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TenantBase is a tech-enabled platform that serves commercial real estate brokers with business development

The Change that Fueled the National Expansion of TenantBase

TenantBase is one of those companies smart enough to listen and nimble enough to change.

When the then tech-enabled but traditionally structured brokerage struggled to recruit brokers to keep pace with its business growth, it kept hearing the same response: “I like your technology and business model, but I don’t want to give up the years and effort I’ve invested into building a deal pipeline with my current brokerage.”

TenantBase’s response? Pivot its existing technology into an online commercial real estate platform that licenses its workflow management software and qualified leads to partner brokers who work at some of the leading brokerages in each market.

TenantBase’s result? A company that in 18 months went from a brokerage that employed 150 brokers in 12 markets to a company that operates in more than 50 markets and utilizes a partner model designed to generate an additional $100,000 in gross commissions to each of those partners.

At its core, TenantBase connects companies actively searching for office, industrial or retail space with brokers who are ready to serve as their tenant rep broker or who have space to fill. Through its innovative marketing and tenant qualification processes, TenantBase has collected requirements on hundreds of thousands of potential tenants. TenantBase executes an essential and highly time-consuming function on behalf of brokers: business development.

“The TenantBase partner program serves brokers by providing an outsourced business development effort that allows them to focus on working more deals,” said Bennett Washabaugh, TenantBase CEO and co-founder. “Feedback from the brokerage community demonstrated there was strong demand for our technology that enhances or even replaces traditional prospecting methods like cold calling or hiring and managing junior brokers, with an efficient, cost-effective lead-generation system.”

The TenantBase platform starts by empowering tenants to begin their space search by creating a profile that captures essential criteria such as desired property type, square footage needs, monthly budget, timing requirements and location preferences. As the tenant shops for space, their onsite actions enrich their tenant profile while TenantBase’s proprietary machine learning models score the tenant’s intent to further qualify their interest and preferences.

A TenantBase representative then contacts the company to further qualify the tenant and determine if they want to be introduced to a broker who will work with them through the leasing process — from identifying and touring spaces through negotiating lease terms. If affirmative, the company’s requirements are presented confidentially to a partner broker and upon accepting the referral, the parties are introduced and begin working to lease the perfect space. Partner brokers create a profile so the platform is matching company requirements to a qualified partner broker that is excited to solve that company’s need.

The process is already working. “I am extremely excited to be part of the Tenantbase team,” said TenantBase partner Taylor Glaze of NAI Chase Commercial. “In just a few short months, I’ve been able to close multiple transactions and currently have a great pipeline of leads we should be able to help. With my partners at TenantBase, 2022 looks to be a great year.”

“Trying something new or expanding always means making an investment; we know that firsthand from our own experience,” concluded Washabaugh. “We designed the TenantBase technology and broker program to have a low barrier of entry into a large pool of highly actionable tenants. Our marketplace increases deal liquidy by connecting the three main audiences: companies searching for space, tenant rep brokers and the leasing community.”

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Inside The Story

TenantBase's Washabaugh

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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