Many landlords every year will have the challenge of finding a new tenant in their commercial investment property. If the landlord can work ‘ahead’ of their vacancy issue then there is time for the leasing agent to find a high quality tenant that matches the property and the investment intentions of the landlord.
Consider these questions when it comes to leasing a property and filling a vacancy:
- So what does a high quality tenant look like?
- What are the expectations of the landlord?
- What tenant will match the property?
- What are the enquiries like currently with tenants looking for new space or relocate?
There are many challenges that arise when working with property vacancies, the tenants, leases, and landlords. A good result is a fine balance between each of the elements.
So let’s presume you have a vacancy to fill or an upcoming one to handle. How will you cover the market and the available tenants? Here are some valuable ideas:
- Whilst it is convenient to advertise the property and wait for the enquiry to come in, the reality of the situation is that you must get out and ‘stir up’ the enquiry. You can only put that extended effort in with those listings that have been ‘exclusively’ engaged. If the landlord has given you the vacant tenancy listing exclusively, then you can spend time on finding the tenant. Recognise the differences between ‘open’ and ‘exclusive’ listings; plan your marketing accordingly.
- Canvas the local businesses in case they are looking to relocate, expand or contract in business occupancy. The best way to canvas those businesses is by lifting the telephone through cold calling, and door knocking locally. Use your business card in the door knocking process; it is likely to be kept regardless of the property requirements of the particular business.
- Check out the other quality properties locally. Find out what the tenants are doing in each quality building. There will always be leases coming to an end. Perhaps you can offer a relocation solution at a more favorable rent and lease package.
- Don’t forget to contact the franchise groups in your region. They are likely to have expansion needs with properties and or business owners that are joining their franchise brand. Understand the property needs that they do have and check out the market conditions. The leasing requirements of a franchise type business can be quite special so ask lots of questions.
- Keep a list of tenants and business owners through a database process. Regular contact will help you with identifying the right property for those groups before they need to make a move.
As a leasing specialist you become a critical part of helping local businesses with viability and ongoing operations. Sell your services accordingly as a leasing specialist.