A leased commercial property or tenancy is the start of something new and is a fresh opportunity for a client. Through one single lease transaction, you can over time open up the many other possibilities that await. You can also build a stable and reliable relationship with the client into the future.
It does not matter whether you specialize in sales, property management, or leasing. All parts of our industry are linked when it comes to client performance and asset improvement; strategic leasing is at the centre of everything.
Look at the rental part of our industry as being the foundation of investment enhancement, and hence your client services. Build your business from a base of leasing activity.
Improve Property Performance
The good things that you can do with a property lease and tenant in occupancy will allow you to improve the property and the investment cash flow over time. So, learn everything you can when it comes to strategic leasing and investment performance.
Understand exactly how you can improve the investment and the asset for the client from a rental perspective.
Here are some services to consider as part of building this momentum and professional lease or tenant service. Look at your systems now as they relate to:
- Tenant mix controls – the performance of any property when it comes to leases and tenants can usually be improved. Any building with multiple tenants in occupancy will be a prime target for that type of service.
- Vacancy minimization – given your knowledge of the local business community and their leasing requirements, you can mix and match companies into vacancy situations and opportunities. Stay in close contact with all the local business leaders for that very purpose.
- Tenant retention plans – some tenants are better than others and on that basis should be retained as part of the property investment strategy. Rental and lease conditions can be structured and framed to attract and retain tenant occupancy over time. Review the leases in the building to understand the expiry dates and the tenant leasing requirements.
- Market rent negotiations – there are different types of rentals to work with when it comes to a location and property type. A single lease transaction can commence at an initial starting rent, and that rent can be enhanced over time through reviews and references to market conditions. Monitor closely the trends and the indicators of market rentals in your location and within the property types. Track those areas through a series of graphical displays and graphs. Use those graphical displays as part of your client contact processes and presentations.
- Renovation and relocation plans – all property assets will eventually need re-positioning and renovating. In commercial and retail property and indeed those properties with multiple tenants in occupancy, there will be strategies required and negotiations needed. Through a strategy of tenant sourcing, re-positioning, and enhancement, you can improve the asset performance over time.
- Asset performance – leases and tenants are at the source of investment performance and asset enhancement. While a commercial or retail lease and tenant can be looked at individually; there should be that review and balance into the overall tenancy mix. Understand how you can cluster tenants and review lease conditions to enhance occupancy conditions and market rental cash flow.
There are many things that you can do here when it comes to strategic leasing and asset performance. As the professional in commercial or retail property for the location, consider how you can optimize your rental services and interact closely with your clients and their properties. Be special and be real when it comes to property rental services today.