In commercial real estate leasing, there are things that you can do every day to build a solid base of tenants and landlords as potential clients. There is a proven pattern of action that will help you drive market share and opportunity your way. That action will give you plenty of satisfaction as you gain the leads and the listings in your preferred territory. Action drives more confidence and engagement.
So, let’s be quite clear here. The people that can be your clients in leasing local commercial or retail property are local business owners, landlords, and franchise groups. They should be at the centre of your ‘connections’ and personal prospecting activities.
Getting Started with Leasing Action
Where do you start? In most towns and cities there will be some business movement and opportunities to find. Telephone calls and door knocking strategies will provide leads and information for expert leasing agents. Does that sound like you? Are you organised enough for the process?
Let’s get some structure to this leasing initiative. What should an ‘action plan’ look like for leasing agents and you? Try some of these and then build your contact model around them:
- Finding business owners to talk to locally – every local business is a potential customer. Create a list of businesses by street and by building. Be specific and organised as you proceed with that research.
- Canvassing the franchise groups regionally and locally – some of those franchise groups have locations, leasing needs, and franchisees to satisfy. The ‘franchise business model’ is driven by a base of growth. You can be the source of new listings and new locations for the franchise groups. Get to know the franchisors in your city; talk to the ‘key players’.
- Connecting with tenants in a targeted property – choose your targeted properties. There are ‘grades’ of properties in retail and office categories. Choose properties based on grades, quality, and location. Connect with the people by floor and by business group.
- Knowing a good number of landlords locally – it is wise for you to know approximately 25 ‘large portfolio’ landlords from your location. They are the people that require leasing and tenancy solutions in property change.
- Work the business types – given your city and its ‘economy’, some business types will be ‘prolific’ and active. They will be at the top of the ‘churn and change’ cycle in property occupancy. Connect with those businesses as they seek to adjust to expansion, relocation, and contraction requirements. Know what they are looking for.
- Researching the vacancies and rents in a location and by building – you always need to know about rents and incentives, so research out the recent deals. Ask questions about achieved rents. Look into the supply and demand elements of the local area. Trends create ideas, so look for the leasing trends and facts.
- Creating direct marketing programs – every listing is a reason to talk to local people. Use your listings in that way to create plenty of canvassing and conversations in a location and within building types.
These facts and strategies are the ‘action formula’ for successful leasing activity. You will get plenty of satisfaction from acting to this leasing model personally.