In commercial real estate brokerage, you can and should develop a detailed leasing plan and solution for your exclusive listings and the associated clients. So, who are your clients? Are you working for tenants, landlords, developers, or perhaps all the aforementioned? Make sure you set firm targets on your specific client types. Know who they are and what they are looking for. Build your marketing program around those factors. (NB – you can get more commercial real estate leasing tips right here)
Let’s focus on ‘landlords’ as clients. If you have been given exclusivity to work with as part of the listing, then the marketing program should be special and unique. Every promotional dollar spent should be to a plan so that you can optimize inquiry and inspections.
When you consider your territory and its property activity you will always have pressures to address and consider; information helps you look for those special tenants that you require to fill a vacancy. Businesses and companies move around in locations and cities where they know they have a customer base to serve; analyze your local demographics and track tenants to see what is happening.
Customer Base for Tenants
When you understand the customer bases for different business types, you have the makings of a successful leasing campaign, particularly so for finding new tenants and filling vacancies. Here are some other ideas to put into a vacancy solution for the landlords that you work for:
- Plan of the property and improvements – most tenants want to know what the layout is for the property. A plan is always valuable as you prepare your promotional strategy and talk to local people.
- Photographs internally and externally – professional photos are essential with all exclusive listings. The cost of getting those photos should be a property owner cost and be included in the vendor paid marketing budget. Adjust your listing pitch to achieve that outcome.
- Market rents and asking rents – the rents that you seek for any vacancy should be aligned to the local property conditions and recent levels of inquiry. Resolve the leasing rents before you go to market with the property.
- Comparable properties and vacancies – review the nearby buildings and streets for other vacancies that could be a level of competition as you seek to attract new tenants. Check out the rents in each case.
- Marketing solutions – look at what works from a promotional perspective with other lease marketing campaigns. Select the tools and the channels of promotion that are reliable in pulling in property inquiry. Stage the promotional campaign across the media that the target market for the vacancy would normally tap into.
- Ideal lease terms – make choices with the terms of lease that the landlord would like to create with a new tenant. If necessary, talk to the landlord’s property solicitor to achieve a solid awareness of lease terms and variations. Be prepared with a draft lease before you start advertising the vacancy.
- Online coverage – most tenants today visit the online portals looking for a lease solution. They will do that first before they talk to a few leasing agents in the location.
- Target audience – have you defined the targeted audience for your vacancy? If you do that at the earliest stages of planning your property marketing, the inspection opportunity is larger and the inquiry rate can be more frequent. Hone your efforts into your targeted group of tenants.
The message to understand from these things, is that the leasing of a commercial or retail property is quite special and it should be thought through by the agent or broker. That planning process will help you with the targets of the client and the investment in mind.