How to Grow Leasing Business in Commercial Property
There are always plenty of opportunities for growth and change in commercial and retail property leasing. There are tenants, business owners, and landlords to connect with. Local area marketing will help you do that. You can also have a focus down on property types and local businesses. Start your plan of contact with these ideas as a base strategy.
A logical and ongoing real estate contact plan into and around those real estate people will help you find the new listings and property business you want. Essentially you must talk to plenty of people every day. It becomes a ‘diary event’ for you each morning for a period of a few hours.
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Gathering Local Leasing Facts
Where is your property market located, and how defined is the allocated territory? Answer that question before you go too far into your leasing activities. Know the buildings, the streets, the property owners, and the businesses. Research into those property leasing facts is always ongoing.
Talking to lots of people every day will help you find the new business that you want. Researching the people and the buildings will be part of the plan of attack.
A Base Plan for Leasing
To build your base of leasing opportunities, set up a strategy or contact plan that includes the items or strategy plan below.
- Tracking business movement in the location is always valuable. Businesses come and go, as will vacancy pressures. Look at the factors of local area tenant movement and where the forces can be.
- Connecting with local businesses is a daily process. Ask about what they are thinking and doing with property use. Some changes to rental and occupancy costs will put pressure on landlords or tenants to change occupancy issues. Tenants are selective with new premises based on the supply of space and the asking rents in each case. Some landlords are too aggressive in asking for rents, given their failure to accept changing market conditions. Some real estate client conditioning may be required on your part.
- Segment your business types and priorities so you can specialise in your leasing offering in particular ways. The medical and health type business segments are a case in point. They seek larger premises to serve a changing demographic and set the trend to larger ‘super clinics’ in unique locations and near other medical people or businesses. What properties are they looking for, and how do the tenants need to occupy premises.
- Reaching out to landlords and investors regularly is a good idea. They will have changing trends and situations with leasing. Some tenants may leave premises unexpectedly, and vacancies will arise. Your tenant database will be of great value as you talk to local landlords about vacancy challenges. That is why you work with the local businesses and talk about leasing trends, pressures, and needs.
- Establish a lease expiry calendar for all local businesses. You can then keep in regular contact with the right companies at the right time. One thing to remember here is that some businesses consider premise change about 12 months in advance. Early real estate leasing tenant communication is essential if you want to tap into that leasing opportunity.
- Consider practical rental solutions for vacant properties and base those rental or leasing solutions on investment potential and lease outcomes. Landlords like to know that you have all the answers to package a lease and rental situation to get a vacancy filled early.
- Create a local area marketing plan and establish a list of targeted buildings to connect with every business therein. Talk to the companies every quarter, so you are ahead of their lease and occupancy decisions. You can provide them with regular rent and vacancy trends, so they are ahead of occupancy costs.
- Watch the trends in supply and demand in the local area and across your territory. As part of that, check the trends in upcoming new and refurbished premises. Check out the existing listings of other agents locally and compare the properties and rents to what you know and see. Information will help you stay ahead of property trends and changes.
A successful leasing agent connects with all businesses and landlords consistently in a location. Spend at least half of your working days each week around and into that strategy.
The only high-value way of winning new business as a leasing agent is to talk to plenty of people and build your real estate day around that process. Soon you will find the real estate business.
