Get Income and Rental Results in Commercial Property Management and Leasing Today
Many landlords are too focused on income and rent growth as part of owning a commercial property. The important issue in this property market is getting a tenant that can bring stability to a property.
When vacancies are generally plentiful, the number of properties that tenants have to choose from is quite high. That is why most tenants take their time finding the right property to rent and then negotiating a lease.
What do tenants want?
Tenants today are looking for the right mixture of occupancy, which will typically be a combination of the following:
- Lower Rental start
- Incentives at lease start to encourage occupancy
- Modern attractive premises
- Realistically lower outgoings recoveries for the property type
- Options for further term of occupancy if they need it
- Rent reviews that are not aggressively high
- Property improvements that are matched to their needs and also well maintained by the landlord
- Services and amenities that suit the tenant’s business
- A landlord that maintains their property well
- Flexible property use that is convenient for staff and customers on the premises
Almost every tenant looking for premises to move into today will have a selection of properties to choose from; the right property will balance all or most of these issues.
How attractive are your vacant properties to the tenants that you show the properties to? Tenants know when a property is neglected by the landlord; they can see factors of property decline and poor maintenance.
It’s Not Just About the Rent
I go back to the point that landlords are too focused on high rent when leasing. They should focus on getting a good tenant for the property. After that, the lease can be structured to pick up reasonable market rents over the coming years.
As agents, it is our responsibility to help landlords structure reasonable and feasible leases for the medium to long term. Current market information about space supply and demand will also help with this process.
In property markets like ours today, our database of prospective tenants becomes important. Every listing we get on our books can and should be quoted personally into that database. I say personally because today’s property market is built on and around agents making personal contact and frequent contact with the right people. Get to know the people in your property market.
Examine your Tenant database
If you struggle with commissions and listings today as a commercial real estate agent, look at your database for a long and challenging time. Is it up to date? Is it accurate? Can it be better? What can you to to put more people into it over the longer term?
Relationships can and should be strengthened in this market; that’s how you get more business and better income. Get back in contact with your property people and prospects; help them to understand precisely how they can do the lease deals today.
We are the solution to many challenges in property sale, leasing, and management. Market yourself as the expert you are.
