When it comes to showing prospective tenants suitable commercial or retail properties that are available for lease, it is important that you match the tenant as closely as possible to the key factors of the property, its location, and the landlord. There are many factors to consider and questions to ask as part of that process.
When the property was listed for leasing, many of the key issues should have been addressed with the landlord to help your future inspections and negotiations with tenants. In many respects, you only have a short time in the property inspection where you can close the tenant and influence them towards making an offer to lease.
Leasing Information to Get and Important Questions to Ask
Given that the current commercial and retail property leasing market is sometimes under pressure, we have limited enquiry to work with when it comes to the average listing and marketing effort. Information and questions will help you match the tenant to the right property.
Here are some strategies to adopt when it comes to taking the property enquiry, setting up the inspection, and moving through the property.
- DECISION MAKERS MATTER: You want to know that you’re dealing with the decision maker when it comes to the particular property and leasing enquiry. Get all of the contact details for the decision maker as the first part of taking the property enquiry. If they are reluctant to provide you with this information, you should also be reluctant in providing information. Many times you will find a competing agent masquerading as a tenant to get property detail.
- CONTROLLED LISTING STOCK: Hopefully, you will have control over the subject listing as an exclusive agent. In only this way can you keep the landlord focused on your marketing efforts and inspection activity. Many competing agents will be talking to your client once your property is publicly advertised as available for lease. The exclusive listing process is the only way to protect your client and your commission.
- INSPECTING THE RIGHT WAY: Establish a property inspection process before you take a prospect to the property. Decide what features should be talked about and just how you will take tenants through the property. Know what key facts will help you in the inspection and have those available for use at the right time in the inspection.
- TENANT AWARENESS: Ask the tenant about their property requirements when it comes to the size of premises, location, services and amenities, signage, car parking, rental budget, lease terms and conditions, and improvements. It is quite likely that you will have a number of properties listed for leasing that you can show them as part of the inspection process.
- WHAT HAVE THEY SEEN?: Find out if the tenant has inspected the subject property with any other agents recently. It is quite a common problem where the tenant has been introduced to the very same property recently and prior to your involvement as the listing agent. If this is the case, you are quite likely going to jeopardize your claim when it comes to commission.
- OTHER AGENTS: Ask the tenant if they have been working with other competing agents recently. Some tenants will choose a number of agents to inspect properties with thinking that they can cover the market and all available listings. That being the case, you could very well be wasting your time and extended effort with that tenant when it comes to special leasing requirements and any special inspection service or leasing solution.
- CHECK IN LATER: Follow up every property inspection a day or two later if you could not close a deal on the day. Stay in touch and get them back the property again if they show an interest in the property.
When you show premises to tenants, have a system to support your inspection focus and efforts. In this way, you can direct better outcomes for your client the landlord.