In commercial real estate agency you can achieve considerable volumes of new business from property investors, providing you give them what they require in local market information and local leads.
Look for those investors that are involved with quality properties as landlords. In most circumstances they will have the need for professional property management services and or leasing requirements with their vacancies throughout the year.
It should be noted that some landlords will self-manage. That being the case, they will still need professional leasing services. As the local property expert, you can help with that.
Given that the property market will change throughout the year in many different ways, you can be the source of information when it comes to vacancies, tenant movement, leasing strategies, and tenancy placement. When you specialise in a local market segment and or property type the process gets easier.
Here are some tips to help you with landlord contact and business conversion:
- Track the changes relating to supply and demand for property locally. As part of that you will be identifying new property developments, refurbishments, and vacancy activity. At any point in time it is important to know how much vacant space exists in the market within your property segment and how much new space is coming up over the next couple of years.
- Within a property category and a zone, there will be levels of building quality. This is certainly the case when it comes to office property. As a typical example, office buildings are rated and compared to each other when it comes to quality of service, appearance, improvements, technology, floor plate size, fit out design, and building quality. When you then analyse rentals, you should be doing so within the same quality of building. Comparable rentals are then easy to define. Tenants will be looking for buildings of a certain quality in a particular location. Older properties will become redundant.
- Track the activities and changes within the local business community when it comes to lease occupancy, lease expiry, and relocation needs. Some businesses will be looking for expansion or relocation. If you have been consistently prospecting and connecting with local businesses, you will find many leasing leads and opportunities come back to you as part of that process.
- Market rentals will change throughout the year by both type and amount. There will be differences between gross and net rentals in each category of property. There will also be changes as to incentive availability when it comes to any new lease situation. In a buoyant and active property leasing market incentives can be non-existent. Monitoring the activities of current lease deals will help you assess the local market rentals for the clients that you serve.
- Property outgoings costs have a significant impact on the property owner, the occupant, and property investment. Within each property type and location there should be averages that apply to the occupancy cost process. You can help your landlord clients in understanding occupancy costs and help with the best ways to achieve outgoings recovery in the leasing market.
These five simple factors are excellent ways to provide your landlords with high quality leasing services. It is very difficult for a landlord or a property investor to track and measure these things. On that basis your professional services as a leasing expert are relevant and valuable.