There are always plenty of opportunities for growth and change in commercial and retail property leasing. There are tenants, business owners, and landlords to connect with. Local area marketing will help you do that. You can also have a focus down on property types and local businesses.
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Precinct Focus and Priorities
Get deeper into your location to understand the streets, the precincts, and the buildings from where the business will come from. When you probe the market will deeply, you will find the opportunities to work with.
There are always opportunities to be identified in any town or city when it comes to commercial real estate activity with property investors, business owners, and property developers. It is just a matter of working with the segments and the people directly and professionally. Today, these ideas will help you do exactly that.
Create the meetings and the telephone calls to the right people in the right way. Be relevant and real when it comes to your canvassing processes and your call contact systems.
Essentially as a real estate agent, you must talk to plenty of people every day. It becomes a ‘diary event’ for you each morning for a period of a few hours. Lock it into your diary and make it a ‘work discipline’.
If you are looking for new listings in commercial real estate, take a good look at your activities and database. A few changes implemented each day in your diary can help you grow your real estate activities and listing inventory as the property market opens.
It sounds so logical, correct? Well, that is the case; however, most agents don’t act on it. That then is a substantial advantage for the agents that can change what they do and focus on things. The top agents of the industry do the things that other people will not do.
What is the message here? Directed activities in real estate will produce plenty of leads that can be shaped into more listings. The thing to remember here as you move ahead is that your daily actions will help you get the results you want. Avoid distractions and stay on task. Do the things those other agents are avoiding. Be prepared to set the disciplines of business into your diary.
What is Happening Locally?
Here are some questions to think about. Where is your property market located, and how defined is the allocated territory? Answer those questions before you go too far into your real estate leasing or sales activities.
Know the buildings, the streets, the property owners, and the businesses. Research into those property facts is always ongoing and that will help you find the right people that need your help. Conversations create new real estate business, so create plenty of those conversations every day.
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Creating Property Conversations
Talking to lots of people every day will help you find the new real estate business that you want. Researching the people and the buildings will be part of the plan of attack. To build your base of leasing opportunities, set up a strategy or contact plan that includes the items or strategy plan below.
- Tracking business movement in the location is always valuable. Businesses come and go, as will vacancy pressures in investment properties. Look at the factors of local area movement and where the forces can be. You can work with the changes to the property market with investors and business occupancy. It is easy to find a vacancy and connect with the property owner to talk about things.
- Connecting with local businesses is a daily process. Ask about what they are thinking and doing with property use. Some changes to rental and occupancy costs will put pressure on landlords or tenants to change occupancy issues. Tenants are selective with new premises based on the supply of space and the asking rents in each case.
- A landlord connection program is valuable for you in leasing. Be aware that some landlords are too aggressive in asking for rents, given their failure to accept changing market conditions. Some real estate client conditioning may be required on your part.
- Segment your targeted business types and building types and priorities so you can specialise in providing your sales or leasing offering in particular ways. The medical and health type business segments are a case in point. They seek larger premises to serve a changing demographic and set the trend to larger ‘super clinics’ in unique locations and near other medical people or businesses. So what properties are they looking for, and how do they need to occupy premises?
- Reaching out to landlords and investors regularly is a good idea. They will have changing trends and situations with leasing. Some tenants may leave premises unexpectedly, and vacancies will arise.
- Database activities are of high value. Your tenant database will be of great value as you talk to local landlords about vacancy challenges. That is why you work with the local businesses and talk about leasing trends, pressures, and needs.
- Establish a lease expiry calendar for all local businesses. You can then keep in regular contact with the right companies at the right time. One thing to remember here is that some businesses consider premise change about 12 months in advance. So early communication is essential if you want to tap into that leasing opportunity.
- Consider practical rental solutions for vacant properties and base those rental or leasing solutions on investment potential and ideal lease outcomes. Landlords like to know that you have all the answers to package a lease and rental situation to get a vacancy filled early.
- Create a local area marketing plan and establish a list of targeted buildings to connect with every business therein. Then, talk to the companies every quarter, so you are ahead of their lease and occupancy decisions. In addition, you can provide them with regular rent and vacancy trends, so they are ahead of occupancy costs.
- Watch the trends in supply and demand in the local area and across your territory. As part of that, check the trends in upcoming new and refurbished premises. Older buildings will start a new lifecycle and you can be part of that sales and leasing activity.
- Check out the existing listings of other agents locally and compare the properties and rents to what you know and see. Information will help you stay ahead of property trends and changes. Existing listings will also be slow to move at times, so look for those listings that are not moving locally. You could be interested in repackaging the listing and moving ahead again with a fresh marketing campaign.
The only high-value way of winning new business as a leasing and sales agent is to talk to plenty of people and build your real estate day around that process. Soon you will find the real estate business.