As a leasing expert in commercial real estate, you should have a few well considered and active strategic goals to help you grow market share. The word ‘strategy’ is important here as it relates to the critical elements of the property market and the leasing processes that you apply to things. Active elements of strategy will help you move ahead personally with some focus, and with some bias towards quality new business generation. (NB – you can get plenty of leasing ideas in commercial real estate in Snapshot right here – its free)
So where can you go with this? Some things matter more than others when it comes to leasing services, taking enquiry, acting on tenant activity, and growing landlord contact. That is where the factors of strategy become important in helping you grow listing opportunity and leasing commission growth.
Here are some critical and important strategic goals to merge into your commercial real estate leasing activities on a weekly and monthly basis:
1. Ongoing tenant contact – understand the tenants are important to your real estate business. On that basis, a contact model of ongoing tenant coverage and building canvassing will help you with finding the right people ready to move at the right time.
2. Constant landlord coverage and contact – local landlords will always need help with their vacancies and tenancy changes. Concentrate your prospecting efforts into the landlords that have larger buildings, buildings in prime precincts, vacancy problems, and tenant mix requirements.
3. Property focus – determine the property types locally that are likely to be very lucrative over time. Identify those properties by street and location. Survey of the particular buildings to understand the upcoming potential changes that can be opportunities for you.
4. Levels of enquiry from tenants – throughout the year, levels of local enquiry will change from tenants and with vacancies. Check out the trends relating to vacancy enquiry and future supply of vacant space. Know what the tenants are looking for and how business segments may be changing when it comes to property choices and occupancy costs.
5. The growth of the tenancy database – your database should be growing over time. That is a personal prospecting activity to be respected and implemented. Determine where your tenants would be coming from within your territory, and then focus your prospecting model into the business segments, the properties, and the industries.
6. Solving vacancy problems faster – understand what it takes to resolve the vacancy problem. Solve your vacancy issues faster and with more direct focus on conditioning when it comes to the tenants and the landlords that you may regard as clients. Local property market information will help you in your negotiations and your client conditioning activities.
7. Improving the results of market rentals – the landlords of the property market like to know that their rental results are improving over time; they want to see things happening with direction and conviction. That then requires a focus on packaging a lease for rental growth. There are different ways to achieve that packaging process, including rent reviews, base rental, turnover rents, and incentive activities. Look at how you can improve the rental returns and results for your clients in realistic ways that stabilise occupancy for the longer term.
Making it Work
So there are many different things that you can do here when it comes to establishing and achieving strategic goals in commercial real estate leasing. Put the client at the centre of your real estate business, and then consider all the elements of change that you can work with when it comes to properties, enquiry, and future supply.
A successful leasing agent is one that monitors change for both tenants and landlords, and then adjusts every listing and every negotiation to localised property pressures. Client conditioning will be part of the adjustment process and a critical element of achieving better negotiation outcomes.