Landlord Reporting Tips in Commercial Property Leasing
The landlords who own investment property today are likely to face some challenges with vacant premises and tenant movements. That is where the skills of a specialised leasing agent are so valuable.
Every landlord you act for should be helped to understand the local property market and its challenges. The days of generic marketing of vacant premises are well gone. Every lease vacancy requires a specific effort, and for that, you should obtain an exclusive listing for a reasonable period of time.
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updating landlords about leasing
So, every landlord you act for in an exclusive listing should receive a regular market update from you that gives them a comprehensive profile of the existing enquiries and leasing trends. Here are some ideas to help you.
- FACTS: Recent lease activity in the local area will always be vital so you can stay up-to-date 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.
- PROMOTIONS: The landlord will always need to know about recent marketing efforts and results. You can assess the different leasing marketing tools that are bringing in more enquiries. Focus on what works, not what doesn’t. Marketing commercial real estate today is a strategy requiring careful consideration and adjustment.
- ENQUIRY: Where the enquiry is coming from today and what the enquiry is looking for will help you match the property to the prospective tenants.
- ATTRACTING TENANTS: The types of lease incentives offered to tenants in today’s property market and the competing rents will impact your client and their property. Keep the client well-informed on market rental trends as well as the incentives.
- COMMUNICATING: 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, giving the landlord full tenant briefings at least monthly is necessary.
- EMPTY PREMISES: 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.
- LOCAL DEVELOPMENTS: New property developments will come and go in the local area. Unfortunately, they can pressure existing properties through market rents, incentives, and lease terms. Stay ahead of the local property vacancies with updates from the property planning office.
A landlord who gets this information from you will be able to understand the true market conditions, which will help them with leasing strategies and decisions. Get closer to your landlord and help them with all vacancy issues; you are the leasing expert, remember?
