If you are working in commercial property leasing, there are many things that you can do to attract and create frequent transactions between tenants and landlords. Make the clear choices on just who you should concentrate on with most of your real estate leasing prospecting; refine your lease packages and services for tenants or landlords. Talk to the people in your location and keep the dialogue active every day.
In commercial property, there are a good number of variations to the leasing business that then allows you to work with both tenants and landlords in specialized ways; think about it and consider how you can build your service alternatives. Choose the segments that offer the opportunity.
Put a bias towards ‘quality’ in your tenant and landlord services. Choose the best buildings, top quality locations, larger companies and corporations, and the quality landlords to serve. From that point, you start talking to the local people that you believe will need your help.
Leasing Action Plans
So, let’s get some leasing action underway. Consider the questions:
- Are there plenty of vacancies to work with particularly in the local area? Where are those vacancies?
- Where are the quality buildings and precincts for you to concentrate on?
- What are tenants looking for when it comes to premises and improvements?
- What are the lease deal key performance indicators?
- What is the local business sentiment, and can it be used in your leasing activities?
These questions help you align with the local property market. Talk to plenty of tenants and landlords based on your leasing research. There are businesses wanting to move and plenty of landlords looking to solve vacancy problems.
Here is a special matter of note. If you are going to list a vacancy or vacant property, there is really no need in spending any time on the ‘open listing’ process. As the property market changes, most vacancies are resolved by direct marketing and deliberate tenant contact. That is a business strategy that is supported only by ‘exclusivity’. Convert your ‘lease listings’ to exclusivity and work them comprehensively.
Lease Prospecting System
Here is a base method of prospecting that can help you with finding the better transactions with local tenants and landlords:
- Understanding property vacancy factors – some precincts and streets will be better than others when it comes to business locations. Are the vacancy factors increasing or declining? Know the trends, because there will be some opportunities in moving businesses around to other buildings.
- Talking to local business owners – the change in a business cycle and or the change of a financial year is a good catalyst for business and tenant movement. Work six months out from a change in a financial year and canvass call all the local tenants in your territory about premises requirements. Looking for upcoming tenant movement is a strategic choice in your business prospecting. Ask the questions of all people that you talk with.
- Connecting with landlords and considering lease structures – there are different ways to lease premises. Rents, documents, and lease conditions can always be varied to ‘package’ a new property occupancy. Negotiating rents will always be part of the ‘equation’, but packaging lease benefits for the long-term for the landlord is another strategy to work with.
The conversations that you create with local people will unearth business movement and tenant requirements. Track all the ‘snippets’ of information that you gather from your real estate business and customer connections.