There are some very real strategies in commercial real estate leasing that can help you improve tenant enquiry, and lease results. In this property market today, many landlords with properties have a high vacancy factor and need the help of specialist agents to find the right tenants. This then says that it is an ‘agents market’ with lots of opportunities for those agents that can work the leasing opportunities available.
A property market with an abundance of vacant properties is a good thing. From an agency perspective, you need to focus on the best tenants, and the quality properties. Both of these things will produce better results when it comes to successful leasing negotiation.
So what you can do here is establish some rules when it comes to finding tenants and leasing premises. Here are some ideas to help you establish those processes and lift your leasing results:
- To get started in the correct way, you need to understand your geographical market and the changes that are underway. Research the vacancy factor that applies to your specialty property type. Also research the supply and demand as it applies to the property type.
- Check out the local area with regard to new developments that could have impact on the future supply of vacant premises.
- Identify the ranges and types of market rental that apply to your property location and specialty. Also get details of incentives that relate to the lease transactions today. Determine the ideal lease situation that tenants are looking for and include in that the typical lease conditions, rent review profiles, lease terms, and option alternatives.
- When you have collated the above information, it’s time to look for new tenant opportunities. Make contact with the local business community in a systemized way. Look for those businesses that are more successful than others. Approach the business owner or business manager to talk about future property needs. It is likely that they will have little information or knowledge regards rentals and leasing alternatives locally. You can be the agent to solve that problem and give help.
- Check out all the competing properties in the local area for volatility and change. Identify the good quality tenants in each of those competing properties. Those good tenants should become targets within your prospecting model. Approach them directly to understand lease expiry dates and future lease needs. Keep the contact open.
- It is a fact that most tenants prefer to stay in the same general area when it comes to changing premises. They understand the local area, and so do their customers. This then says that most leasing opportunities come from the local business community into the local area.
It is not hard to find tenants to fill vacancies. It does however require consistency and diligent ongoing contact on the part of the agent. You can make very good commissions when you focus on quality properties to lease and work with top quality tenants. The landlords in your local market need the best leasing agents to solve their vacancy problems.