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Leasing

An Action Plan Example for Commercial Property Leasing Agents

When you work as a leasing agent, there are many 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. 

A leasing agent must be tuned to the local precinct and the businesses in that zone.  Know exactly how many businesses you have in your territory and targeted buildings.  Get to know those businesses.

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Finding the Next Lease Transaction

So, there are a few things to remember 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 cash flow and rental returns, so they specialise in providing ‘tenant turnaround’ solutions for upcoming vacancies.
  • Your database is a valuable marketing tool to generate many clients and enquiries.

Take Action Locally

Where can you go with these facts?  There are some proven strategies for getting more tenant or landlord enquiries in a city or town.  They can be the basis of an ‘action plan’ for leasing agents. 

See if you can use these ideas:

  1. Check out the Directory Boards – Go into your territory and streets, then determine where the prime and better buildings are. Take photos of the directory boards so you can later canvass the businesses for occupancy changes and needs.
  2. Look for vacancy factors in local properties – There will be some vacancies now in your location to check out. Quality is critical when you lease a vacancy, a property, or premises. Constantly assess a vacancy from the tenant-biased ‘value’ elements of location, rent, tenant mix, lease offers, improvements, and landlord.
  3. 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.
  4. 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 particular category of canvassing in your database where you can talk to people in a local zone or property type.
  5. 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.

Taking Leasing Steps Forward

Some valuable ideas here can help you tap into the local commercial and retail property market from a leasing perspective.  Know your clients by type and location, 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, whether tenants or landlords over time.  Develop your leasing action plan based on local strategy and client focus.

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