Landlords of investment property always need some degree of help when it comes to commercial property management and leasing. Look for those landlords and then centre on their problems. Provide solutions that are clear, specific, and specialized. It is hard for a client or prospect to ignore relevant recommendations on a property matter. Go ‘deep’ on your recommendations to help the client see that you are the person to engage with. (NB – you can get plenty of property management tips in ‘Commercial Snapshot’ right here – it’s free)
The proven fact here is it is easier to win a new commercial property appointment when you focus on property solutions, control, coverage, and improvement. Far too many property managers worry about fees as part of winning the listing.
Property owners need help, so tune your listing pitch to the client’s property in every way possible. Look for the pressures that they must deal with; be the solution provider. The ‘fee pressures’ will be less of an issue when you are truly aligned to the property and the client with recommendations.
Property owners need help, so tune your listing pitch to the client’s property and challenges in every way possible. Look for the pressures that they must deal with; be the solution provider that is client oriented. The ‘fee pressures’ will be less of an issue when you are truly aligned to the property and the client with recommendations.
The Landlord Message
Make the landlord’s job easier and improve the property performance. Provide solid recommendations where issues can be seen. Here are some ideas for you as starters:
- Strengthening the tenant mix – get into the leases and tenant structure of the property. Look for the facts. There will be strengths and weaknesses in the tenant mix. Split up and analyse the mix so you can see income differences, tenant options, and rental reviews. It is a good idea to graph the timing of critical tenant dates and activities in the property. The most relevant window of time would be the next 2 years, so you can identify strategies early and introduce any changes early for the client.
- Resolving a lease negotiation – some leases with larger tenants are difficult to ‘close’ due to all the property variables and market pressures. If you are a leasing ‘expert’ for a location, you will have some good ideas to use with your negotiations and then get the parties to agree. There is always a compromise in most property transactions just waiting to be found. Practice your negotiation skills.
- Picking better tenants for the mix – look at all lease and tenant negotiations based on quality and timing. Quality tenants are valuable for the long-term performance of the asset. Choose your tenants well. Break up your tenant mix into groups of primary and secondary tenants.
- Improving rental returns and removing risk – when you consider the performance of a property, there will be risk factors that should be addressed. Understanding the property from a landlord perspective, find the elements of risk and remove them. Position the property for better performance and talk about how you can do that.
- Fixing vacancy problems and threats – there will be several risk factors with any property investment, and vacancies are part of that. The rental cash flow stream must be optimised and helped through specific strategies including expirees, leasing, renegotiations, reviews, and options. Negotiate all your leases with a bias towards the ‘bigger picture’ of risk reduction.
You can market your property management services and skills from a base of ‘question and answer’. Help the client see the questions, and then provide the answers. There are many things you can talk about with most properties.