As you work for different landlords with different property types locally, the market rents, and the occupancy costs vary from property to property. In this audio program, John Highman shares some ideas to help you improve your leasing market awareness and negotiation outcomes.
Of course you can work for either landlords and tenants in today’s property market. They can both be valuable clients to work for from different ends of the leasing equation. It doesn’t really matter whether you work for landlords or tenants, but it does matter as to how you optimize the rental position of your client as part of the leasing process.
As you strive to achieve better results in the leasing market today, consider the special factors of lease occupancy where you can add value to your client. Most particularly those factors should include the following:
– level of market rental
– lease duration
– lease documentation
– optimal use of leased space
– sensible balance of occupancy costs to area occupied
– vacancy minimization
– the budgeting of occupancy costs given current market rentals
In this audio program, John Highman shares some specific income growth strategies that you can use in commercial and retail property leasing today.
There are many things to explore as part of a new property management listing on your brokerage books. In this audio program, John Highman talks about the factors to question and review. Most particularly key matters to look into will include:
You can listen to the audio program here to understand exactly how you can approach the handover process in commercial property management today. It doesn’t matter whether you are managing a retail shopping centre, or a commercial office tower. The same strategies and processes apply. Attention to detail will help you with the fact review and gathering process.
You can have rent strategies for the short term or the long term. You can boost property value in a rental lift.
You can encourage a tenant to lease a property using fair and staged rents, or you can ask for the highest levels of income from the leased space and run the risk of a vacancy occurring.
Don’t forget that you also have net rents, gross rents, and incentives to work with in any lease negotiation. The income or rent that you start with can be enhanced over time, so look at the bigger picture when negotiating with tenants.
Don’t focus so much on the start rent, but the income over time. Look at the rent reviews and how they can support stable occupancy for the longer term.
In this audio program, John Highman talks about the rent and leasing strategies that are so important in today’s property market. You can listen to the audio and download it here:
Real skills are required and special people should be dedicated to the process of providing specialised services to investors and company owners.
In this audio program, John Highman talks about the special and unique skills required to manage a commercial or retail property today. Learn how to grow your brokerage business from a base of management activity and property management clients.
Property Facts and Controls
When you completely understand the strategies behind property management, you can develop special services across asset performance including the following:
– tenant retention
– income enhancement
– lease negotiation
– expenditure management
– net income generation and cash flow control
– lease administration
– maintenance management
– risk minimization
– renovation and refurbishment activities
– vacancy minimization
So there are many concepts and strategies within this list. If you take each individual concept, there are many specialised services that can be provided to your clients and customers.
In this audio program, John Highman talks about the importance of commercial and retail property management in brokerage performance today. Learn how to improve your brokerage business and the future commission opportunities available in your town or city.
There are many different strategies to consider when it comes to pitching for a new commercial property management. In this audio program, John Highman talks about the particular elements of a property management presentation that will be of relevance to most clients today.
Listen to the audio program and develop some specific ideas to modify your property presentation and management ideas. Don’t forget to talk about income enhancement, tenant mix changes, property controls, and risk reduction.
If you are about to take on a new commercial or retail property from a management perspective, there are things to think about. There are things to think about and the property management handover is critical to gathering the right information. Every client and every property will have unique issues to prepare for and ask questions about. (NB – you can get plenty of property management tips in our Snapshot program right here – its free)
There is something to remember here about a property handover and why it is so important; you only have a short period to get the full information about the property and its performance over time. Questions must be asked of the previous property manager, owner, or tenants.
So here are my experiences and ideas relating to taking over a complex commercial or retail property. Preparation is the key to success in capturing all the recent and relevant property detail. You may be able to add to the list based on the location and the landlord:
Check out the physical aspects of the property – it always helps if you visit the property first before you do other things. The visual aspects of the property will help you significantly with investigations and questions.
Review the tenancy mix – in a property with several tenants, look at the types of businesses, location of each tenant, and the performance of the property for the tenants in situ. Some tenant types put pressures on the property such as security or staff issues.
Review all the leases relating to occupancy – the leases will have unique elements of occupancy to review. All leases should be read; extracts and critical dates should be taken from each lease where you can see important facts impacting occupancy.
Understand the vacancy factors – any vacancy now or in the future is an issue. Resolve vacancies through a tenant retention plan, a marketing plan, or a targeted leasing program. You can also move existing tenants around the property. Think outside the square when it comes to tenant movement and placement.
Look at maintenance and risk factors – any person owning a property assumes risk and must plan for the challenges of property ownership. The building, the improvements, the location, or the tenant mix, can create risk matters and pressures. See things for what they are and how they could challenge the investment performance.
Review income and expenditure results – there will be a pattern of income and expenditure to review and consider. The last few years will have value to you when assessing passing income and net income. The results of the last few years will help you set new budgets for the property given the existing tenants, leases, vacancies, and landlord targets.
Talk to the landlord about expectations and reporting – every landlord will have certain requirements of reporting and control. The property will have income and capital value targets over time. How can you report to that criteria for the current property owner? Have you got a software property management program that allows you to report conveniently about the asset and the current results of income, leasing, and tenant activity? The information that you gather from a property management handover will be captured into the software that you are using to manage the property.
So, there are many things on this list to investigate. One thing or one question will lead to many others. As you take on a new property to manage, be prepared for the information and the facts that come your way; take plenty of notes.