When you automate your commercial real estate leasing services things get a lot easier. Yes, there are a lot of vacancies available for lease today, and yet that is all the more reason to automate your leasing services. You can provide high quality leasing standards and track results as you talk to ever 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.
Such a simple list, and yet it is a great list of opportunities for us to refine our services and produce top quality service for the landlords that we act for.
To create an automated leasing service you really need to look at the property type that you work with and the demands of the local area when it comes to creating property enquiry. 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 local area that could have an impact on 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 that would be 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 paid marketing funds to help market the property.
- Establish a set of standard lease conditions that would apply to lease the premises. You will need to quote these terms in your advertising and marketing activities.
- Providing the landlord accepts your assessment of market rent, leasing strategy, and marketing, list the property on an exclusive listing. In this way you can control the enquiry as it comes in.
- Start the marketing effort.
- Give the landlord twice weekly updates on enquiry from all of your 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 that you are reaching all the possible tenants that are looking to relocate.
When you automate your leasing process, results are easier to obtain.