In commercial real estate brokerage the landlords of the market could well do with some more service and regular property market updates. That is certainly the case from an investment performance point of view. As real estate agents specialising in office, industrial, and retail property there are many things for us to help those property investors with.
The agent that spends time in improving landlord services is highly likely to increase opportunities in sales, leasing, and property management over time. So what do landlords need to know about? They should be given the facts of the local property market that then allows them to make informed decisions on future opportunity and strategy. When you really understand your property speciality in the local area, that tactic is quite easy.
To give you a ‘head start’ with the concept, here are a few ideas to help you improve your landlord services:
- Rental trends – The rents of the market are always changing due to the pressures of supply and demand. Market rents don’t always rise and are sometimes stable or in decline; a lot depends on business sentiment and local business activity. You can track and measure market rentals as they apply to gross, net, face, and effective lease situations.
- Incentives – Lease incentives will change from time to time in both size and type to attract more tenants or close on lease transactions. Like it or not, some landlords will have to accept the pressures of providing an incentive to pull in the tenants to the property to lease the vacancy. The lease incentive process is usually built into project leasing and new property developments; for that reason the local landlords competing with and against those newer property releases will need to adjust. There are different ways to provide lease attraction and incentive including rent free, money, fitout, discounted rent, lower outgoings, and cash for fitout construction. In making a choice, it is a matter of what method suits your landlord client.
- Vacancy Marketing – Innovation is a good thing when it comes to promoting a vacant tenancy and target marketing is part of that process. To attract more tenants and convert more inspections from a leasing perspective, it is important to obtain landlord marketing funds; those funds should be applied specifically to the vacancy, the location, and the ideal tenant profile. That is what target marketing is all about. Make your marketing effort unique and direct when it comes to finding those tenants in the profile for the property.
These 3 simple things will help you greatly when it comes to innovating in landlord contact. The information that you can provide in each category will go well towards helping your professional profile as a leasing agent, and negotiating effectively on lease transactions. Over time that process will also help with sales listings and property management appointments.