When you are servicing commercial real estate landlords, there are just so many ideas that you can contribute to help them through a leasing and tenant mix challenge. Become the local solution provider that your investment property clients need and remember at the right time.
Your clients require timely and effective leasing results. You can provide plenty of good ideas and contribute comprehensively to the clients property challenge. That will usually involve some or all of the following factors:
- Stable and good quality tenants offering long term occupancy
- A reasonable market based rental structure supporting investment growth
- Good leasing strategies that support investment returns
- Using a comprehensive database of local businesses noting the future movement dates
- Property inspection solutions that will encourage lease offers
- Effective marketing strategies to attract tenant enquiry
- A quick turnaround with any current and upcoming vacancy issues
It stands to reason that a property leasing specialist with a deliberate focus on these simple issues is of far greater value to the clients that they serve.
A Property Market Reality Check with ‘Joe Super’ Agent Extraordinaire
So along comes ‘Joe Super’, an apparent agent ‘extraordinaire’ in your town or city, calling himself a leasing ‘expert’. He tells the client that he can solve their leasing challenge immediately because he has all the ‘right tenants’ primed to lease the client’s particular property right now! And to add to that advantage, that ‘Joe Super’ is only going to charge a minimal commission (heavily discounted) and doesn’t require any marketing funds at all to solve the clients vacancy issue! Yeah, right; that’s sure going to happen. How dumb can people be!
Have you seen that client ‘stupidity’ before? So many times we see that the ‘Joe Super’ then gets the listing because the client is not ‘market savvy’ and is motivated by all the wrong reasons. The ‘Joe Super’ then does nothing of any consequence for the client or the property, and simply advertises the property online hoping that an inquiry will come in. If the client is really lucky, Joe may even put up a signboard on the property. Over time the client hears nothing, and gets disgruntled and fed up with little or no results.
So time passes. At the end of the agency period the client has had enough of ‘Joe Super’ and his lack of the real skills required to solve the property problem. The property is unfortunately now a stale listing and has tainted its future marketing opportunities for at least six months. Some clients are really naïve and influenced by the simplest of ‘dumb’ comments from inexperienced agents.
No Shortcuts Please
There are no short cuts in commercial real estate brokerage (sales or leasing). So we let those clients struggle with the inexperienced agents that they choose, and that have very little experience or market share. Those clients will eventually listen to and be drawn to the top agents locally for the property type and the location.
The fact of the matter is that to solve a property problem you must have reasonable marketing funds, a top agent, a comprehensive marketing campaign, and a committed client. Select your clients and properties on that basis; that’s the rule.