How to Create a Tenant Leasing Service in Brokerage
In commercial real estate today, there are always vacancy problems to fix when it comes to investment sites and buildings. Local landlords need your help.
How many landlords do you know? How many tenants do you know? The property market is full of change and churn. Look for that action in the local area.
Tenant Strategies
It is a strategic process and that is where we as agents offer some very special skils. Let’s face it, we know the property market and we should know who the tenants are that are moving around.
It is a bit like getting ahead of the ‘wave’ of the movement of businesses and tenants in buildings. Your town or city will have things happening; you simply need to find them.
Canvassing Checklist
If you aspire to win more new listings and creating plenty of leasing business, then do all of the following:
- Understand where people like to locate their businesses and why that is the case
- Identify the precincts and the better buildings locally for commerce and industry
- Start a database of local businesses. You can use the yellow pages for that.
- Prioritize local businesses into the categories of A, B, and C. Most of your leasing focus should be on the A’s and B’s.
- Set up a diary of lease expiry dates in your prospecting model. Talk to business owners about lease rates and rents as you identify lease changes coming up in the next 12 months.
- Know how to package rents, incentives, lease terms and conditions, plus fitout bundles
Landlord Leasing Services
Given all of these things, you can offer comprehensive leasing services to your landlords and property management clients. It is simply a matter of understanding their property focus, their tenancy mix, and their rental challenges.
You can package your leasing or property management services to improve an asset. Your services are valuable to a landlord. You can also work with tenants if you are getting a reasonable fee from them as part of that.
Who Do You Know?
How many local businesses should you know and track? In most medium to large towns or cities, you should be able to work across 600 local businesses. Perhaps more if you are quite organized in your canvassing.
So you can fix tenant mix problems, help landlords with vacancies, and relocate business owners into better properties. That then is the foundation of leasing business and a good source of commission income for you.
