The tenant representation business plan is not a common document, but it can be put together well if you're careful in what you choose to research and how you present the financial forecast. Is your representation of tenants going to be more of a real estate right advocacy service, or do you have a legal background such that you could file a suit or defend an evicted tenant? If your business plan is legal in nature, the plan should emphasize your qualifications and include elements common in law firm plans like admission bars, lists of practice areas, and the timeline of payments for retainer agreements and settlements. If your tenant representation is non-legal, consider the following:
• What services specifically can you provide to your clients?
• What sort of arrangements will you make with them for representation and what are your fees?
• How will you market yourself?
• What competition do you face in the area?
• How many support staff members do you need?
Also, you need to look carefully at the market around you – not just for competitive comparables, but for the quality and volume of prospective leads. What is tenancy like in the region? How many apartments are there versus houses and what is the average rent? How many renters are there per square mile and how does that compare to other metro areas? The Census can provide this information is you have access to advanced sorting tools like ESRI. If not, MasterPlans can deliver you these data sets. In fact, our team can prepare the entire pro forma, write the whole plan, and edit and revise the document until it is perfect. We have broad experience in real estate and tenancy issues and would be glad to help draft your plan. Call us today at 877-453-2011 for a free quote.
