You can make some valuable client connections and commissions from and in the ‘tenant advocacy’ side of our property business. You can provide this specialist solution in your commercial real estate market.
Does this interest you? Think about your city and all the contained companies in your territory. Consider the larger businesses and larger properties. What are the most successful and thriving industry segments in your location? They are the people and companies to focus on with this unique and important business-based service.
Why do this? A few hundred businesses are likely to be in your allocated territory or allocated patch of streets, suburbs, and buildings. They are the targets for you. They need property help at a professional level.
How Do You Get Started in Leasing?
Where can you start to penetrate the market with this idea? Focus on quality larger businesses in your town or city. Get to know what they want from a business operations perspective. Ask yourself these questions:
- When will their current lease expire?
- When do they need to expand, contract, or relocate?
- What types of improvements do they need to operate their business successfully?
They are all excellent questions, and they offer many chances of service and business change centred on tenant advocacy and leasing.
These are times of change in the corporate sector. The better leasing clients to service with tenant advocacy are the local larger companies and corporations. They don’t usually have the time, the skills and the energy to focus on finding new premises in which to relocate. They require help from property professionals.
Setting Up Your Tenant Services
So, let’s look at some ways you can set up a tenant advocacy service in your location:
- Spit your streets and buildings up into priority rankings of ‘A’, ‘B’, and ‘C’. The only decisions to make here are the factors that qualify a business or building as an ‘A’ or ‘B’. They will be the buildings and locations of core focus. Logically and methodically work through the buildings and talk to all the business leaders.
- So, you will be talking to lots of people. Information is the key to the approach process. Question the business leaders about the following:
- Lease expiry date
- Expansion needs
- Contraction needs
- Relocation requirements
- Occupancy costs
- Special needs relating to improvements
- Changes in property occupancy in their location
- Whether they own or would like to own their property currently
- Provide information about nearby listings, recent prices and rents. Also, provide detail about future supply and demand for property in the location.
- Consider the fees and the structure of the services that you would offer a business tenant in tenant advocacy.
- Choose critical people in your real estate team that understand the leasing process and have the professional skills to talk to business leaders at Board level.
These are simple steps to establish a comprehensive tenant leasing and advocacy service in your city. Choose larger businesses as your target clients. They will be more inclined to pay higher fees for a professional service in the leasing requirement and relocating.
So, these are the simple rules of leasing today to corporates. These are the foundations of a tenant advocacy service. If you have lots of businesses in your location, then it is an ‘opportunity in waiting’ for you and your real estate business