When it comes to leasing a vacancy in an investment property today, the franchise tenant model offers plenty of opportunity and stability, providing the tenant matches and balances your existing tenant mix. A franchise tenant brings to you an established business model that includes financial credibility, training and marketing. That then removes much of the risk when it comes to new occupancy.
If you are working as a leasing specialist for your location, concentrate your prospecting efforts into the broader franchise community so you understand what the different business models are, and what types of properties and or premises they may require. The list and variety of franchise types will always grow, so certain businesses will suit property occupancy whilst others will not.
Your prospecting model
Here are some rules and ideas to help you make that approach work:
- Get a list of franchise members of the local franchise council for your location. There will be a website where that information is generally available. That list is valuable from a prospecting and leasing perspective.
- Go through the list and highlight the groups that are already trading in your location, your town or city. From that highlighting process you will have two groups to focus on. Those that are already trading locally and those that are not. You approach each group of businesses differently. The businesses that are not trading locally are likely to be on the lookout for a new location; however their property choices are likely to be driven by the location of their competition and community of customers. You may need to research both.
- When you call up the separate groups, find out who controls property choices and selection. Make a direct approach to that person by calling them; seek a meeting where possible. Find out what they are doing now with local property and where they are now looking for expansion or change. Make that personal connection. How can you help that franchise group make their next property choice?
- Ask about their leasing requirements, and if possible get them to send you a copy of their standard lease. You can learn a lot about their business model by reviewing their standard lease document.
- You can also group the franchise businesses into product and merchandise types. In doing that you can refine your prospecting when the right property and vacancy arises.
So there is a business opportunity here for you from a leasing perspective. Tap into the franchise businesses locally for tenancy opportunity. Match the right tenants to your vacancies and property clients.