Tenant advocacy and property leasing services are a good part of commercial and retail real estate. You can do something with that. In today’s podcast, John Highman shares how you can work into this part of the industry and why that is a good idea.
Know all the local tenants and the upcoming lease expiries in the local area. As you talk to ever more local businesses you can track the predictable lease expiry dates. You can also track the options of extended lease periods. Either way, there will be tenants requiring local leasing information and negotiation assistance. Are you the person to help them?
The fact of the matter is that they will need expert help; that is why I said that it is best to focus on the larger companies and corporations. They are generally the tenants that will pay handsomely for expert leasing help. Lock them in with a client relationship and a commission agreement for a satisfactory outcome.
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
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.
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.
The commercial real estate leasing process is quite special. You can work with tenants or landlords, but either way you will need some local area information and the tools to help you through any property inspection and negotiation.
Commercial real estate leasing is quite special in a number of ways. There are pressures to work through with tenants and landlords. In this audio program by John Highman, you can learn how to optimise the leasing process for better results. (NB – you can get plenty of leasing ideas in Commercial Snapshot right here – its free).
John talks about the property leasing market today and what needs to be done to convert better enquiries from tenants. There are some other ideas in the audio program about listing, marketing, and negotiating.
How involved are you with your database list currently?
How accurate is that list?
Are you building some pipeline of contact with all the people in your list?
The secret to finding and converting more commercial real estate tenants will always be in your canvassing and prospecting activities as a broker or an agent; those are the specific activities that you activate and deploy every day into the local business community and or the tenants in your location. Landlords and tenants will be critical to the growth requirements that you have in commercial real estate leasing. Grow your contact model, and grow your real estate business.
Consider these questions:
How many new tenants to contact each and every day?
Understanding your town or your city, and the local businesses to you connect with regularly each 90 days?
If you were to show the landlord your database to impress them as part of the property leasing presentation, how impressive with your database be, and would it attract the landlord to your services?
Ratios and Results
There is a ratio to know and respect here, particularly as part of this leasing and investment property process. The number of listings that you convert exclusively over time will be influenced greatly by the number of landlords that you know personally and connect with regularly. Focus on building trust and confidence with the landlords that you work for. Provide regular updates of the leasing market together with comments leading to market rentals, incentives, and lease strategies.
Audio Program about Tenant Attraction
In this audio program, john Highman shares some of the proven strategies and ideas that can help you find better quality tenants and better landlords to work for. Honing your prospecting activities with a bias towards quality and ongoing contact will always be a valuable strategy to deploy. Connect with the landlords and tenants using relevant local information and local market knowledge. Connect with landlords and tenants at least once every 90 days.