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:
- 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.
- 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.
- 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.
- 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.
- 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.