A local tenants list will help your commercial real estate leasing business thrive. It is such a simple idea, and yet many leasing agents overlook the value and the creation of a leasing register for their territory and buildings.
Activate your leasing market with better tenants and landlords. Think about these questions relative to your location or allocated precinct of properties:
- How many businesses are in the zone?
- What do local businesses expect when it comes to leasing occupancy?
- Who are the larger landlords for the location?
- Why will tenants and landlords use your services in leasing?
- What is the future of space supply in your zone?
- How many older buildings do you have that need renovation or demolition?
- What are the rents and the incentives today when it comes to new leases in modern premises?
These questions and the answers will help you move into productive tenant discussions through a canvassing activity. Make your canvassing calls every day to the tenants of the local area and in your priority buildings. Know what they are thinking and what they need to move to other properties. Understand why they may stay in their current premises. You can negotiate either way depending on who your client is in the leasing activity.
Leasing Questions that Get to the Facts
These are the questions that you need to address talking to tenants and in leasing property:
- Where are they located? Understand the location from the tenant’s perspective. They may have transport requirements, a client base nearby, or some property use factors of a critical nature.
- What is the type of building are they situated in now? Know the property in which they are located, and the services and amenities therein. If necessary, visit the building yourself and do some preliminary checking.
- What are the types of improvements that they require? Understand the floor area, the floor plates, how a property or tenancy is used currently, and what could be the critical services of the building for a tenant in new occupancy decisions. Questions like security, car parking, client access, climate control, and signage rights can be examples of special requirements.
- When does their lease expire? A simple date like this will allow you to predict leasing change and or a future negotiation opportunity.
- Who is the decision maker in the business? There is always a series of managers in a company or corporation. The leasing research activity for a business is usually delegated to a junior manager to ‘gather the property market facts’. If you are working with a person of lower rank in the corporate or company chain, ask the questions and provide the answers that they need, however, selectively get to the real facts of the final property leasing decision. Who will be making that decision?
So, these five simple strategies will help you match your leasing services to the tenants and companies in your location. These strategies will help you change your leasing successes.