Improve Your Commercial Real Estate Leasing Services the Right Way
In this commercial property market, there are plenty of leasing opportunities for us agents to work on. When there are many vacancies, you have some good stock to choose from. Pitching and presenting for those listings becomes crucial to our craft and real estate profession.
Quality stock should be your focus today because you will always get better enquiries for quality commercial or retail premises and listings. Quality leasing stock has to be controlled by exclusive listings, and top agents have more exclusive listings than anything else.
exclusive Listings Conversion
Some agents will say that it’s too hard for them to get exclusive listings today because the property owners will not agree to them; I will then say that the agent is not good enough to sell their services at a high level. To get quality listings, you must comprehensively sell your experience and relevance.
When the landlord for a property knows that you are a top agent, the exclusive listing decision is not hard. If they want a top agent, they accept the appointment terms. It all comes down to the quality and relevance of your listing pitch and presentation.
Today’s Leasing Rules
The rules for this market are pretty easy to understand. You will have more enquiries when you control the best listings in the area. The commercial real estate agents that are struggling today do not have good listings. You can have plenty of listings, but you must have quality listings, and they must be controlled stock.
Agent Choices and Services
So, let’s say that you have picked up a good listing with a landlord. It is a controlled listing for leasing, and you have the ability to market it comprehensively in the local area. Here are some key facts that should be merged into your quality professional service for the client you act for.
1: Market Rent Evidence
Rental profiles should be recommended based on evidence from the local property market. You do not need to charge the most expensive rent in the area. You need to be competitive and attractive to tenants who are looking around.
2: Local Supply and Demand
Market rents will be impacted by supply and demand. Tell the client what is going on with new and current properties for lease in the current market. Give the landlord a profile of market trends and competing properties locally. Most landlords do not know what is going on in the local area.
3: Choosing the Best Rent
Outgoings will be relevant to your leasing strategy. Net and gross rents should be considered based on the property type and tenants’ expectations. Your ability to recover outgoings will be somewhere in the lease deal.
4: Rates of enquiry
Lease activity and enquiries will change throughout the year. Provide the landlord with regular updates on where the enquiries are coming from and what those tenants are looking for.
5: Vacancies and future supply
Vacancies will impact market rental. Vacancies should be assessed based on property type and age. Newer properties will generally lease faster, although vacancies in the local area are likely to hold back market rent.
6: Improving the Tenancy Mix
Tenancy mix, rent reviews, and options are all strategic factors in renting a commercial or retail property. It is not just about what the tenant wants today; it’s about what is suitable for the property and what the landlord is willing to give in today’s property market.
7: Rental Escalations
The starting rent is one thing, but the increase in rent over the lease term is significant in positioning the property for capital gain and better value. Look at the entire lease package and structure it to help the landlord’s position.
Most landlords need help understanding the market and matching their vacancies to the prevailing market conditions. Provide the right information and recommendations.
