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The Ultimate Checklist for a Tenant Database in Commercial and Retail Property Leasing

city buildings on river

When you work in commercial or retail real estate leasing, your tenant database is critical in your business processes and ultimately the lease conversions.  It must be separated from everything else as there are special issues and situations to track with all tenants.  A good quality tenant list will help you find and win more landlord clients.  It is hard for a landlord to ignore a comprehensive list of tenants in a location or across a property type.

leasing system for brokers
Commercial Real Estate Leasing System

 

Database Structure

So, what do you track in your database?  You track future business and tenant changes as well as property and lease requirements.  Here is a list:

  • Location preferences – that will be the precinct or zone of the city or suburbs. Some tenants need to be near main roads, transport hubs, other businesses, customer bases, or city zones.  Ask questions when you talk to a business owner about location priorities and put that information into your tenant list.
  • Size of premises – understanding the different types of buildings and businesses, there will be factors of focus with office area, warehousing, showroom, car parks, and common areas. A specialist leasing person will probe into those factors and questions.
  • Lease expiry dates – ideally, it pays to work with tenants at least 12 months out from a lease expiry date. In that way, you can prepare them for premises change, budget, and the logistics of changing a building.
  • Special needs – some businesses have unique requirements of building choice and layout. The best way to investigate that is to know where they are coming from now and how they operate as a business unit through the year.
  • Improvement requirements – staff and customer activities will impact improvement locations and fit out design. Differentiate between the customer and sales areas of a business, and then look at the way in which staff and business processes occur.  Typically, a business will have ‘pods’ of focus such as sales, service, administration, storage, technology, and production.  A good architect should be consulting with the business owner to advise on how those zones are positioned and how they operate in a building and new lease situation.
  • Expansion and contraction – know that most businesses are going to change operations over the coming 2 to 5 years. Given that most leases are between three and five years long, the requirements of expansion and contraction should come into the discussion with business owners.

So, a tenant list and database should have the capabilities of storing and tracking this information.  One of the quickest, cheapest, and easiest ways to set up a list that contains the information that you seek to track is to use Microsoft Access or similar.  YouTube offers plenty of free instruction on Access Databases and how to build them.

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How to Develop a Competitive Advantage with a Commercial Real Estate Database

city buildings on river

A commercial real estate database will help you build momentum and traction in your real estate business. If you are a broker or an agent seeking to grow your market share with sales, leasing, and property management, then your database will be foundational and important to the traction you need with clients and prospects. (Note – you can get plenty of tips and ideas relating to client lists and database software programs in commercial real estate through our snapshot program right here – it’s free)

Choose the database program that works for you with your property types and your business specialities.

So there are many different types of database is out there for brokers to use. Some are more expensive than others. The important thing here is that you understand the information that you need to capture as part of talking to clients and prospects in your territory, your town and your city.

The software that you choose should give you the flexibility to capture the information and filter the important information when the right property situation arises.

 

Logical Database Systems

In this audio program, John Highman talks about the logical processes of database activity, and why you should merge those processes into your business model. The key thing here is that the database should be authentic, up-to-date, and relevant to your local area and property knowledge. Each day you will be talking to new people in different ways. Every conversation and every meeting should be captured into your client list.

 

VIP Lists

 

It should be said that parts of your client list should be dedicated to VIP contact with qualified people. The software that you choose to use as part of the client list should allow you to connect via email, mail merge, automation, and regular pipeline contact. The frequency of contact in commercial real estate is so important to the results that you will achieve.

 

Relevance

Relevance will help you maintain the right momentum with the qualified people that you connect with. Provide plenty of local information tuned to the market and the client or prospect. I go back to the point that your software program should be carefully chosen for the communications that you need to do and the budget that you can afford.

You can listen to the audio program here and downloaded for convenience. Learn all about data-basing in today’s commercial real estate environment: