Leasing a commercial property is a simple and yet staged process. If you win the listing, there are things to think about and talk about with the clients and your clients could be landlords or tenants.
There are some facts to share with the client, so they understand that you have all the ideas and solutions to take their property challenge or property opportunity forward. Rents, supply and demand factors, and property listings are all attractive to business owners and landlords.
Let’s put some strategy behind that. Knowing the client’s property targets is a big part of deciding what you can do with the leasing appointment and what you should talk about. It is a version of the old business saying of ‘seeking to understand before you seek to be understood’. That is understanding the client’s situation and focus first before doing anything else.
Have a look at the property first. Is the property challenge for the client a ‘strength’ or ‘weakness’? Why does the client have to do something with their property now? Getting to the core of their property activities and the motivations is at the centre of this matter; set and your solutions to that.
Change Brings Opportunity in Leasing
It is no secret that the property market has changed substantially over the last twelve months. You can use that change as a leverage point in any property discussions. There are plenty of vacancies around, and businesses and property investors are dealing with change in many ways. Of course, you can be the ‘solution service’ in leasing vacant premises.
When you think about the leasing market today and split that assessment up into the property segments of office, industrial, and retail, there are many variables and factors of supply and demand to consider.
- What are the ‘hot’ property segments?
- What are the ‘slower’ property segments?
When you know the answers, you will also understand why that is the case. You can then craft up your leasing listing presentation in a way that suits the fuller facts of the market and the enquiry.
How to Frame Your Leasing Case
Here are some strategies to help you’ frame’ your case for a leasing listing in today’s property market:
- Defining the client’s concerns and the targets – This shows the client that you fully understand their situation and targets. It allows you to start the listing presentation from a position of ‘common ground’. At this point, you can ask plenty of questions.
- Show that you understand the facts – This is an extension of the previous point but involves providing information that matches the property’s leasing requirement. Perhaps you have a list of tenants on your books now that could be shortlisted for the upcoming vacancy?
- Inspect the property comprehensively – By inspecting the property, you can take photos and consider the property occupancy potential from a SWOT perspective. You can also think about how you would bring people into the property and show them around. What are the features of the vacancy that you can talk about and optimize for the leasing inspection?
- Take and show plenty of photos of the client’s property – A client will always engage more deeply in a conversation when you show them pictures of their property to support your leasing ideas and recommendations.
- Evidence of local area leasing trends and enquiry – You can add to those facts about other listings on the market currently in the nearby location. Local market evidence is useful in supporting your strategies and recommendations.
- Defining the target market for the listing – The tenant groups by business type or location will be those that you want to attract to the property. So how are you going to reach out to them in leasing the vacancy? That is where target marketing becomes important in vacancy marketing.
- Providing a timeline and strategies – This is a way of showing the client that you have the leasing solutions to take things forward. As part of that, you can be giving some clear and definite strategies or recommendations on marketing and coverage of the targeted groups of tenants you think may have an interest in the property. A timeline that is not generic, but specific, is an excellent way to show what you will do in lease marketing and why.
These are then some great ideas that you can implement into your commercial real estate leasing services for landlords or tenants; whoever will be your client in the leasing situation.