In commercial real estate brokerage, some of your services should be grouped for maximum effect and results. When you think about it there are things that are linked when you are helping a client. Many of these extra things will lead to other fees and commissions.
A leasing opportunity can in basic terms be linked to a sale or a property management opportunity. That being said you can delve a lot deeper into each category. Here are some more ideas:
- Tenant retention planning
- Tenant mix strategy
- Lease marketing for any upcoming vacant area
- Relocation services to improve occupancy
- Tenant advocacy for larger and specialised tenants
- Rental investigations for new tenants and vacancies
- Property upgrade strategies to lift occupancy and rental
- Tenancy changes to improve the property
- Market rent negotiations
- Outgoings assessments relating to lease terms and conditions
- Giving lease and rental advice for the annual business plan for the property
- Tenant relocations around the property and within the mix
- Clustering strategies to improve the tenant mix
- Renovation and fit out controls
- Property management services
- Lease documentation services or advice
So the list goes on. From one leasing transaction the ‘door opens’ on other services. As specialist leasing brokers or agents, we know (or should know) about all of these things. On that basis one transaction can lead to another. One simple fee can open up on others in an array of specialised services.
Most of the work that we do will be on behalf of the landlord of the property. That will then be in optimising a situation with a tenant or franchise group in occupancy. You can also work in reverse by acting for tenants in a specialised advocacy process; to help them find the ideal tenancy.
There are plenty of things to do here and fees to be earned; it is just a matter of seeing the services that can be offered and remaining in contact with the client for the moment when they need you. The commercial real estate business is not ‘rocket science’; it is a simple matching of skills to circumstances.
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