The client or the owner of a commercial office building wants to know that you have a definite plan and a ‘toolbox’ of strategies that you can apply to their leasing challenge. The ‘generic’ approach to office leasing doesn’t work anymore. You are the leasing ‘strategist’.
Be more specific with your leasing engagements with properties and clients. Put the client’s property leasing requirement firmly into the property market in your location and build your leasing stories and tactics around that.
Asking the Right Leasing Questions
There is no ‘one fits all’ approach to finding tenants and filling any vacancies in office leasing. Be specific when you try to help your landlord clients with their leasing challenge; put some ‘purpose’ into your leasing plan and provide ‘clear strategies’. Here are some ways you can do that:
- Know the major buildings locally – As part of any leasing project, be aware of the other buildings in the location that could have an impact on your client’s property and the known or upcoming vacancies. There will need to be a ‘point of difference’ to help your property with its leasing requirements stand out as relevant and valuable to tenants and local businesses. How can you do that?
- Target tenants and businesses – Certain tenant types will match your vacancies in your listed property. The marketing of the vacancies then becomes more direct and specific. Build a plan of specific marketing to reach out into the best tenants and businesses that you think would be good candidates to occupy your listed property.
- Risk reduction is important in what you do – This means that you can and should be part of the property improvement plan by providing better tenants and creating quality leases. How can you do that? The answer will help you engage with your clients with their investment requirements and strategies.
- Vacancy reduction is normally achieved through tenant attraction and retention – Every exclusive leasing appointment should have a tenant attraction and retention plan. That will involve some specific rents and lease offerings with existing tenants. Each year those plans can be modified as part of the property strategy and plan. You can do that with or for the landlord.
- Incentives and benchmark rentals should be set – The property market will change, and with that change will come variations with supply and demand impacting your lease listings. The enquiry that you want or get with your property listing will be reflected from the rents you are asking for, and incentives that you are providing. Understand what other tenants are being offered currently in the local property market, and then package your property and its vacancies to have some advantage in rental and or incentive offerings. Make your property the ‘best value’ in office leasing locally. It doesn’t matter too much where you start with rentals, but it does matter where things finish. Your rent review strategies will be a useful way of improving things from the starting rent.
- What are the improvements and fit-outs possiblities to apply? – Prepare your vacancies for leasing by considering the improvements, the services and amenities, and the fitout configurations. The size of the floor plates will also have an impact on fitout design.
These office leasing strategies will help you build some purpose and momentum into your professional leasing services for your clients. Be comprehensive in how you build a lease strategy for your clients and their property vacancies. Be all-inclusive in how you look at attracting potential tenants to the asset and its vacancies. These are the qualities of a professional leasing agent in office property today.