In today’s commercial and retail property market, you really do need to develop a leasing strategy for each and every quality property that contains vacancies. The abundance of vacancies available means that the limited pool tenants available has a lot of properties to choose from. Attracting enquiry from tenants and then converting the enquiry is a real ‘art form’ in this market. Here are some more tips from our Newsletter for Agents.
It should be said that the marketing of any lease or vacancy should be on an exclusive basis. You should be appointed as the agent of choice to market the property for a period of time. Controlled listings are the only way to attract enquiry in this market today.
Given that the landlord requires leasing results in their property, the controlled listing is the only way to achieve the necessary commitment on the part of the agent and the necessary market penetration into the tenancy base.
It should be said that the client’s commitment to an exclusive agency should also be reflected in the agent’s commitment to market and service the listing. There is no point in taking on an exclusive listing of a vacant tenancy unless you truly believe that you can market it comprehensively and intensely for the period of the agency. The real estate world is full of disgruntled clients who have been tied to an exclusive agency and a poorly performing agent for a long period of time.
To provide an excellent leasing service for your clients today, here are some tips and ideas to merge into your leasing strategies and solutions.
- When you act exclusively for a particular landlord, the property portfolio that they own should be subjected to a tenant retention plan and business strategy. In that planning process you can set the key criteria that should apply to ongoing leasing activity and tenant mix changes. When the landlord can clearly see the leasing road ahead when it comes to rentals and vacancies, they are more likely to stick with you as the leasing expert that they require.
- The market rental in your local area will change from time to time given the supply and demand for rentable space. New property developments will place pressure on market rentals through the introduction of lease incentives and enticements. Keep your client up to date with some form of market rental update on a monthly or quarterly basis.
- The expenditure or outgoings costs for a given property asset will be based on both controlled and uncontrolled cost factors. The uncontrolled cost factors are those that relate to property rates and taxes. Like it or not they will have significant impact on property usage and will need to be paid. It is the controllable outgoings that have some ability to be shaped relative to occupancy and building usage. As a leasing strategist and specialist, you can keep the client appraised regards current levels of expenditure and outgoings that apply to the particular property type. The trends of outgoings costs will to a large degree influence your rental decisions regards amount and rental type.
To be a top leasing agent today, you simply need to bring relevant leasing skills and local property knowledge to the client. Provide the best leasing service possible to your clients, and keep in touch with the local business community for the tenancy needs that arise.
You can get some more tips on leasing strategies from our online Newsletter for Agents.