In commercial real estate leasing, there are things that you can do to find fresh tenant movement and leasing opportunity. It is a simple process where you follow the indicators and track the changes of businesses in a location.
Before going too much further here. Who are your clients and prospects by type and location? Make sure you clarify that before you go further. So, here is the leasing approach for making more connections with the ‘players’ of the leasing market.
So, what you are looking for are the early indicators of property pressure or business change. Here are some good ways to tap into that:
- Successful businesses in a location – some businesses are more successful than others. They may serve a special part of the local community or commerce structure. Every town or city has those special businesses that are integrated strongly into the local commerce of the location. Look for those businesses by type and by brand. Make direct connections to see what they are doing with property and how that is impacted by property trends and changes.
- Larger companies and corporations – the larger businesses are important to the commerce of a city. Find out who to speak to in those businesses that can tell you about operational issues and property requirements. Do they lease premises? Do they own premises? How will those factors change over time? Direct questions will always give you an idea of how to integrate your leasing services into the major company.
- Allied or related businesses – from one business type, there will be allied business segments and companies that you can investigate for property need. For example, if there is a machinery firm that manufactures and sells industrial switchboards and cables for large buildings or commercial applications, you can identify the suppliers that may work with that targeted company as they supply parts and materials.
- Media releases about company results – watch the newspaper for articles relating to company results and changes. The business pages of the local newspaper should be reviewed every morning for that very process.
- Connecting with businesses in a street or zone – local business owners know a lot about other local people and companies. As you speak to others or doorknock an area for property change, ask about nearby property change and churn. Who will be moving or who have moved from a property or a precinct?
- Building and property assessment and directory boards – go into a precinct, and on a building by building basis, you can delve into the company names, the businesses, and the people. Take a photograph of the directory boards in the local commercial buildings. There will be plenty of tenants on the list that you can call and talk to about property change.
From all these things, you can see that the information that you gather from your location will give you the leasing leads and opportunities for tenants and landlords. So, it directly follows that you should systemize your information gathering process. That is how you create leasing opportunity with the right people in your location.