As a commercial real estate leasing agent it pays for you to have a plan of action that keeps you on track with your clients and prospects. In an ideal world there is a tenant match for every vacancy. It is just a matter of knowing enough landlords and tenants.
So why have a plan of action anyway? The main reason is to help you build your listing bank of quality vacant properties so you can quote the right properties to tenants. The secret to being a top leasing agent is to know the tenants and the landlords comprehensively in your location or town or city. Creating a match between a property location, a landlord, and a tenant improves when you have dominant market share.
So what could be a plan of action in leasing any retail or commercial property? Think about your city and territory, and then review these factors below. Have you got them covered?
- Supply and demand – what is the supply and demand for leasing property currently? Understand the amount of vacant space that is available in the area now and assess the other vacancies coming into the market soon through any new project or property development.
- Vacant properties on the market – understand the properties that are being marketed now and what the space and rents are. There will be trends to review regards market rent, incentives, lease terms and conditions, plus enquiry rates.
- Tenant contact systems – a good leasing agent will know most if not all of the tenants in their territory. Over time that knowledge helps with matching a property to a leasing need. Get to the tenants before they approach other agents. That will mean contacting them a year or more before their lease expires. Help them with lease information, rental alternatives, and property inspections.
- Property improvements – some properties will offer better standards when it comes to services, amenities, and improvements. That will then be reflected in the rentals asked.
- Photos – take photos of vacant and recently leased properties to compare levels of presentation and landlord fixtures and fittings. Use the photos as points of discussion when qualifying tenants.
- Checklist strategy – you can use a checklist approach to help you with tenant qualification and property match. There are differences between office, retail, and industrial space that are quite special. Show your professionalism by developing a special questionnaire you can use with tenants at the start of qualification.
So these things will help you get started in building your leasing profile and deal momentum. Information like this will help you significantly when it comes to matching tenants to vacant properties in your leasing territory.