In commercial real estate leasing, you need to know plenty of people, and as part of that, all the landlords and the tenants in your territory. Secure a database software solution to track the interactions and the connections that you are making in a regular and ongoing way. Your list will be invaluable as the year progresses and you are looking for leads and opportunities. (NB – you can get our leasing tips and ideas right here in ‘Snapshot’)
Valuable Client Lists
So, let’s say you get a database going and you feed it with new information every day. The best way to grow your leasing commissions and opportunities over time is then through a power marketing program covering the local property market and the territory. Your marketing program should be designed accordingly as part of a strategic process for leasing coverage and market penetration. Talk to people and put them at the center of your diary of activities. Create meetings, conversations, and inspections.
That database will allow you to use a comprehensive system of contact including:
- Email marketing
- Telephone prospecting
- Direct mail
- Conversation records
- Targeted calls and contacts
- Pipeline management of tenants, landlords and property investors
So, what can you do here? ‘Drill down’ are the words to use here. Understand the local property leasing market, and then talk to the right people in a regular and ongoing way. Relevance is the key to connecting with the right people. Establish some marketing programs as part of that communication process.
Local Opportunity with Tenants and Landlords
Find the business. There are reasonable opportunities and sizeable commissions to be earned in commercial property leasing today; every town or city is the same as the shifts and changes occur in the local business community. In saying that, it is wise to focus your prospecting efforts on the better buildings, the established or active business precincts, and the larger tenancies. Transaction size and asking rental has a lot to do with the commissions that you will attract and convert.
Set up your System
So here are some ideas to help you establish a marketing campaign focusing directly on leasing opportunities, local property investors and business tenants as clients:
- First and foremost, define your leasing market by locality and building type. When you understand exactly where you should be focusing your prospecting efforts and as part of that, in certain building types, you can start the research process to identify the right people to talk to. Use maps of the local area to define the streets, and then locate the buildings of importance and focus on each street.
- Check out the competition within the location and territory. Understand what they are doing now when it comes to lease listings and vacancy solutions. What can you do to be different and relevant to the tenants and the landlords locally? There is no point in being generically similar to the other agents and brokers in your location. There will need to be something different and specific that you could use as part of your lease marketing program.
- Establish a good database to build your contact activities and communication systems around. There are plenty of software solutions available for leasing brokers today. Make sure that the software program you use integrates into your email activities, mail merge marketing, and pipeline management. It takes time to grow a database list of clients and prospects. Every day you will need to talk to new people as part of growing that contact list. That contact process also requires you to focus into certain buildings and precincts. Cover your territory logically and directly. Use the telephone, direct mail marketing, and door knocking as elements of a business growth strategy.
- Every leasing transaction will be a successful story to share into the location, the business owners, and the investors. When you have completed a notable lease transaction or result, circulate case studies into the local area, covering off on the investors and business owners. As the facilitator of the leasing transaction, share your successes locally and specifically to the right people.
- If you are looking for new business leasing opportunities, specialize as the agent or the broker that people need. Choose the building types and the precincts that will have the ongoing opportunity with vacancies, business relocations, and growth. Do some research to identify the right locations to focus your efforts into. Choose the best buildings and connect with the landlords in each case. Review the best buildings for occupancy, and the tenancy mixes in each. Connect with the larger businesses in each building across your territory and precincts.
A power marketing program in commercial real estate leasing is a strategic choice and opportunity in waiting. Understand the leasing market in your town or city today, so that you can choose the better buildings, the best locations, and the top clients.
Have you identified the clients that you should serve locally?
You can work for landlords and you can also work for tenants. Either way selectivity is required to choose the best people to serve as the clients that you need for the long term. Local area knowledge and research will help you reach out to the right people directly and effectively.