In commercial real estate brokerage, the landlords that you know and serve will provide you with significant opportunities over time. Those opportunities will be across sales, leasing, and property management; trust and communication will help you convert that business at the right time. (NB – you can get plenty of landlord service ideas in our Snapshot program – it’s free)
How can you work with this? You can deliberately choose the clients that you work for, and you can tune your service offerings to those better clients and the better buildings. The choices that you make here are quite important to your career, your listings, your conversions, and your income base.
Comprehensive Landlord and Investor Service
The idea here is that you can serve your landlords and investor clients comprehensively and directly with many specific property solutions and strategies for the location. The right services can merge into the buildings and the clients for the location. Focus your skills; that is the message.
So, what is happening in your location now when it comes to commercial and retail real estate investment? Consider the changes and the trends of the industry for your town or city. Tune your services deliberately and specifically for the better clients and buildings. Look at the precincts and the streets specifically to find the points of property churn and change. Talk to people and get to know their pressures and thoughts about local property.
Here are some ideas to help you focus on the right clients and buildings in your town or city with the property solutions that will generate ongoing business opportunity:
- Tenant mix advice – a larger building with multiple tenants, can usually be improved over time through a mix and match of tenants to the right locations and lease conditions. Every lease negotiations should be looked at comprehensively considering other tenants nearby, vacancy factors, and lease conditions.
- Market rental information – there are different levels of rental and different rental types applicable to commercial and retail leasing. You can work with the variations of rental and the market rent conditions to improve your client’s property and rental return. Explore the trends of rental when it comes to incentives, value, rent reviews, and lease options.
- Vacancy solutions – look for the vacancy challenges and vacancy threats in the buildings owned by your client. You can chart those vacancies visually through some graphing process related to time and property area. Given the supply and demand factors for the location, you can mix and match tenants into the vacancies as they are known and available. Your database will be valuable when it comes to finding tenants and creating lease transactions.
- Repositioning of major tenants – the larger tenants will always provide a reasonable base of enquiry for quality buildings in your town or city. Work with the larger tenants, the merchandise groups, the franchise groups, and the anchor tenants. Understand what they need when it comes to property choices and occupancy conditions. You can also work as a tenant advocate as part of that process.
- Providing rental information and property performance strategies – given that your property market will change throughout the year, track the changes across market rental, incentives, lease conditions, and future supply. The leases that you negotiate match to the market expectations, landlord targets, and market pressures. As part of that process, spend time with your landlord clients briefing them on the real market conditions of today and into the future.
So, there are some good things that you can do here when it comes to servicing your landlord investor clients. You can provide deliberate and direct information relating to the market and the property types.
Recognise the value of your tenant database, and market your professional leasing services into the landlords locally. Talk about your database, your tenant list, and the levels of enquiry over recent months. It is difficult for a landlord client to ignore a broker or an agent with a deep and meaningful database of tenants