The leasing process in commercial property today does not need to be complex. If you’re looking to identify more local leasing opportunities in your town or city, there are certain things that you should do as part of establishing your system of contact with both landlords and tenants. They need your help, and they are to be your clients in different ways and at different times.
Put more landlords and tenants into your prospecting model and database process. Connect with them in a relevant way over time so that you can lift your professional profile as the specialist agent for the location and within certain property types.
So what can you do here? In the first instance, you should identify exactly who the clients are that you should be working with into the future. You can work with landlords and you can work with tenants, but you can’t do both at the same time.
So the first stage of establishing a simple leasing system as a broker or an agent is to choose your client types for the location, and tune your professional services and prospecting models accordingly. When you understand the clients that you serve, you can take matters further. You can also tune your professional services accordingly.
Here are some ideas to help you expand on this process and build your momentum as a professional:
- There will always be a good degree of work and negotiation required to achieve a successful outcome in any property lease. On that basis, choose the property types and the transaction sizes that will provide the best levels of rental outcome. Your fees will be based on the negotiated rental outcome. Choose the better properties in the prime locations as part of your prospecting model so that this side of the formula can be established.
- Understand how you can improve a leasing negotiation for your clients, be they tenants or landlords. You will need to look at the lease negotiation from both sides of the equation depending on your client type. Ultimately you will need to improve your client’s situation, so get to know their targets as part of the lease transaction or lease requirement. Given the factors of the local area, the vacancy factors, and the key performance indicators relating to market rental, there are things that you can do.
- Examine the levels of market rental that apply to the location. The results of any recent leasing transaction will be valuable to help you establish a good awareness of market rental activity. Track all the local leasing activities and outcomes.
- Formulate a prospecting model that can allow you to cover all the major buildings and all the prime sites in a property precinct.
- Refine the specialized leasing services that can improve your client interaction. Those specialized services can include tenant mix optimization, market rental negotiation, occupancy cost improvements, lease negotiation, tenant advocacy, business relocation, project leasing, rent review negotiation, and lease renewal. Understand your client and their position relative to the services that you provide.
- Estimate the factors of change that apply to supply and demand locally in your town or city. Work through the changes of supply and demand and the properties that will be impacted accordingly.
- List your properties exclusively. Market them deliberately. The message that you send to the property market through advertising your listings should be professional and comprehensive with any and all of your exclusive listings. Make it easy for the tenants in the landlords locally to see you as the top agent that really understands how to market a vacancy and a property leasing requirement.
Taking all of these things to the next level will allow you to optimise your professional services as a leasing agent. Imagination and commitment will help you create points of difference as a top agent for the location and the property types. Strive to be better than the other agents locally, and commit to a higher level of market interaction and marketing profile.