When you have a vacant building or a few vacant tenancies to lease in a large property, you should implement a specific plan of contact to find new tenants. In logically working through a list of tenant strategies you can find the local businesses quite quickly to inspect and negotiate on the vacant space available.
There are always tenants out in the local property market looking to move or expand to more appropriate premises. By tracking lease expiry dates and connecting with the business leaders regularly you will find the tenants that you require; from that point on it is simply a matter of staying in regular contact in a relevant way.
7 Tips for Finding New Tenants Faster
Every agent should have a system of contact to find new tenants in their town or city. Here are some ideas to help you:
- Connecting with local businesses by Location, Suburb, and Street – If you focus your prospecting efforts on a street by street basis it is far easier to find the businesses that intend to move. You will also find plenty of leads in businesses looking to move at end of lease. When you identify these businesses you can provide ongoing lease updates for the locality. Most business leaders have no idea about rental levels and current vacancy activities for the surrounding region. They need specialist help and you can be that solution.
- Business Groups and Associations – When you have properties of particular types, you will need to focus your prospecting efforts into business segments such as Doctors, Solicitors, Accountants, and Financial services. The zoning of the property and the existing tenant mix will dictate the tenant types that you should be approaching.
- Business Telephone Book – By location and by business type you can call down all the businesses in the local business telephone book. Simple questions will help you understand their intentions when it comes to leasing needs and relocations.
- Franchise Groups – Get a list of franchise groups from the local franchise council. In an ongoing way make direct contact into all the franchise groups so you know what property types they are looking for and the best timing for that property requirement.
- Existing Buildings – The high quality buildings locally will be good sources of tenants and businesses to approach. Get the details of the tenants in occupation and then call them individually. Simple questions will help you identify existing property pressures and future leasing intentions.
- Corporations – The larger corporations in your town or city will require leasing help. They are also likely to appoint an agent on a tenant advocate appointment to help them. That then means that the selected agent can be the ‘eyes and ears’ for the tenant in finding a new local property to suit business needs. If you are going to work with tenants in this way, always seek exclusivity as part of the leasing process and appointment.
- Other Capital Cities – Some businesses in other locations may be considering a move into your town or city. Understand just what business segments are potential successful in your town or city currently, and then approach other companies in other locations serving those segments. Approach them to see if they may be planning a relocation into your property market.
So there are some definite strategies that you can use here in offering vacant premises for lease. Get close to the businesses in your town or city. Find out exactly what those businesses intend when it comes to occupancy requirements.