Look around your town or city to understand exactly what is happening in brokerage leasing from both a landlord and tenant perspective. There will be segments in the market that you can service and specialize into. There will be tenants and landlords struggling with leasing issues. Vacancy factors create pressures in the property market.
Change and Churn
So things related to investment property will always be under change and churn, and you can be the professional brokerage solution to tenants and landlords in so many different ways. When you understand the current property market, you can see the opportunities to offer at the right time to the right people.
Success in brokerage leasing is commonly based on timing, professional relevance, and personal contact over time. Your database will be at the centre of those things. Take daily steps to grow your database. Own the process and undertake it personally.
So what can you do here?
Look for the opportunities in servicing the segments of landlords and tenants. The landlords locally need vacancy resolve and are likely to be struggling with tenant mix and rental income. On the other hand, tenants typically need to move premises and relocate from time to time; they need to find the best solution and outcome for their business growth and future.
So you can help with both of these things, and a specific prospecting and promotional strategy is required to target into the segments of tenants and clients that you can serve. You can achieve top rankings in brokerage leasing locally if you plan your contact approach to the right people and take specific action around that.
Be better and be different
If you want to rise to the top of the brokerage leasing market in your town or city, then you must consider a few specific promotional ideas and factors of client attraction at a personal level. Most of the new business that you convert over time will be personally generated. Here are some things to help with that:
- Get to know plenty of tenants locally. The value of your business should be built around your database, and that database should be growing every day with new tenant contact and landlord interaction. Failure to build a database, is the beginning of failure in the industry.
- Focus on the larger tenants and the bigger corporations from a leasing perspective. Size really does matter when it comes to property leasing and negotiation. The larger tenants typically need specialised help when it comes to finding a new property to locate into. They are also prepared to pay for the professional services offered by a leasing expert. You can offer the right solutions in that situation. You can specialise in tenant advocacy and tenant services.
- Pitch and present your lease listing services based on tenant contact and coverage. When presenting your services to landlords, use your database and tenant coverage as leverage. Talk about the number of tenants that you know locally, and show the client the depth and opportunities in the database. It is very difficult for a potential client to ignore a comprehensive tenant list and tenant contact process. Show your database complexity and size as part of a presentation and listing pitch.
- Understand the current market conditions applying to both tenants and landlords. Throughout the year market conditions will change when it comes to rentals, lease conditions, and business sentiment. Shift and adjust your professional services based on the current and predictable market conditions. Work with both landlords and tenants, but adjust the services offered to the prevailing market pressures.
- Develop a number of alternatives to negotiating rentals, lease terms, and occupancy issues. There are many ways to negotiate into and through a lease situation. There are different ways to establish the initial market rental, and then review that rental over time. Remember the targets and expectations of your client in the leasing process. Add value to the services offered by specifically recommending the lease alternatives that have benefit to the client.
All of these things are simple and straightforward. They do however require a specific approach as part of your presentation and pitch to potential clients, be they landlords or tenants. You can act for and service both types of customers, but only one will be your client in each case. You simply need to remember who the client is and what they want when it comes to the leasing strategy and the potential transaction. Understand the clients targets and move on them with a deliberate focus.
Package the best listing and marketing approaches for your leasing clients given the current market conditions. Explain exactly what you are going to do, and then give a few valuable recommendations to the process.