If commercial real estate leasing is your business then you have chosen a very lucrative part of the property market in which to specialise. In saying that, the best leasing activities and quality commission opportunities are at the higher end of the property market; that being the ‘zone’ of good properties, larger leasing requirements, and the top companies and tenants.
There is just as much work in a small lease requirement as there is in a large lease requirement. In many cases, the smaller leases are really hard to work and the tenants and landlords can waste a lot of your time for little reward. Lift your sights to the better end of the leasing segment of the property industry. Remember the factors of ‘size’ and ‘quality’ as you look to locate tenants and landlords.
Your database of local businesses and tenants will be a great source of new business; that list will also give you ‘leverage’ as you pitch and present your services to qualified people. On that basis, grow your database every day and use it in talking to people and business owners.
How can you get more leasing business locally? You establish ‘systems’ of coverage and contact; you watch what is happening in the segments and the zones, streets, and buildings. Here are ways to do that with a leasing ‘matrix’.
Whats the Leasing Matrix?
So how can you do this? Here are some ideas:
- Work the industry segments – Certain industry segments have very specific property needs. Some industry segments are also more active than others when it comes to property activity. Choose your industry segments and identify what they want when it comes to property occupancy and location. Directly prospect the active tenants locally by industry segments.
- Understand lease expiry dates – Keep a register of lease expiry dates so you can mix and match potential tenant movement into the future. You can identify tenant and lease change dates by making lots of cold calls each day into the business community.
- Check out the vacant buildings – The local businesses and buildings that have a vacancy issue are likely to want specialized help. Market rents, lease standards, tenant mix challenges, and incentive packaging all provide factors of attraction when you are trying to pull in some fresh leasing inquiry.
- Watch for new property developments – Any new property coming into the market over the future months will shift the balance of rentals, incentives, and occupancy. The vacancy factor in a property market will be impacted by newly released properties and the developers behind them.
- Cover all local businesses – When you have spoken to all tenants by active business segment, then the next level of coverage is working into all businesses on a street by street basis. Soon you will come across tenants considering moving at some stage in the future. When they need to move they will require rent and occupancy information for the location.
- Tenant advocacy work – You can specifically work for tenants as part of a property change or relocation. If this is the segment for you to work in, then focus on the larger corporations and companies locally. They are usually familiar with and comfortable with working with tenant agents and advocates.
- Landlord services – You can offer some very specific landlord services today when it comes to property leasing. Consider rental review services, market rent assessments, tenant mix changes, and property income performance reviews. How can you help landlords when it comes to net rent and property occupancy?
So there are some good things that you can do here with tenants and property performance. Build your tenant database completely for a location, and the leasing business will come to you rather easily.