When you look at the property leasing market in any town or city, there are tenant advocacy opportunities to be worked. In saying that, it is always preferable to work with the larger tenants and the better quality properties from the position of a ‘tenants advocate’. Smaller tenants can waste your time and your money. Larger corporate tenants pay better fees for the service and generally need the service in that the decision makers do not have the time to research the local area, the market conditions, and the good quality buildings. (NB – you can get plenty of leasing tips in tenant advocacy in our ‘Snapshot’ program right here – its free)
So, there is an opportunity here for the aspiring agent looking for a growth of market share. If you know a lot about rents, lease negotiations, occupancy needs, and lease documentation, then this could be a good segment of the property market for you.
Know your leasing market and the tenants
Are you ready to win some ‘tenant leasing business’? It is a good time now to look at your database and review all the businesses that you have in that list. Ensure that your database is correctly segmented with the requirements of tenants. That segmentation should include:
- Timing of relocation
- Size of occupancy
- Type of building
- Precinct required
- Decision makers or key people
- Records of all communications made to date
- Special leasing needs including budget, staff, and improvements
At a bare minimum, these are the things that should be collated in your database; the fields should be ‘searchable’ in all respects so you can isolate the right property inquiries from tenants when you have the better buildings to work on.