When you work as a leasing agent, there are plenty of things to do daily. There are tenants and landlords to talk to. There are conversations to make with the right people. Information leads to opportunities. (NB – you can get plenty of commercial real estate leasing tips here in Snapshot – its free)
A leasing agent must be ‘tuned’ to the local precinct and the businesses contained in that zone. Get to know exactly how many businesses you have in your territory and targeted buildings. Get to know those businesses.
So, there are a few things to remember here when looking for the next leasing transaction and client. Consider these for starters:
- The larger and better buildings will create more interest when leasing. Canvass those buildings.
- The larger businesses are prime targets for you given that they require help in occupancy.
- Local landlords are worried about their cashflow and rental returns, so specialise in providing ‘tenant turnaround’ solutions for upcoming vacancies.
- Your database is a valuable marketing tool to generate plenty of clients and enquiry.
Take Action Locally
Where can you go with these facts? There are some proven strategies to getting more tenant or landlord enquiry in a city or town location. They can be the basis of an ‘action plan’ for leasing agents. See if you can use these ideas:
- Check out the Directory Boards – Go into your territory and streets, and then determine where the prime and better buildings are located. Take photos of the directory boards so you can later canvass the businesses for occupancy changes and needs.
- Look for vacancy factors in local properties – There will be some vacancies now in your location to check out. Quality is a critical factor to consider when you are looking to lease a vacancy, a property, or premises. Always assess a vacancy from the tenant biased ‘value’ elements of location, rent, tenant mix, lease offering, improvements, and landlord.
- Look for businesses under occupancy pressure – If you keep a close eye on the local media and internet, you will find the names of businesses that are about to be going through some change. Look for growth, expansion, contraction, and relocation pressures. Talk to the business owners and ask questions. Conversations lead to opportunities.
- Talk to the local landlords and businesses – It is remarkable just how much information you can extract from local people. They see so much going on locally, and they hear things that can involve local nearby businesses and landlords. Create a special category of canvassing in your database where you can talk to people in a local zone or property type.
- Drop off some DL cards to businesses locally – Don’t relegate your leasing services marketing to ‘detached processes’ such as the mail or email. In our industry, tenants and landlords like to do business with agents and brokers they know and trust. Achieve higher levels of contact locally through ‘door knocking’ and canvassing the streets.
There are some valuable ideas here that can help you tap into the local commercial and retail property market from a leasing perspective. Know who your clients are by type and location, and then dig down into the location to find those people. Connect and converse with those people.
Build your relevance into the property types, and vacancy needs locally. Specialisation in a property type will help you attract the right clients over time, be they, tenants or landlords. Develop your leasing action plan from a base of local strategy and client focus.