There is an ideal marketing mix for most commercial office leasing situations. To find that ‘mix’ it is a matter of understanding the property, the current levels of tenant inquiry, and the target market. You can then set the marketing strategy so it creates the best impact into the segment of tenants that you need. That’s how you get a good share of inspections and property inquiry.
I have found today that a respectable promotional mix used to find tenants is a combination of online and offline strategies, and in doing so using direct and indirect promotional tools; that helps you cover most if not all of the available tenants looking to move.
Always track your campaigns so you know just what is working for you. Capture all tenant movements and the information that you glean in discussions, through a good database. Top leasing agents will usually have a comprehensive database of tenant movements and lease details across their territory and property type. The quality of your database will impact your success in the industry.
In situations like this, there is a basic promotional rule that is so common to leasing; it is the fact that most tenants that are looking to lease or relocate will come from the local area or your town or city. Business seems to work that way, as tenants will stay with what they know. On that basis most (80%) of your promotional efforts should be ‘localised’, and then driven through that target market in a logical and thorough way. Don’t let anything ‘slip through the cracks’. Understand what your tenants and landlords are looking for and when they need it. Constant contact will help you with that process.
When talking to tenants about space requirements, you should ask about these things:
- Lease expiry
- Premises type
- Expansion needs
- Contraction needs
- Business relocation
- Decision makers names and contact
- Premises configuration and improvements requirements
From these facts you can match tenants, landlords, and premises; you can then put targeted lease deals together over time and do so off market as businesses struggle or look for change. That’s why a database with some flexibility is so useful.
Some tenants will tell you the things that you ask; others may not. Don’t bother too much with tenants that won’t talk; move on to the next conversation with another tenant. There are plenty of tenants to talk to in the property market today.
So, the ideal marketing mix for most office leasing situations looks a bit like this:
- Internet portals and websites
- E-newsletter sent to people in your tenant database
- Direct calls into your database
- Signboard on the property or premises in a prominent location
- Direct mail to qualified local tenants
- Flyer brochure drop into the local business community
- Door knocking local businesses
- Industry or target market related publications
You could say that there is a good degree of personal involvement in promoting a vacant building or tenancy in this way, and you would be right. The marketing of office premises to lease doesn’t need to be complicated but it does need to be direct. That’s why you should ask for and get an exclusive listing appointment for every quality property that you lease.