The Easy Way to Find Tenants in Commercial Real Estate Leasing Today

office property reception area
Typical modern office tenancy.

 

If you are leasing investment property and particularly office, industrial, or retail property, you will need to know lots of tenants.  So many agents focus on winning a listing to lease, and then they take steps to advertise the property hoping that they will find a tenant.  The reality of that process is that it is slow and uncontrollable.  If you want to negotiate and secure lots of leases, the number of tenants that you know will correlate to the deals completed.

There are a number of ways to find tenants, and you will need a system to implement as part of your marketing process.  There is however an easy way to find tenants that could want to move premises; in simple terms you make lots of cold calls using the business telephone book for your town or city.

Here are the advantages to the process:

  1. Every city has a business telephone book.  In using that telephone book and particularly the current phone book, you do not stumble into the ‘Do not call register’ problem that exists with private telephone numbers and individuals.  You can telephone local businesses and that will lead you to market intelligence and opportunity in leasing activity.
  2. The list of businesses in the telephone book will be online and in hard copy so make sure you have the latest list of local businesses.  The ‘yellow pages’ will also be useful for a point of cross reference in the process and particularly the online version; in saying that many businesses are not overly concerned with a ‘yellow pages’ listing because search engines and websites are taking over as customer marketing tools in many industries.
  3. Over time you can improve your tenant cold call process and dialogue through practice.  Remember that you are not pushing for a sale or a meeting; the main reason for the call is to determine if the person you are speaking to has a potential property need now or in the future.
  4. You can track and measure your call efforts and conversations with tenants.  At different times of the year and at different times of the day you will find your results vary.  Understand the best times to make your calls and start your processes around that.
  5. From a call process you can build a tenant database that will support you significantly for the long term as a real estate agent; it’s a personal thing that can lead to lots of property opportunities and commissions.  When you connect with a previously qualified person with property potential, keep the connection going with at least one call or meeting each 90 days.  In that way you will create a marketing presence in the mind of the person that you are talking to.

So the process of finding tenants is quite easy.  Don’t complicate the call process.  Get out your business telephone book and progressively work through it.  Improve the quality of your call contact by practicing every morning your dialogue and conversations.  Soon you will find tenants that are looking to relocate because of rental pressures or a need to adjust, expand or contract as part of a business decision.

Podcast 180 – Commercial Real Estate Agent Training Online

Here are 3 topics for today. 1. How to do a successful listing presentation, 2. Tips for Identifying Property Features, 3. How to list an industrial property effectively. These are specialised commercial real estate coaching and training programs by John Highman, Broadcaster, Speaker, and Author.

MP3 File

Marketing Advantage in Commercial Real Estate Brokerage – Use a Blog to Build Your Online Profile

woman with laptop
Build your blog in commercial real estate brokerage.

As a commercial real estate agent or broker, you can use a blog as a professional and personal marketing strategy.  There are plenty of things that you can write about when it comes to your local area, your town or your city.

The blog is something that you can do individually at very low cost.  It is also something that you can do in your spare time or perhaps in the evenings when the pressures of the working day are diminished.

As a special note and as part of the blog marketing process in real estate or commercial property, you should not write about particular property listings and clients.  Leave that marketing strategy to the brokerage websites and the portals where you can and already do promote existing listings and particular properties.

The blog process is all about providing commentary and information or knowledge.  That is why the search engines rank the process so highly when people offer valuable information and insights.  As a real estate agent you can do exactly that and hence the blog strategy can help you greatly when it comes to building an online personal profile.

So what would you write about in the blog and why should you do it?  Consider the territory in which you work and the specialisation or the property knowledge that you can bring to the market; if you are truly the specialised property agent or broker that you claim to be, there will be plenty of things to write about and information to share.  Here are some ideas within those factors to help you get this strategy underway:

  1. Look for the changes in the property market in prices, rents, and future supply.  The changes in the property market and the analysis of history will give you plenty of things to write about.  You can create simple graphs relating to growth in prices or rentals, shifts in yields, or enquiry rates relating to property types.
  2. If you are a specialist in a particular property type you can talk about the future growth and opportunities that apply within the zones or precincts in your town or city.  Property investors will always show an interest in a well-crafted article giving valuable information about recent property trends and predictable changes.  As a case in point and as an example, the retail property segment and particularly that of shopping centre performance stands alone as a specialist part of the property market.  Within that topic there will be plenty of things to talk about when it comes to tenancy mix, rental strategies, vacancy rates, leasing opportunities, customer requirements, franchise tenants, and shopping trends.  I go back to the point that valuable information provided by industry specialists will always be of interest to the players in the property market.
  3. Any upcoming property developments will shift the balance of supply and demand when it comes to particular property types and property occupation.  From that new supply of high quality modern space, you will find that the older properties will become redundant and be potentially ripe for redevelopment.  Consider the changes that apply within a property type with any new developments coming up and write about them in your blog.  Talk about the changes and the investment opportunities or adjustments; look for the strengths that evolve from newer property developments shifting the balance of occupancy and property ownership.

There are plenty of things for you to write about when it comes to the blog and Internet Marketing process.  In this way you can build your online presence as an agent or a broker, and show your expert comprehensive property knowledge and experience to the right people in your town or city.  A good article written around the facts of the market can also be linked to your property newsletter and your client emails.  When something is worth talking about in our industry, it is worth sharing.

The One Thing that Makes All the Difference in Commercial Real Estate Brokerage

address book
Develop your marketing process in commercial real estate brokerage.

 

A career in commercial real estate does not need to be complicated but it does need to be focused.  Above everything else that you do in the industry, one thing will stand ‘head and shoulders’ above everything else as a success factor.

Exactly what is it that will help you convert more listings and commissions?

The answer to the question is quite simple; it is the number of people that you know at a personal level who are the relevant players in the property industry in your town or city.

That is the most important factor to incorporate in your marketing efforts and professional promotions.  Get to know the right people in a comprehensive way.

Database focus?

If you are looking to build your career as a commercial real estate agent, or perhaps you are looking to improve your market share, take a serious look at your database and the depth of relevance you have created with every prospect and client.  Those people need to know you as the best agent locally for the property type and the location.

In keeping your real estate career simple and direct, as well as successful, look at your database and the communication processes associated with it.  Here are some ideas to help with that:

  1. Over time you will find that some people or clients will fall away from the property industry and become less interested in buying, leasing, or selling.  For this very reason you do need to top up your database continually with new people and fresh contacts.  That is then a prospecting strategy.
  2. You will find that many people will take months if not years to take the next step in property activity.  For that reason your database should be structured around a pipeline process and a staged level of contact.  Every 60 to 90 days you should be connecting with the best people within the database in a relevant and real way.  That will help you build a professional profile as a top agent and industry professional.
  3. As in any other professional sales career, your communication and negotiation skills will be critical to the outcomes you achieve.  Practicing those two skills will help you improve conversions from listings, inspections, and negotiations.  Develop a practicing process that you can merge into your weekly or daily diary; role plays are valuable to help with the challenges of the property market as they apply to your industry type and location.  Keep practicing the challenges that you see every day and develop real responses that you can give to solving the problems your clients may have.

It is quite clear from this simple strategy that you do need to know a lot of people in your local area.  Those people should be recognized prospects or clients that are acting or will act on a property investment situation now or in the future.

Take a simple and direct look at your database processes.  Understand how you are finding new people and connecting with them over time.  Improve your client and prospect connections at every opportunity and practice your professional communication skills to suit the challenges of today’s property market.

Podcast 178 – Commercial Real Estate Agent Training

Here are 4 topics for commercial real estate agent training today. 1. Create Around the Clock Motivation, 2. How to Control Your Commercial Real Estate Sale or Leasing Deal, 3. Why you should keep accurate information, 4. How to do a Tenant Mix Analysis and Create a Tenant Mix Strategy. These are commercial real estate training programs by John Highman.

MP3 File