In commercial real estate brokerage, a problem is usually an opportunity. It is just a matter of finding a good number of problems to solve with your clients and prospects. On that basis you should be watching the pressures occurring in your sales territory. You can become the pressure relief valve for the clients needing help.
So what are the problems to look for? Here are some other main ones:
- Look for quality properties with high vacancy factors. A good quality property will always create leasing enquiry. That being said, tenants do come and go for reasons beyond the control of the landlord. Keep in close contact with landlords locally to identify the upcoming vacancies that will need attention.
- A new property development in the local area can place a significant amount of pressure on existing similar properties. The pressures will be in rentals, occupancy rates, incentives, and alternative premises. Keep a close eye on the new property developments going through the market. If you are not involved in that particular new development, then you should focus on the nearby property owners that can be impacted. You can repackage nearby vacancies to compete with the other property development.
- Occupancy costs can be a big frustration in leasing and property performance. Understand the standards that apply to leasing and tenant occupancy today. The rentals, incentives, and outgoings will change by property type and location. Help your clients with the rental strategies to recover outgoings and occupancy costs.
- Many businesses will own the premises in which they trade or manufacture their products and services. From time to time they will experience the pressures of expansion or relocation. Create a special section within your database for the local businesses. Keep in close contact as required.
- Some local properties will be nearing the point of redundancy given current usage. On that basis they could be well positioned for redevelopment and a material change of use. That opportunity can develop into a major new project for sale or for lease. Monitor the older properties in your area for that reason.
- Vacant land can be in short supply particularly in towns and cities. Identify all of the land that could be coming up for sale or for rezoning. Look around the fringes of the town or the city for these new parcels of land being adjusted to the needs of expansion.
Keep your commercial real estate brokerage activities simple. Look for the pressures of change and tap into the people impacted by that. You can be the agent of choice when it comes to solving a leasing, sale, or property management challenge.