of Ethics dual-agency disclosure rules. Most CFOs don't know this is a conflict until you tell them."*

3 — "When do you walk away from a deal because the tenant's vision is impossible?" When CFO wants 50K SF trophy at sub-market rent + 18-mo free rent + Year-3 termination — no landlord will sign. Tenant rep who delivers 3 rounds of LOI rejection without recalibrating the CFO loses credibility.

Walk-away script: *"Patricia — gap between target and market is $8/SF + 6 mo free rent + termination terms. Three options: lower trophy aspiration, lengthen term, or accept Year-5 termination. Pick one before we resume."* Team Lead: *"Better to walk in month 2 than month 7."*

4 — "Co-broker commission split when the deal closes with a banker's broker-friend?" Standard 50/50 split if both add value; 75/25 to procuring broker if you sourced + originated + did 80% of the work and the banker's friend was nominal introduction; document procuring-cause facts in writing at engagement; resolve at LOI stage not after closing.

Team Lead: *"Have the awkward conversation in week 1. Wait until closing = you lose 25-50% commission."*

5 — "How do you handle a CFO who insists on touring before signing the rep agreement?" Decline politely + explain procuring-cause risk + offer to walk her through a virtual tour or market overview + send written rep agreement with 48-hr signing deadline. Team Lead: *"40% of mid-tier deals die at this exact moment.

Never tour without an agreement. Period."*

6 — "Which CFO Lens is hardest to spot?" CONFIDENCE — CFOs rarely admit career-risk anxiety. Signal: 3+ analysis revisions + board-meeting delays + sudden new stakeholders late in process + risk-of-doing-nothing math demand. Team Lead: *"When CFO asks for the 5th sensitivity table, she's not seeking more data — she's seeking permission.

Switch to references + war-story mode."*

7 — "The Six Concessions — which one is left on the table most often?" Op-ex caps (4% controllable cap after base year) — brokers focus on rent + TI + free rent and skip the op-ex cap which is worth $200K-$1.5M over a 10-yr lease on a 50K SF deal. Team Lead: *"Always present Six Concessions as a checklist to the CFO before LOI.

Six lines on a single page."*

8 — "ONE verbatim change." Each broker: ONE skipped stage + ONE CFO Lens to add this week. Team Lead: *"CRM task + next Monday huddle."*

SECTION 4 -- TWO-PERSON ROLE-PLAY (0:45-1:05)

🟡 Coach Note

Pair brokers. Two scenarios, 10 min each, 60-sec reset between. Walk the imaginary boardroom + the CFO's office + the building tour — DO NOT just sit. Listen for the verbatim *"48-hour custom market-rent-comp analysis"* (TRUST) + whether the rep gets the agreement signed before touring + whether she diagnoses the CFO Lens.

Mark which stage + which lens each rep skips.

Role-Play 1 -- 220-FTE Fintech CFO in Charlotte + Renewal Pressure (10 min)

Setup: Diana Patel, CFO of a 220-employee Series-C fintech in Charlotte NC, current 38K-SF lease expires in 13 months at South Tryon Class A, considering 22-30K-SF given hybrid policy (3 days in-office), no broker yet, existing landlord just sent renewal offer at $34.50/SF for 5 yrs + 6 months free rent + $40/SF refresh TI.

CFO has been pitched by 2 other tenant-rep firms (CBRE + a local boutique). Broker is from Magnolia CRE Tenant Services, an 18-employee mid-tier tenant-rep firm in Charlotte/Raleigh/Atlanta. Run full 5-STAGE + diagnose CFO Lens + handle two deflections + close.

🎤 PROSPECT -- Diana Patel

38, 7-yr CFO, 220 FTE Series-C fintech (Mercury-like), Charlotte native, distrusts brokers, financially literate, leans COST Lens with secondary CONFIDENCE.

Deflection 1 (min 5): *"Why should I pay a broker — even if the landlord pays — when the landlord's rep can just show me available spaces in the building and I can negotiate myself? I negotiate vendor contracts every week."*

Deflection 2 (min 8): *"We were just going to renew. Existing landlord is offering 6 free months on a 5-year renewal at $34.50/SF — that's a 12% discount to my current $39. Why should I move + spend on TI + risk a 12-month vacancy gap when this is a known quantity?"*

🎤 BROKER

• Min 0-3 (TRUST + TARGET): *"Diana — three upfront. (1) Landlord pays — disclosed in writing in the rep agreement. Zero cost to you. (2) Custom market-rent-comp for South End + Uptown + South Tryon in 48 hrs, CompStak + CoStar Q4 2024 + 4 comparable fintech leases by name. (3) Three CFO references — Maria at Robinhood-clone (28K South End 2023 saved $720K vs renewal), James at PayJoy (32K Uptown 2022), Sarah at Spendwise (24K South Tryon 2024). 20 min each."*
• Min 3-5 (COST Lens): *"Quick math. Current $39 × 38K = $1.48M/yr. 220 FTE × 3-day hybrid = ~150 desks × 175 SF = 26K SF. Renewal $34.50 × 22K right-sized = $759K/yr saves $722K. South End trophy $38 × 22K + $90 TI + 12 mo free + Year-5 termination = $836K effective + 30% amenity upgrade + 22-min commute reduction = retention upgrade. Blend-and-extend math next 48 hrs."*
• Min 5-7 (Deflection 1 — broker value): *"Three reasons. (1) Landlord rep has fiduciary duty to LANDLORD — her job is filling HER building at HER terms. Not a partner. SIOR + NAR ethics. (2) Negotiating direct = you get base rent + free rent. You leave $400K-$1.2M on the table missing op-ex caps, sublease rights, expansion, termination, TI structure, unused-credit — the Six Concessions. (3) Competitive tension. One landlord = $34.50 + 6 mo free. Two LOIs + blend-and-extend = $32 + 12 mo + 4% op-ex cap + Year-5 termination. $1.4M-$2.2M over 5 yrs. I cost you zero — landlord pays."*
• Min 7-9 (Deflection 2 — renewal): *"Straight math. $34.50 × 38K = $1.31M = $170K savings + 6 mo free = $655K Year-1. BUT (a) paying for 38K when you need 22-26K = $400K-$500K/yr leaking on empty desks; (b) locks you into 5-day pre-WFH design not 3-day hybrid; (c) 6 mo free is HALF the 12-mo market standard per JLL Q4 2024 — landlord knows you don't have a broker. Three paths: (i) right-size renewal 26K = save $250K + push to 10 mo free; (ii) blend-and-extend $32 for 7 yrs at 26K = save $410K/yr + 12 mo free + Year-5 termination; (iii) relocate South End trophy $38 × 22K + 12 mo free + amenity upgrade. Pick after 48-hr analysis."*
• Min 9-10 (TRUST + sign): *"Two asks. (1) Rep agreement — 6 mo exclusive South End / Uptown / South Tryon + standard tail. (2) 48 hrs: custom analysis + blend-and-extend calculator + 3 CFO reference intros. If after 14 days analysis renewal is right, I help you negotiate it free + walk away friends. If analysis shows $400K+ leakage, we tour two submarkets Friday. Fair?"*

60-Second Reset

🟡 Coach Note

"Switch sides — 60-sec reset." Stand up. Read the OTHER role's paper. Go.

Role-Play 2 -- 80-FTE SaaS CEO in Austin + JLL 30-Page Report Already on Desk (10 min)

Setup: Marcus Webb, 38, CEO of an 80-employee Series-B vertical SaaS company in Austin, current 18K-SF North Loop lease, growing 40%/yr (projecting 110 FTE in 18 mo + 140 in 24 mo), needs 28-35K-SF with 18-24 month expansion option. JLL already sent him a 30-page Austin office market report 3 weeks ago + their broker has had two calls with him.

Marcus is a former corporate lawyer + cofounder + this is his first office lease. Broker is the same Magnolia CRE rep. Run full 5-STAGE + diagnose CFO/CEO Lens (likely CONFIDENCE + CONTROL given growth) + handle two deflections + win his loyalty.

🎤 PROSPECT -- Marcus Webb

38, CEO/cofounder, 80 FTE Series-B SaaS, former Latham associate, fast-growth + uncertain post-Series-C trajectory, leads CONFIDENCE Lens (his cofounder will second-guess every decision) with secondary CONTROL.

Deflection 1 (min 4): *"JLL already sent me a 30-page Austin market report. Comprehensive. Class A + Class B + sublease comps + every submarket. What makes Magnolia different — you guys are 18 people, they're 106 thousand globally."*

Deflection 2 (min 8): *"My lawyer says for a sub-30K SF deal we don't need a broker — we can save 4-6% by going direct to the landlord. We're a fast-growth SaaS, every dollar matters. Why not just have my real-estate-savvy general counsel handle this?"*

🎤 BROKER

• Min 0-3 (TRUST + CONFIDENCE diagnosis): *"Marcus — congrats on the Series-B. You're not buying 28K SF — you're betting on a 24-mo FTE trajectory + that bet is on your CV. Three upfront. (1) Landlord pays — disclosed in writing. Zero cost. (2) 48-hr custom analysis with 3 FTE scenarios (110/140/170 by Month 24) × 5 buildings with expansion-option ROFR. (3) Three Austin SaaS-CEO references — Sarah at vertical-SaaS (90 FTE 38K East 6th), James at devtools (75 FTE 28K Domain), Maria at fintech (95 FTE 42K South Congress). 20 min each."*
• Min 3-4 (CONTROL Lens): *"Your real problem isn't square footage. It's expansion-option design. Sign 32K + Series-C closes + 170 FTE in 18 mo = back in market + 2x moving + board questions. Sign 28K + Series-C delays + stuck at 90 FTE = empty desks + board questions. Solution: 28K + iron-clad ROFR on 10K contiguous + 18-mo expansion option + Year-3 termination modest penalty. Three paths to look good 2 yrs from now."*
• Min 4-6 (Deflection 1 — JLL report): *"That JLL report. (1) Template. JLL ships 800+ annually. Comprehensive ≠ customized. Did it model YOUR FTE scenarios? Series-C delay risk? Expansion-option needs? Or just Austin Class A + Class B + sublease you can pull from CoStar yourself? (2) JLL is 106K GLOBALLY but the broker on your account is one person + analyst + junior — same team as Magnolia. Difference: they manage 18 other deals + your call returns in 6 hrs. Mine manages 6 + returns in 30 min. (3) National-platform value matters on 200K London. On 28-35K Austin SaaS lease with expansion complexity, custom analysis + Austin depth + senior attention wins. 3 references. You decide."*
• Min 6-8 (Deflection 2 — direct): *"Your GC is a great lawyer. She'll negotiate the LOI. But: (1) Direct = ONE building. We bring tension across 4-5 + active sublease evaluation = 20-35% concession improvement per CompStak. (2) GC doesn't know Buildings A + D both have 25K SF sublease at 28% discount + Building C just lost a 60K tenant = landlord pressure = best leverage in 2 yrs. CoStar + CompStak intel GCs don't have. (3) Commission: 4-6% × $40 × 30K × 8 yr = $130K-$210K. Landlord pays either way — direct just lets landlord pocket the commission. 4-6% you'd save = $0. Concession improvement = $300K-$900K over 8 yrs."*
• Min 8-10 (TRUST + sign): *"Two asks. (1) Rep agreement — 6 mo exclusive Domain / East 6th / South Congress + 6-mo tail. (2) 48 hrs: custom analysis + 3 FTE scenarios + sublease vs direct + 5 buildings + 3 SaaS-CEO reference intros. If after 14 days JLL is right partner or going direct works, I respect that. Sign the rep agreement now, tour Friday. Yes?"*

🟡 Coach Note

Rep will want to (a) match JLL's 30-page report with a 35-page report — DON'T, length doesn't beat customization; (b) attack JLL directly — DON'T, position by comparison not criticism; (c) skip the CONFIDENCE Lens framing because Marcus is technical — DON'T, technical CEOs hide CONFIDENCE anxiety behind data demands; (d) accept the touring-without-rep-agreement deferral — DON'T, procuring cause is everything.

Re-deliver verbatim.

SECTION 5 -- DEBRIEF + COMMITMENTS (1:05-1:10)

🟡 Coach Note

Three debrief Qs, then commitments. The ritual moves next quarter's CFO-pitch-win-rate + 48-hr-custom-analysis discipline + rep-agreement-before-touring rate + Six-Concessions-negotiated-per-deal.

Debrief 1 — "Strongest stage? Weakest?" Reps over-index TOUR (touring buildings feels productive + tangible), under-index TRUST (the 48-hr custom analysis is grueling work + brokers cut corners + use templates) + TENSION (brokers single-thread one LOI instead of holding 2 + a blend-and-extend in parallel).

Team Lead: *"Skip TRUST or TENSION + your win rate halves + your commission halves."*

Debrief 2 — "CFO Lens missed most?" Most name CONFIDENCE — brokers under-read the silent career-risk anxiety driving every CFO question. Signal: 3+ analysis revisions + board-meeting delays + late-stage new stakeholders + risk-of-doing-nothing demands. Team Lead: *"When CFO asks for the 5th sensitivity table she's seeking permission not data.

Switch to references + war-stories + downside-protection language."*

Debrief 3 — "CFO you owe a follow-up?" Each names ONE recent CFO approach that stalled. Team Lead: *"Email within 48 hrs 'Diana — saw the JLL Austin Q1 report this morning + the South End sublease that opened Tuesday at $28/SF would shift your renewal math. 10-min call?' Call 7 days later.

Day 14 close-the-loop. Then quarterly nurture in CRM."*

🎤 Commitment Ritual (Verbatim)

Team Lead: "Open the CRM. Four lines. (1) specific CFO approach that stalled (CFO + company + verbatim 'no' or 'not yet' reason).

(2) stage skipped + verbatim line to redeliver tomorrow. (3) CFO Lens you misdiagnosed + how you'd reframe. (4) one of the Six Concessions you forgot to negotiate on your last closed deal.

Read aloud."

Coach the vague: *"Which CFO? Which company? Which concession? Out loud now."*

Closes: "1:1 CFO-approach-shadow within 7 days. Not whether you closed — whether you sent custom analysis in 48 hrs + got the rep agreement signed before touring + diagnosed the CFO Lens + presented Six Concessions as a checklist + held tension across two LOIs."

SECTION 6 -- LEAVE-BEHIND WALKTHROUGH (1:10-1:13)

🟡 Coach Note

Hand out the printed one-pager. 30 seconds per section. Digital version in the firm CRM. One in every broker's bag + war-room wall + Monday-huddle binder.

📋 Leave-Behind -- "The 5-Stage Engagement Script Card" One-Pager

THE 7 THINGS TO BRING ON EVERY CFO APPROACH:

• [ ] Custom market-rent-comp template (CompStak + CoStar pulls, BOMA-rentable-SF-normalized, 4-6 pages)
• [ ] Blend-and-extend-vs-move calculator (8-yr cash-flow walk + sensitivity tables)
• [ ] Three-Lenses discovery script (COST / CONTROL / CONFIDENCE probe questions)
• [ ] Six-Concessions negotiation checklist (TI / free rent / op-ex cap / sublease rights / expansion options / termination rights)
• [ ] Tenant representation agreement template (6-mo exclusive + tail clause + conflict-disclosure)
• [ ] 3-5 named CFO reference list (industry-matched + metro-matched + with permission to be contacted)
• [ ] CBRE Office Outlook Q4 2024 + JLL Office Outlook Q4 2024 + Cushman MarketBeat printouts for the relevant metro

THE 5-STAGE TENANT-REP ENGAGEMENT SCRIPT CARD:

#	Stage	Verbatim Cue	Timing
1	TRUST	*"Landlord pays my commission — fully disclosed in the rep agreement. Zero cost to you. Custom market-rent-comp analysis in 48 hours. Three CFO references — 20 min each."*	Hour 0-48 after intro
2	TARGET	*"Two submarkets, 9 buildings filtered from 47, three lease structures: renew vs blend-and-extend vs relocate. 4-page summary. Cost-of-doing-nothing math on top."*	Day 3-14
3	TOUR	*"Sign the rep agreement before we tour. Standard 6-mo exclusive with tail. Protects both of us — I get paid + landlord brokers can't poach you mid-process."*	Day 14-30 (after rep agreement)
4	TENSION	*"Two LOIs on the table plus active blend-and-extend with current landlord. Three real options. Best concession package wins."*	Day 30-90
5	TERMS	*"Final terms: $X/RSF blended + $Y/SF TI + Z mo free rent + 4% op-ex cap + sublease rights + ROFR contiguous + Year-5 termination. Total TOC reduction $A/yr. 10-yr NPV $B."*	Day 90-150

THE 3 CFO LENSES DISCOVERY MAP:

Lens	Probe Question	Signal	Pitch Into
COST	*"What's your target TOC per FTE vs industry?"*	CFO quotes per-FTE benchmarks + revenue% + cash-on-cash	TOC math + scenario modeling + sensitivity tables
CONTROL	*"If headcount drops 20% in year 3, what's your plan?"*	CFO names sublease + termination + flex levers first	Concession package design + flexibility levers + 5/10-yr exit ramps
CONFIDENCE	*"Walk me through how you'll present this to your board."*	CFO hesitates + requests more sensitivity tables + delays decision	Named comparable-CFO references + board-ready analysis pack + downside protections

THE BLEND-AND-EXTEND-VS-MOVE CALCULATOR:

Scenario	Annual Cost	10-Yr NPV	Move Cost	Downtime Cost	Net Decision Factor
Renew at landlord offer	$X/yr	$A	$0	$0	Baseline (leak vs market)
Blend-and-extend at market	$X-$Y/yr	$A-$B	$0	$0	Savings: $Y/yr × term
Relocate Class A trophy	$X+$C/yr	$A+$D	$750K-$2.5M	$200K-$800K	Brand + amenity + recruit/retain upgrade
Sublease takeover (oversupplied metro)	$X-$Z/yr	$A-$E	$300K-$1M	$0-$200K	20-35% rent discount + shorter term + as-is risk

THE 6 CONCESSIONS EVERY TENANT REP SHOULD NEGOTIATE:

#	Concession	2024 Class A Benchmark	Typical Value (50K SF / 10 yr)
1	TI allowance	$80-$150/SF Class A urban; $50-$80 suburban	$4M-$7.5M
2	Free rent (rent abatement)	8-16 mo on 7-10-yr term	$1.2M-$2.8M
3	Op-ex caps	4-5% annual controllable expense after base year	$200K-$1.5M over 10 yrs
4	Sublease rights	Without landlord consent (50% premises max) OR consent not-unreasonably-withheld	Optional value $0-$500K
5	Expansion options	ROFO + ROFR contiguous 3-5 yr window	Optional value $0-$2M
6	Termination rights	Year-5 early-out + penalty 6-12 mo rent + unamortized TI	$500K-$3M optional value

NEVER DO: tour before signing the rep agreement (procuring-cause loss) / single-thread one LOI (kills competitive tension) / quote base rent only (CFOs eval TOC + per-FTE + per-revenue%) / template-pitch a CFO who's never hired a broker (lose to JLL custom analysis) / skip Six-Concessions checklist (leave $500K-$3M on table) / miss the CFO Lens diagnosis (pitch into wrong frame) / recommend highest-commission space (loses CFO trust permanently) / over-promise concessions you can't deliver / hide co-broker conflict (commission split fight at close) / start touring without 3-scenario FTE projection / treat blend-and-extend as inferior option (often beats relocate) / drop the CONFIDENCE Lens because the CFO seems data-driven.

OUTCOME LINE: Full discipline → 35-55% win rate on CFO-led 50K-SF pitches / $262K-$390K broker commission per deal / $437K-$650K firm commission / 2-3 CFO peer referrals per closed deal / signed rep agreement before any tour / Six-Concessions checklist on every LOI / 48-hr custom analysis baseline / Lens-diagnosed pitch.

Brag-and-platform-pitch + tour-before-rep-agreement + miss-CFO-Lens + recommend-highest-commission + single LOI → 15-25% win rate / lose procuring cause on 1-in-4 deals / $0 commission + reputation damage + JLL or CBRE wins on data depth.

🎯 If You Only Remember One Thing

**You don't win a CFO who's never hired a tenant broker with a national-platform brag deck — you win her by (1) sending a custom market-rent-comp analysis within 48 hours of the intro call (TRUST), (2) signing the tenant-rep agreement before touring a single building (procuring-cause protection), and (3) diagnosing which of the Three CFO Lenses she leads with (COST / CONTROL / CONFIDENCE) and pitching directly into that lens.

Every CFO relationship built on platform-brag is a future loss to JLL or CBRE; every relationship built on custom analysis + signed rep agreement + Lens-diagnosed pitch is a moat your competitors can't cross because it takes 24-36 months of CFO-relationship reps to build.**

How This Training Sits Inside Your CRE Tenant-Rep Operating Motion

The 5-Stage Tenant-Rep Engagement Flow

The Blend-and-Extend vs Move Decision Tree

📚 Sources, Frameworks, And Research Cited

The 5-STAGE Tenant-Rep Engagement, Three CFO Lenses, and 35-55% CFO-pitch win-rate benchmarks draw on commercial real estate industry research, CBRE/JLL/Cushman office outlook publications, NAIOP + BOMA + ULI + CCIM + SIOR designation perimeter, and recognized brokerage + data + concession-benchmark standards.

Industry research + market data. CBRE Office Outlook Q4 2024 — U.S. office vacancy ~19.0% highest since 1991 + sublease ~5% national / 17% Manhattan / 28% SF / 27% Austin / 25% Houston + avg lease size ~5,200 SF (~33% smaller than 2019). JLL Office Outlook Q4 2024 — TI Class A $80-$150/SF + free rent 8-16 mo + effective rent down 12-22% peak 2019.

Cushman & Wakefield MarketBeat quarterly office + industrial + retail + multifamily by metro. NAIOP Office Space Demand Forecast + NAIOP Research Foundation. ULI Emerging Trends in Real Estate 2025 (PwC + ULI since 1979).

CCIM Quarterly + SIOR Report. BOMA Office + Industrial Building Standards (ANSI/BOMA Z65.1) + BOMA Experience Exchange Report op-ex benchmarks.

Top tenant-rep firms. Per Real Capital Analytics (MSCI Real Assets) + 10-Ks: CBRE NYSE:CBRE (Bob Sulentic, Dallas) #1 ~$31B revenue + ~$340B U.S. volume + 130K employees + acquired Industrious 2024 ($800M). JLL NYSE:JLL (Christian Ulbrich, Chicago) #2 ~$20.8B + ~$220B + 106K + LaSalle $80B AUM + JLL Technologies + CompStak.

Cushman NYSE:CWK (Michelle MacKay, Chicago) #3 ~$9.5B + ~$110B + 52K + 400 offices. Newmark NASDAQ:NMRK (Barry Gosin, NY) #4 ~$2.5B + ~$60B. Colliers NASDAQ:CIGI (Jay Hennick, Toronto) #5 ~$4.6B + ~$45B + $98B AUM.

Savills LSE:SVS (Mark Ridley, London) #6 ~£2.4B + ~$30B. Avison Young (Mark Rose, Toronto) #7 ~$1.5B + ~$25B. Transwestern (Larry Heard, Houston) #8 ~$700M + ~$15B.

Stream Realty (Lee Belland, Dallas) #9 ~$12B transaction volume. Crescent (John Goff, Fort Worth) #10 ~$10B.

Data layer + lease comp databases. CoStar NASDAQ:CSGP (Andy Florance, Washington DC) ~$2.5B revenue + 5K researchers + the de-facto CRE database $1,800-$3,500/user/mo + CoStar Suite + Analytics + Lease Comps + LoopNet ~12M monthly visitors + acquired Matterport ($1.6B 2023).

CompStak (acquired by JLL Technologies 2023) crowdsourced lease-comp database 8M+ leases ~250K subscribers. Real Capital Analytics (MSCI Real Assets) $10M+ commercial property transactions globally + RCA Capital Trends + Hedonic Series. VTS leasing-and-asset-management ~60% Class A US adoption.

Yardi Voyager + MRI Commercial + CommercialEdge property management + lease management. Trepp + Moody's Analytics REIS + Yardi Matrix + RealPage + AxioMetrics debt + multifamily + office data.

Concession + occupancy-cost benchmarks. JLL Office Outlook Q4 2024 TI Class A trophy NYC/SF/Boston $100-$150/SF + suburban $50-$80 + free rent 8-16 mo on 7-10-yr term (avg 12 mo 2024 vs 3-6 mo 2019). CBRE Cap Rate Survey H2 2024 TOC ranges Class A urban CBD NYC $90-$130/RSF + SF $75-$110 + Boston $70-$100 + Chicago $50-$75 + Atlanta $40-$60 + Dallas $40-$55 + Austin $50-$75.

Cushman MarketBeat sublease discount 20-35% to direct in oversupplied metros. JLL Future of Work Q4 2024 — 60% U.S. office tenants require 2-3 days in-office + 25% require 4-5 days + 15% fully flexible + hot-desking 1.2-1.6 desks per FTE Class A trophy.

Flex-office + hybrid reality. WeWork (Chapter 11 2024 + Anant Yardi acquisition + ~530 locations 110 cities). Industrious (acquired by CBRE 2024 for ~$800M ~200 locations). Regus/IWG NYSE:IWG.L ~3.5K locations globally. Convene + Knotel + Spaces + Mindspace + Common Desk regional.

Designation + ethics perimeter. CCIM Institute ~13K members + Certified Commercial Investment Member designation (4 graduate courses + portfolio + comprehensive exam + ethics). SIOR ~3.4K members + Society of Industrial and Office REALTORS designation (gold-standard tenant-rep specialist).

NAR Code of Ethics Article 6 + dual-agency disclosure rules. State Real Estate Brokerage Acts (CA + TX TREC + NY DOS + FL DBPR) + agency-disclosure rules.

Trade press + research. Bisnow ~$50M revenue + 80+ markets + 1,500+ events/yr. Commercial Observer NY weekly + Power 100. GlobeSt.com (ALM Media) national CRE daily.

The Real Deal NY/SF/LA/Chicago/Florida. CoStar News free daily. Wall Street Journal Property Report (Peter Grant + Konrad Putzier).

Bloomberg Real Estate (Patrick Clark + Natalie Wong). PREA institutional capital. NAIOP Development + Urban Land magazine.

National Real Estate Investor + REJournals.

📊 The Numbers Behind The Training

Pulled from CBRE Office Outlook Q4 2024 + JLL Office Outlook Q4 2024 + Cushman MarketBeat + NAIOP Research + ULI Emerging Trends 2025 + BOMA Experience Exchange + CompStak + CoStar + Real Capital Analytics + CBRE/JLL/Cushman/Newmark/Colliers 10-K filings + Robert Half + Korn Ferry CFO surveys.

U.S. Office Market Reality Q4 2024

Top 10 CRE Firms by U.S. Transaction Volume

Tenant-Rep Commission Math (50K SF HQ Lease Example)

Avg Market Rent + Total Occupancy Cost by Metro Q4 2024 (Class A Urban CBD)

Sublease Availability by Metro Q4 2024

Blend-and-Extend Savings Model (38K SF Existing Lease Example)

Six Concessions Value Range (50K SF / 10-Yr Lease)

Why CFO Pitches Don't Close (Composite)

CFO Lens Diagnosis Rate by Broker Tenure

Pattern: TRUST (48-hr custom analysis) and TENSION (two LOIs + parallel blend-and-extend) are hardest to install. Weekly CFO-approach-shadow + monthly Six-Concessions audit + quarterly win-rate review = single biggest predictor of next-quarter lift. Rep-agreement-before-touring discipline reaches 90%+ by month 4.

⚠️ Counter-Case: When The Framework Fails

Failure Mode 1 -- Showing Up Without a Market Analysis

Broker walks into CFO intro with brochure + business card + "let me learn about your needs." CFO has already been pitched by 2 firms with comps. CFO mentally moves you to bottom of stack in minute 1. Custom 4-6 page analysis is price of admission, not differentiator.

Failure Mode 2 -- Touring Before Rep Agreement Signed

CFO casually asks for a building walk before signing. Broker accommodates. Landlord rep claims procuring cause + commission disappears. Per JLL + industry post-mortems, 40% of mid-tier deals collapse here. Decline politely + explain procuring-cause risk + offer virtual tour.

Failure Mode 3 -- Not Vetting CFO's LinkedIn Before the Meeting

CFO has been reading "tenant brokers add no value" posts. Broker walks in unprepared for broker-skeptic framing. Spend 20 min on CFO LinkedIn + recent posts + likes before any meeting. Anticipate 3 objections + script answers.

Failure Mode 4 -- Recommending the Highest-Commission Space

Broker pushes new construction $48/SF over equally-good Class A trophy $36/SF because higher rent = higher commission. CFO senses it within 2 meetings. Trust evaporates + lose next 3 referrals. Always recommend best-for-CFO, even lower-commission.

Failure Mode 5 -- Over-Promising Concessions You Can't Deliver

Broker promises $130/SF TI + 16 mo free + Year-3 termination in Atlanta CBD where market is $90 + 10 mo + Year-5. LOI comes back at market terms. CFO loses confidence + another broker swoops in. Pitch median-to-aggressive, never beyond what comps support.

Failure Mode 6 -- Single LOI + No Blend-and-Extend Parallel

One LOI without a credible second option. Landlord smells single-thread + concessions plateau at 60-75% of optimum. Per CompStak, 2 LOIs + blend-and-extend = 20-35% better concession package.

Failure Mode 7 -- Pitching Base Rent Only

Broker quotes $35/SF triple-net. CFO asks: "TOC per FTE vs industry?" Broker fumbles. CFOs evaluate TOC + per-FTE + per-revenue% — quote all three. Print 1 slide with all three benchmarks before every CFO meeting.

Failure Mode 8 -- Skipping CONFIDENCE Lens with a Data-Driven CFO

Broker reads CFO as COST-Lens because she's quoting numbers. Misses that data demands are CONFIDENCE signals (CFO seeking permission, not analysis). Switch to references + war-stories + downside protections + board-ready packs.

Failure Mode 9 -- Hiding Co-Broker Conflict Until Close

Banker's broker-friend was nominal introduction. You did the real work. Wait until closing to negotiate split. Other broker plays victim + you lose 25-50% commission OR escalate + lose firm relationship. Have the awkward conversation in week 1. Document procuring-cause. Resolve at LOI.

Failure Mode 10 -- Treating Blend-and-Extend as Inferior

Broker assumes relocate = bigger commission + better outcome. Pushes CFO toward relocation when blend-and-extend math is genuinely better (zero relocation + zero downtime + $2-3M savings). CFO senses self-interest + trust erodes. Run blend-and-extend on every deal + recommend when it wins.

Failure Mode 11 -- Not Diagnosing CFO Decision-Style

NUMBERS CFO wants data depth. RELATIONSHIP CFO wants warm intros + references. CONTROL CFO wants flexibility + exit ramps. Same pitch to all three = lose 2 of 3. First-meeting Q: *"Walk me through how you make decisions like this — board pack? Trusted advisor? Personal analysis?"*

Failure Mode 12 -- Walking Away Too Late from Impossible Vision

CFO wants Class A+ trophy at sub-market rent + 18-mo free + Year-3 termination. Broker delivers 3 LOI rejection rounds without recalibrating. Credibility burns + next 3 rounds weaker. Month-2 walk-away: *"Gap is $8/SF + 6 mo free + termination. Pick: lower trophy, lengthen term, or accept Year-5. We resume when you pick."*

Common Team Lead Coaching Objections

1. "My brokers already do custom analysis." Pull 30 days of CFO-approach files + check first-meeting deliverables. Bottom-quartile brokers will have sent templates dressed as customized + skipped CompStak deep-pulls + omitted blend-and-extend math.

2. "48-hr turnaround is unrealistic for senior brokers." It is — unless you've systematized the analyst workflow. Build a 4-hour analyst process (CompStak pull + CoStar comps + BOMA-normalized comp + blend-and-extend calculator) + broker reviews + sends in 48 hrs. JLL ships this. CBRE ships this. Your firm can too.

3. "Rep agreement before touring loses us flexible early-stage CFO relationships." Wrong — losing procuring cause loses you whole deals. 40% of mid-tier deals die in this exact failure pattern. Decline politely + offer virtual tour + provide written rep agreement with 48-hr signing deadline. CFOs who refuse to sign aren't serious.

4. "Six Concessions checklist feels like a sales tactic." Reframe as fiduciary protection. CFOs without Six Concessions checklist leave $500K-$3M on the table on a 50K SF deal. Present as a one-page board-ready document with each concession + value range + your recommendation.

5. "How do I know it's working?" 90-day signals: custom-48-hr-analysis rate on new pitches +25-40 pts / rep-agreement-before-touring rate 90%+ / Six-Concessions-on-LOI rate 95%+ / CFO Lens diagnosis correct rate +15-25 pts / second-meeting conversion +20-30 pts on new pitches / commission-per-deal +15-25%.

6. "Should we ever take a deal without a signed rep agreement?" Only with documented written email or text from CFO stating she will sign before touring + your firm GC reviewed within 48 hrs + 30-day max grace period to formalize. Default no.

7. "What about banker broker-friend co-broker situations?" Have the awkward conversation in week 1 — *"Marcus my understanding is Tom introduced us casually but I'm sourcing + originating + doing the analysis. Standard co-broker split when that happens is 75/25 procuring broker.

Want to confirm with Tom upfront?"* Document the answer in CRM. Resolve before LOI execution.

When To Run A Second Time

Monthly first 3 months + quarterly after + whenever CBRE/JLL/Cushman publishes new Office Outlook + whenever a market shift exceeds 10% in vacancy/rent/sublease in your target metros + whenever your firm loses 3+ CFO pitches in a quarter + whenever a senior broker transitions + whenever you onboard 2+ new brokers.

Rotate role-plays: 30K-SF tech CEO + 80K-SF law firm managing partner + 200K-SF corporate HQ + sale-leaseback Family Office + 12K-SF medical-office-building startup + manufacturing-relocation industrial-tenant CFO.

🔗 Related Pulse Content

Twenty-fifth entry in Pulse Sales Trainings, nineteenth industry-specific after st0007-st0024. st0025 = commercial real estate tenant-rep broker + market analyst + team lead at mid-size CRE firms running CFO-led 50K-SF HQ relocations against CBRE NYSE:CBRE (Bob Sulentic) + JLL NYSE:JLL (Christian Ulbrich) + Cushman & Wakefield NYSE:CWK (Michelle MacKay) + Newmark NASDAQ:NMRK (Barry Gosin) + Colliers NASDAQ:CIGI (Jay Hennick) + Savills LSE:SVS (Mark Ridley) + Avison Young (Mark Rose) + Transwestern (Larry Heard) + Stream Realty (Lee Belland) + Crescent (John Goff) + the CFO's banker-broker-friend + landlord rep + in-house facilities.

Inside the NAIOP + BOMA + ULI + CCIM + SIOR + ICSC + CRE Finance Council perimeter + CoStar NASDAQ:CSGP + CompStak (JLL) + LoopNet + RCA (MSCI) + VTS + Yardi data layer + CBRE / JLL Office Outlook Q4 2024 + Cushman MarketBeat + ULI Emerging Trends 2025 + Bisnow + Commercial Observer research. 2027 reality: post-WFH lease compression continues (~33% smaller than 2019) + sublease elevated (Manhattan ~17%, SF ~28%) + tenant-rep job is now "negotiate smaller commitment with concessions" as much as "find perfect space."

Companion entries planned: st0026 material handling + forklift (Toyota Industrial + KION + Hyster-Yale + Crown). st0027 crane (Manitowoc/Grove + Liebherr + Tadano + Terex). st0028 mining (Cat Resource + Komatsu + Sandvik + Epiroc).

st0029 forestry (Deere + Tigercat + Ponsse). st0030 mortgage broker + LO (RESPA Section 8 — sibling to st0024).

Cross-refs to st0001-st0006 SaaS: discovery → first-meeting CFO Lens diagnosis / single-threading → CFO + facilities VP + COO + GC + board / objection recovery → why-pay-broker + why-not-renew + why-direct-to-landlord ladder / cold-open → 48-hr custom analysis + 3 CFO refs / demo → analysis presentation + blend-and-extend calculator (not tour) / pricing → Six Concessions + TOC math.

Cross-ref to st0007-st0024: st0019 HVAC DIAGNOSE/DEMONSTRATE/DECIDE/DESIGN/DOLLARS; st0020 wedding venue STORY/STROLL/SHOWCASE/SHAPE/SECURE; st0021 gym GREET/DISCOVER/DEMONSTRATE/DESIGN/DECISION; st0022 foodservice WATCH/ASK/MEASURE/MAP/MATCH; st0023 construction equipment WALK/WORK/WEAR/WALLET/WRAP; st0024 title insurance TEACH/TOOL/TRACK/TRUST/TRANSACT; st0025 CRE tenant rep TRUST/TARGET/TOUR/TENSION/TERMS.

st0024 + st0011 life insurance + st0015 cybersecurity AE are closest siblings — multi-month, trust-driven, real buyer career risk. NOT transferring: rep-agreement procuring-cause structure, Six Concessions checklist, BOMA rentable-SF standard, post-WFH compression dynamics, sublease takeover, blend-and-extend structure.

Hub: /sales-trainings.

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