Cold Call Prospecting for Commercial Real Estate Agents Today

In this property market the cold calling process is more important than ever before.  The agents and salespeople that lift the telephone every day and make more calls to new people are still doing the deals.

It is a sad fact that the cold calling process is neglected by so many salespeople.  The only reason for this is call reluctance.

In markets that are frustrated and generally slow like that currently, the number of people that you can tap into is the key to generating enquiry.  There are still successful businesses out there that need and assistance with their property activity.  If anything there is now a better selection of property to purchase and lease.

After coaching many people over the years I can see the most successful people being those that still continue the regular prospecting calls every day so that they can build their database with new and fresh opportunity.   See more comments here http://www.commercial-realestate-training.com/

Real Estate Agents – List and Sell More of the Right Property

In commercial real estate and as a real estate agent you have to generate quality property listings.  When you do that and do not take on just any old listing that comes your way, the sales are easier and more productive even in tough markets.   In this way you can fast track your career.

Investors in this market want good quality property to invest in.  That means well designed leases, good tenant mix, and low vacancy factors.  Look for the best commercial, retail and industrial properties in your area that feature these attributes and then track down the owners for cold calling and prospecting.

Sellers of commercial property are selective and will try to drive a bargain with commission and marketing fees as part of the listing process.  That being said it is the marketing of the property to the target market that is really important.  As long as you show the sellers that you really understand the market, the property, and the enquiry coming in at the moment, you stand a reasonable chance of converting the listing to a sale at a fair commission.

You can get more free tips and tools for real estate brokers right here http://www.commercial-realestate-training.com/

Attracting Tenants to Your Tenant Mix

Every property is unique and special.  Each property has got a mixture of negative and positive issues emanating from the design and layout.  To set up a productive tenant mix you have to do the best with what the property offers design wise.

A successful property requires successful tenants, and not just tenants that pay rent.  This is where tenant mix is critical.  To do this you need to know:

  • Rents
  • Lease terms
  • Fitout construction rules and costs
  • Incentive alternatives
  • Option structures
  • Rent review alternatives
  • Tenant preferences

Tenants are selective in what they lease.  They want the best, and in this market you have to provide it if you are a property manager or a landlord.  Your property has to be the best available offering in the property market at the moment. 

Consider this question.  What are the top 4 reasons why someone should occupy your property as a tenant?  If you do not have a solid set of answers then you have a problem.  Your property should provide something that the other properties do not have or find it difficult to offer.  Your property has to be the best available.  You should be a property magnet to attract the tenants.

So where do you start when attracting tenants to your tenant mix?  The features of the property and the design of the property will be the base from which you consider where the tenants are going to be placed.  Look at the design and consider where the customers will come from inn and around the property.  What will be the ‘ant track’ by which the customers walk and pass through the property?  Any corners or turning points in the ‘ant track’ are likely to be high traffic areas and if handled correctly will be the source of higher rent.  At these corners you want smaller tenants with a vibrant retail offering.

The successful retail property is totally about the tenants and not much else.  Without the tenants then the property will likely fail.

Look around.  Details of physical features of properties should be noted so that you can build on opportunities and positive aspects of the property with potential new tenants.  

All the information gained should be included on an appropriate and organised listing form and recorded as both hard copy and as part of a computerised listing package.  Ultimately you will be producing a leasing brochure and information package to present your exceptional property to potential tenants in its best aspect. 

All investors and owners of commercial property have differing investment and ownership needs. This then leads to the core decisions that they will make when you locate a tenant or adjust the tenancy mix.  It could be that the client has a preference to hold the property for a short period of time and then undertake a redevelopment or expansion of the property.  This will have significant impact on how you would construct the tenancy mix and lease profile for the property.

To handle these facts you interview the client and discuss the investor’s property requirements before proceeding with any part of the professional leasing and tenancy services that comes with commercial real estate. You need to match your leasing and tenancy services to their property holding needs.

Your skill is in assessing the potential leasing and tenant balance of the property and then shaping the leases to support the rental income needs is essential.

You can get more detail on this at our website here http://www.commercial-realestate-training.com/

Property Inspection Tips for Retail Property Managers

When you look around a retail property it pays to do so with an eye of a customer.  If you manage or lease a retail property it is the customer that will impact everything in the end result.  Without customers the tenants cannot trade and therefore the rent cannot be paid.

So in walking around a retail property you can do look at specific things such as:

  1. Can you get access to the property without difficulty both on foot and in a motor vehicle?
  2. When customers enter the property is the car park easy to understand and use?
  3. Look at signage at logical entrance points.  Are they of high standard and of similar design?  Signs for tenants should also have some controls both in size and placement.  Nothing looks worse than a property where signage has been poorly controlled.
  4. Does the property feature some pylon signage at the entrance way that presents well and gives the property an identity?
  5. Is the mall or common area for the property uncluttered and clear so that all tenants can display their location and offering?  Look at the sightlines in all directions from the front of all shops.
  6. If public transport accesses your property, does it do so in a way that deposits people safely at the main entrance?  When they leave the public transport zone can they enter the common area mall and find what they want quickly?  You will need a series of Directory Boards at key entrance points for this purpose.
  7. Check out the common areas and the services and amenities that the public would use in the property.  Do they give the best impression and are they functional to standards that will impress the shopper?  Are the common areas ‘user friendly’ and attractive?
  8. Lighting and illumination will complement the common area and customer useage.

A great shopping centre is a balance of tenant mix, surrounding the functional common areas in a way that encourages sales.  A customer will only spend money when they ‘feel good’ about the property.  You should be the manager of ‘first impressions’.  Make sure the tenants support the process.

Cold Calling Success in Commercial Real Estate

Many times I have spoken to salespeople in commercial real estate about the market and what they perceive as opportunity this year.  Some people have got a real grasp on their activities and listings. Sadly the majority (at least 90%) do not, and for one simple reason. They do not do enough cold calls to prospects.  They do not therefore control their market and they do not have enough listing churn.

No matter how successful you think you are right now in commercial real estate sales and leasing, you must do the cold calls yourself and you must keep control of your own database records.  Both of these issues are avoided by most salespeople; the reason for the avoidance is lack of commitment and persistence.

Here are some tips for those that are prepared to make the calls:

  1. Set aside the same time each day for the calls.  In only that way will you make it a habit.
  2. You will need about 2 hours each day for the process.
  3. Do not hand your cold calls to a telemarketer, it is a waste of money. Only you really know how to talk to a prospect with relevance.
  4. Stand up when you make your calls. You will need a headset for the process.  In standing up you will find that your conversation flows more freely and confidently.
  5. Make 50 calls per day to fresh contacts from the business community.

Is this a lot of work?  Yes, but the rewards are real.  If you are good at your calling process the market will be attracted to you and listings will follow.  If you want some more tips on cold calling and listing business generation, then check out our website at http://www.commercial-realestate-training.com/

Tenant Mix and Property Performance

Connecting with and keeping in contact with tenants in a professional way is foundational to a solid and strong commercial property performance.   The object is to address and resolve tenant service and maintenance issues such as:

  1. Maintenance matters
  2. Leasing matters
  3. Emergency matters
  4. Keeping the tenant informed of upcoming changes and issues
  5. To identify when the tenant is under occupancy stress

Happy tenants support your cash flow from rent.  They also minimise your vacancy factors.  It is notable that existing tenants in a property can either impede or assist the leasing process.  Therefore it is all the more important to keep the tenants in your property happy. Prospective tenants will seek out sitting tenants and learn quickly if those existing tenants are unhappy.  Keeping tenants happy and comfortable is all part of the property daily system and activity for the property manager.  Keeping in contact is part of that process.

Commercial Property Management Handover Procedures

When taking on a new property management that is office, industrial, or retail property, first and foremost the property manager needs to get on top of tenant matters.  The tenant is already in the property from the moment the property manager takes over the property. Tenants have issues, and on that basis the lease terms, the tenant occupancy, and premises detail have to be high on the agenda of review for the property manager.  Having a fixed handover procedure or checklist is essential.

All tenant occupancy terms are usually reflected in a lease.  If not, then they are likely to be monthly or casual tenants.  In that case the tenant will have no lease to refer to in relation to terms of occupancy.  In that case the tenant will still have occupancy rights and obligations to understand from law and legislation in your location.  When in doubt see a good solicitor.

One small word on leases that do exist is that they can be registered or un-registered.  This means that they may or may not be on the title for the property.  Either way the tenant has rights which are protected and explained in that lease.  Find all leases that apply to the tenants in the property and review them for impact on service and maintenance matters.  It is quite possible for any tenant to have special terms and conditions in that regard.

To review a lease for this type of issue, read the lease in its entirety so that relevant matters of maintenance and response are recognized.   The types of issues frequently written into leases are those such as:

  • Security situations and systems
  • Air conditioning provisions and service to the tenant
  • Maintenance obligations and methods
  • Occupational Health and Safety obligations
  • Response times and processes in any maintenance
  • Methods of keeping the tenant informed
  • Methods of accessing the tenancy for service and maintenance events
  • Levels of acceptable safe or comfortable occupancy
  • Rent adjustment or abatement in times of service failure

Keeping in contact with tenants so that service and maintenance needs are addressed in keeping with occupancy documentation, is essential to property performance.   When major failures of plant and machinery occur it is the property manager that has to have the levels of control and communication to preserve and protect the landlord’s position.

In property management expect that big things will go wrong from time to time.  A response management plan or a crisis management plan is part of the toolbox for a property manager.  The larger the property you find the greater the potential for a major building failure, and possibly personal injury.  If you know your property is located in an area of reasonable natural disaster potential, then be prepared.  Do you have the control systems and people to keep things under control?

You can get more detail on Commercial Property Management at our website here http://www.commercial-realestate-training.com/