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Hire the leasing broker: red-team the pitch you are given

Lesson 5 of 6 · Pre-lease and lease-up

1 · Learn the move · Red-team audit

When you hire a leasing firm to pre-lease your building, you are the one being pitched, and the pitch is built to win the assignment, not to be true in a year. It will promise a pre-leasing percentage by delivery, name a rent your building will achieve, claim square feet leased in the corridor and say tenants are already waiting. Those claims are how the decision gets made, and a broker hired on a number they could not deliver costs you a year of a building's rent. Point a red-team audit at the pitch from the owner's chair. It quotes each claim, rules it supported, unsupported or overreach, and turns it into what you actually need: the document to ask for, the question for the interview, and the clause to raise with counsel in the engagement agreement. It does not rewrite the pitch for the broker and it does not pick the firm. You do.

I am the owner choosing a leasing firm. Quote every claim in this pitch and rule it SUPPORTED, UNSUPPORTED or OVERREACH. For each, give me the document to request, the interview question to ask, and anything to raise with counsel in the engagement agreement. Invent no substitute figures. Do not recommend a firm. [pitch deck text] [draft engagement agreement terms]

2 · Your turn. You write the prompt

Two regional firms are competing to pre-lease Marsh Oak Building 1. The first pitch promises '65% pre-leased before delivery', says Building 1 'will achieve $8.25 NNN', claims '4.1 million SF leased in this corridor' and says they have 'three tenants ready to sign'. Its draft engagement terms run eighteen months with a fee on any tenant who toured during the term. You want to know what to test before the interviews.

Write the prompt for this scenario as given, or swap in a real one from your own work. The score works the same either way.

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