Ever Lasting Tenant Prospects in Commercial Real Estate Agency Today

businessman giving thumbs up signal
Top leasing agents have great databases full of tenants.

In commercial real estate today the leasing of premises can be a real challenge.  This is especially the case if you do not have a good database of tenants to call on and connect with.  This is where expert property leasing specialists will have the advantage providing they have a good collection of tenants that they regularly connect with.

Here is a fact for you. The difference between an ordinary leasing executive and a top agent leasing executive is the database.  The more people that you have spoken to previously and that you can call on with confidence and relevance today, the better off you will be with your leasing conversions and business.

In this property leasing market, many variables exist such as:

  • Amount of vacant space available
  • The enquiry rate for different property types
  • The quality of the listings
  • Market rent
  • Rental types (gross and net)
  • Comparable and competing properties
  • The ability to pay market rental
  • The ability of the landlord to accept true market rentals to encourage a lease
  • The rate and type of incentive that is available for tenants in differing property types
  • The supply and demand of space in the different property types

All of these things produce variations of what tenants want and how they can negotiate on a lease.  For this very reason you really do need a comprehensive collection of tenants in your database.  As you add prospects to that list, make sure that you keep in regular contact.  This industry is based largely on relationships and trust.  Top agents win the deals and the listings mainly because they have the trust established with the right people.

To build an ‘everlasting’ list of tenant prospects today, here are some strategies for you:

  1. Understand that the best results will come to you when you specialise.  That will give you the ability to talk rents, leases, and improvements in properties with greater relevance.
  2. Determine the property type and tenant type that you should be working on.  Make sure that the segment of market is active and growing (not contracting).
  3. Get to know the rental and leasing strategies behind leases today with your specialist property type.  Your client will normally be the landlord, and they need help to see the best way to attract lease enquiry and tenants to the property.
  4. Talk to 15 businesses per day.  Most of that can be done on the telephone. Importantly these businesses should be ‘new’ prospects that you have not spoken to before.
  5. Depending on your area and location, you should have over 600 businesses in your database that you speak to regularly.  Focus on relationships and property requirements.

Consistency is the key to getting results in commercial property leasing.  Examine your diary and personal systems to ensure that you really do connect with enough of the right people.  When you have a good database, landlords will be attracted to you.  Landlords cannot ignore a top agent with a relevant and large database.  Sell your leasing services on that basis.

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Author: John Highman

Commercial Real Estate Broker, Coach, Speaker, Author, Broadcaster.