As you strive to resolve vacancy problems and leasing challenges for your landlord clients, the communication channels used and the reports that you create will be important. The clients that you serve are looking for feedback and guidance. You can be the professional with that feedback, and the industry specialist to take them forward through the vacancy challenge.
Local focus on leasing
The more information that you know and provide your clients about the local area from a leasing perspective the better your conversions and leasing results. Relevant information will always help you in your listing pitch and client conversations. Also use your tenant list in your database as landlord leverage. Talk about your database and how it can help the client; it is difficult for a landlord to ignore a comprehensive list of targeted tenants.
As part of the lease negotiation process will be important to condition the client and control the negotiation with the interested parties. Many landlords have an inflated view of their property when it comes to leasing relevance and market rental. Provide to the landlord a comprehensive set of market indicators to help shape their thinking and negotiation position.
What’s it worth?
So exactly what is a property worth from the perspective of market rental and lease occupancy? What will a tenant pay to lease the premises in today’s terms? The questions are sometimes hard to answer given that market conditions will shift and change based on the supply and demand for lease occupancy locally.
Every precinct, town or city is different from a leasing perspective. The only way to address the question of market rental for your local area is to understand the realities of negotiated rental from completed and closed transactions; not the asking rentals promoted in the property advertising. They are two different things. The facts of the leasing deals are the facts to work with.
Here are some ideas to help you connect professionally with the landlords that you serve from a leasing perspective:
- Take of visual approach where ever possible when you talk about market rentals, vacancy factors, and time on market. Far too many agents and brokers talk about the things that they know without the necessary statistics and visual evidence. You can merge some case studies, graphs, and statistics into your client communication and conditioning processes.
- Build a leasing based story for the location and the particular property. In that story you can talk about property improvements, and what the tenants are potentially looking for when it comes to occupancy today. Have some facts at hand regards the location and the competing listings; some market research will be required. A few photographs will also help you in that regard. Show the client what is happening locally and provide the necessary stories about marketing, negotiation, and lease outcomes.
- After each inspection with qualified tenants, take the necessary notes and connect with the client to explain the feedback and the results from the inspection. This third-party information will help with client conditioning. Every tenant that you take through the property will have perceptions regards rental, incentives, and the lease terms and conditions that should apply in their situation. Identify the facts, and connect with your client to explain what the people are saying to you as part of the inspection process.
- Remember the differences between exclusive listings and open listings. Most of your business should be coming from the exclusive listing process; leasing is no different and exclusivity will give you the market edge. In most cases an exclusively listed property for lease will create more marketing presence and inspection opportunities. Of course there are issues to work through such as asking rental, marketing message, and the campaign structure. Everything needs to be balanced to attract the right levels of inquiry in the right way. Your job is to achieve that for the clients that you serve.
Remember your clients and remember their targets when it comes to property leasing. Take plenty of time to explain in a regular and ongoing way your leasing strategies and the results that you are achieving for the particular listing. Keep up the communication in every way possible for your clients. Your clients will appreciate the feedback and therefore trust you as the industry professional that you are or should be.