The commercial real estate office leasing market can be very lucrative for any brokerage. That being said, the best way to approach the specialized services required is through planning and direct action.
In any major town or city the brokerage leasing services you provide can lead to sales opportunities and property management appointments. For that reason, you should have a competent and professional leasing team specializing in office leasing.
Here are some ideas to help you establish this specialized part of your commercial real estate brokerage business with a focus on establishing a leasing team catering for office property, landlord services, and tenant advocacy:
- Every person within the team should know exactly where there market segment is positioned both geographically and physically. That means that they will need to know the current levels of activity when it comes to market rentals, vacancies, tenant movements, leasing strategies, and landlord requirements.
- Every agent within the leasing team should dissect their designated territory having due regard and focus towards major buildings, popular locations, and new property developments. Within those three categories the leasing agents will find reasonable momentum with fresh occupancy deals by property type, and leasing requirements by tenant group. It is simply a matter of talking to the property owners in each case, and also the tenants in occupancy; implementing a cold calling program and starting a direct mail strategy will help find those people and open up with the leasing opportunities of the market.
- If every leasing agent segments their market into streets and locations, it will make it a lot easier to prospect for new business, and understand market rentals by location and by property type. That will further extend into available incentives, rental types, and suitable lease documentation.
- A specialized and competent leasing specialist will understand how to package the rental to attract tenants, market the property efficiently and directly, and then negotiate the lease requirement for the landlord as the client.
- Market conditions change seasonally by location and by town or city. Every lease negotiation should take into account the quality of the property, the prevailing market conditions, the requirements of the tenant, and the relevant competing properties. Take the time to understand the market when it comes to negotiating every lease.
- Control your listing stock through an exclusivity strategy. If the quality of the property is unique or special, and the required leasing strategy is of a specialized nature, you will need an exclusive listing for a reasonable period of time to achieve a positive result. Package your presentations and listing pitches on that basis. Help the understand exactly why they should choose you and the brokerage to help resolve their vacancy problem.
- Within the leasing team it is wise to have skills and disciplines to help tenants and landlords with the complexities of lease documentation, rental selection, services and amenities, fit-out selection, and property choice. You can find yourself or the team working with variables such as tenant advocacy, landlords services, new property developments, relocation, and property redundancies. Specialized skills within the leasing team will help handle the leasing variations in each case.
So the message here is that the leasing team should be well chosen by skill, and structured by property type and location. They should have the skill mix required to work with landlords, tenants, franchise groups, and property developers. Every town or city will have particular leasing and rental pressures to consider as you strive to provide the highest quality of office leasing brokerage.