The landlords that own investment property today are likely to have some challenges with vacant premises and movements of tenants. It’s no secret that the property market is tenant favourable today.
Every landlord that you act for should be helped to understand what the local property market is doing and where the challenges lie. The days of generic marketing of vacant premises are well gone. Every lease vacancy requires specific effort and for that you should obtain an exclusive listing for a reasonable period of time.
So every landlord that you act for in an exclusive listing should receive from you a regular market update that gives them a comprehensive profile of the existing enquiry and leasing trends. Here are some ideas to help you.
- Recent lease activity in the local area will always be important so you can stay abreast of market rents and lease transaction terms. Your landlord should not be the ‘last vacancy in town’. Help them market more effectively than the competing properties.
- Recent marketing efforts and results will always be useful for the landlord to know. You can assess the different marketing tools that are bringing in better enquiry. Focus on what works, not what doesn’t. Marketing commercial real estate today is a strategy requiring careful consideration and adjustment.
- Where the enquiry is coming from today and what the enquiry is looking for will help you match the property to the prospective tenants.
- The types of incentive in the market today and the competing rents will have an impact on your client and their property. Keep the client well briefed on the market rental trends.
- Tenant meetings and strategies should be documented if you are meeting with those tenants on behalf of your client the landlord. In a complex property it is
necessary to give the landlord full tenant briefings at least monthly.
- Vacancy marketing plans should be coupled with tenant retention plans in the subject property. Plan every tenant movement, retention, negotiation, and lease well in advance.
- New property developments will come and go from the local area. Unfortunately they can throw real pressure onto existing properties, market rents, incentives and lease terms. Stay ahead of the local property vacancies with updates from the property planning office.
A landlord that gets this information from you will be able to understand the true market conditions and that will help them with leasing strategies and decisions. Get closer to your landlord’s and help them with all vacancy issues; you are the leasing expert, remember?
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