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.
In today’s commercial and retail property market, you really do need to develop a leasing strategy for each and every quality property that contains vacancies. The abundance of vacancies available means that the limited pool tenants available has a lot of properties to choose from. Attracting enquiry from tenants and then converting the enquiry is a real ‘art form’ in this market. Here are some more tips from our Newsletter for Agents.
It should be said that the marketing of any lease or vacancy should be on an exclusive basis. You should be appointed as the agent of choice to market the property for a period of time. Controlled listings are the only way to attract enquiry in this market today.
Given that the landlord requires leasing results in their property, the controlled listing is the only way to achieve the necessary commitment on the part of the agent and the necessary market penetration into the tenancy base.
It should be said that the client’s commitment to an exclusive agency should also be reflected in the agent’s commitment to market and service the listing. There is no point in taking on an exclusive listing of a vacant tenancy unless you truly believe that you can market it comprehensively and intensely for the period of the agency. The real estate world is full of disgruntled clients who have been tied to an exclusive agency and a poorly performing agent for a long period of time.
To provide an excellent leasing service for your clients today, here are some tips and ideas to merge into your leasing strategies and solutions.
When you act exclusively for a particular landlord, the property portfolio that they own should be subjected to a tenant retention plan and business strategy. In that planning process you can set the key criteria that should apply to ongoing leasing activity and tenant mix changes. When the landlord can clearly see the leasing road ahead when it comes to rentals and vacancies, they are more likely to stick with you as the leasing expert that they require.
The market rental in your local area will change from time to time given the supply and demand for rentable space. New property developments will place pressure on market rentals through the introduction of lease incentives and enticements. Keep your client up to date with some form of market rental update on a monthly or quarterly basis.
The expenditure or outgoings costs for a given property asset will be based on both controlled and uncontrolled cost factors. The uncontrolled cost factors are those that relate to property rates and taxes. Like it or not they will have significant impact on property usage and will need to be paid. It is the controllable outgoings that have some ability to be shaped relative to occupancy and building usage. As a leasing strategist and specialist, you can keep the client appraised regards current levels of expenditure and outgoings that apply to the particular property type. The trends of outgoings costs will to a large degree influence your rental decisions regards amount and rental type.
To be a top leasing agent today, you simply need to bring relevant leasing skills and local property knowledge to the client. Provide the best leasing service possible to your clients, and keep in touch with the local business community for the tenancy needs that arise.
A retail shopping centre is a unique property type and there are a few things to look at and understand if you are to take a retail property to the market in sales, leasing, or project activity. Each of these three retail categories will give you trends to capture and monitor as part of your […]
When you manage and or lease a shopping centre, the vacancies in shop leasing can be a real drag on shopping centre performance and retail sales, particularly so over time. It takes time to boost shopping centre performance, and similarly so to remove leasing and tenant mix problems. Any current or upcoming shop vacancy in […]
So, the equation to retail and shopping centre property performance goes a bit like this…. Strengthen the tenant mix so that all the demands of the customer base are encouraged and served with a variety of goods and services Attract customers to return to the property frequently for all of their retail shopping needs […]
Every broker or agent should have a sales plan in brokerage. That plan will give momentum and focus to listing growth and client contact. In this video today, we share some specific ideas behind creating a successful sale plan in your career. Something that you can build momentum around. Here is the video:
In today’s commercial real estate podcast we share some ideas across some very practical and useful strategies in sales and leasing. If you are wanting to boost your results as an agent or broker, there are plenty of things in today’s program that you can do locally in your town or city. There are five […]