If you choose to specialize in commercial real estate leasing as a career, then you will need to establish some special and direct prospecting systems. What you will need to do here as part of that, is to connect with the better tenants and landlords locally in an ongoing way. The leasing transactions are there to tap into providing you keep connecting with the ‘players’ of the market and local business. (NB – you can get more leasing tips here in our ‘Snapshot’ course for brokers and agents – its free)
Those contact processes and systems will help you build market share in your town and city; that will mean improved listing opportunity, and commission conversions. Larger buildings, top locations, and good quality premises will help give you that high chance.
Find the Opportunities in Leasing
So, you need something to control your progress and identify opportunities. Your database will be the best way to do that; it will be critical to the results you achieve as a leasing specialist for the location. Understand how your database works and can serve your requirements. The best databases will include advanced tools such as:
- Email integration to auto-responders
- Email ‘blasts’ for property campaigns
- Categories and location labels
- Pipeline tracking of income and commissions
- Diary dates for future contact
- Conversation and meeting recording fields
- Client file storage and correspondence
- Revenue and income opportunity tracking
Every day those particular leasing and prospecting systems will need to be activated and directed into a selection of buildings and business types; that is a personal process.
Selectivity is important when it comes to lease prospecting and vacancy resolve. There’s a good degree of research required to work with the better tenants and landlords. Get personally involved in researching your property market daily; a few more local precincts added to your canvassing list is all that it takes to create some forward momentum.
Create Your Leasing System
Here are some other ideas to help you consolidate your property leasing opportunities:
- Put some ‘order’ into you clients and prospects currently. At the top of the ‘order’ should be VIP’s and their property needs by both time and location. You can then load some diary dates to those connections and people. Those VIP’s will be relevant to your market share and commission growth. Set some clear selection criteria into the VIP list so you know why you are rating those people in that way.
- Establish a separate contact routine for landlords and tenants. Each separate communication process should involve relevant local information from the different perspectives of occupancy or investment. Don’t confuse the leasing message by trying to say both things in your contact and prospecting processes. A particular approach works more successfully as you reach out to new tenants and landlords in separate ways.
- Practice your dialogue as it applies to tenants and investors. There are valuable and informative ways to ask questions and create conversations. While your time in the industry will help you elevate your dialogue; practice will help you get there faster.
Organization and structure are the best ways to move ahead in building your leasing market and listing opportunities.
Don’t forget to seek exclusivity in the lease listing process. If the property is of value and is in a top location, exclusivity is a logical process to take matters forward for the property owner. Adjust your listing pitch, so the client knows why that is the case and how you can deliberately drill down on the vacancy challenge and reach out to the target market for the property.