Automated Commercial Real Estate Leasing Tips
Automating your commercial real estate leasing services makes things much more accessible. Yes, many vacancies are available for lease today, yet that is another reason to automate your leasing services. You can provide high-quality leasing standards and track results as you talk to more landlords and tenants.
So, what is leasing all about? It’s not just about finding a tenant and introducing them to a property. It should include all of the following:
- Defining the right target market of tenants for the property marketing effort
- Marketing the vacant premises to the local area comprehensively
- Taking and qualifying enquiry from tenants before any inspection is taken to the property
- Packaging the premises onto a lease of favourable terms and conditions for the Landlord.
This is a simple list, yet it provides many opportunities for us to refine our services and produce top-quality service for the landlords we act for.
Automate Your Leasing Services
To create an automated property leasing service, you need to look at the property type you work with and the local area’s demands when creating property enquiries. Here is what I would call an ‘automated’ leasing process. Every stage leads to the next stage and is logical in progression.
- Take the enquiry from the Landlord to lease the premises and arrange to meet them on-site.
- Inspect the property with the Landlord to assess improvements, services, and amenities.
- Check out competing properties in the area that could affect the marketing of your vacant property.
- Assess the market rental that could apply to the property in its condition today.
- Determine the rental type and the outgoings that could apply to the property in any marketing situation.
- Decide on a target market of tenants suited to the property.
- Identify how you will reach the targeted tenants as part of marketing the property for lease.
- Build a marketing plan around the tenant profile, the property, and the landlord leasing requirements.
- Get Landlord marketing funds to help market the property.
- Establish standard lease conditions that would apply to lease the premises. You will need to quote these terms in your advertising and marketing activities.
- Provide the Landlord with your assessment of market rent, leasing strategy, and marketing, and list the property as an exclusive listing. This way, you can control the enquiries as they come in.
- Start the marketing effort in focus segments (usually three weeks at a time – to assess results).
- Give the Landlord twice weekly updates on enquiries from your lease marketing and inspections.
- Take the property and its vacancy personally to the businesses throughout the local area.
- Drill down on your tenant prospects in your database to ensure you reach all possible tenants looking to relocate.
When you automate your leasing process, results are more accessible to obtain.
