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Negotiation Management Strategies in Commercial Real Estate Brokerage

city at night

In commercial real estate brokerage, be that in sales or leasing, we come across plenty of different people and property situations.   Some commonalities will exist in prevailing market circumstances.  (NB – you can get our free commercial real estate brokerage course right here)

Great agents are top negotiators and will have had plenty of exposure to many situations.  They know how to position the property challenge for offer and acceptance under the pressures of the moment.

In your brokerage, there will be common property challenges that most agents and brokers are experiencing with sellers, tenants, landlords, and buyers.  I always see it as valuable and worthwhile for those issues to be shared across the team and for practice or role play sessions to occur.  ‘Practice makes perfect’ as they say.

You can never know too much about market situations and conditions.

In this audio program, John Highman, Commercial Real Estate Coach talks about the factors that you need to control in property negotations today.

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How to Choose the Right Retail Tenants for Shopping Centers

shopping center escalator in mall

A retail shopping center is a special place where the tenant mix just has to match the client and customer requirements for the location.  If you make mistakes in retail tenant placement then sales and customer interest in the property will slow.  That can only mean on thing and that is a decline in rent.

So there are issues to consider in finding the right tenants and placing them in the property.  Certainly the landlord should have a say in what they think about tenants and tenant mix choices, but the center manager should give guidance to the leasing process and tenant placement.

In this audio program, John Highman talks about retail leasing and the important choices to be remembered in attracting and converting tenants to a retail property and or shopping center.

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The Many Different Ways to Build Your Commercial Real Estate Network Faster

man holding globe of earth

There are significant differences between commercial property and residential property. One of the biggest differences will be the types of people that you will be or are working with. You will find that the people transacting commercial real estate today are largely from the business sectors or the investment community locally.  They have different motivators and decision facilities.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

So what is the message?

The emphasis here is local. Get to know your local property market and the people that occupy or transact property within it. There will be plenty of people in your town or city to connect with over time ‘commercially’ if you have a good look into the businesses and the investors locally.  You can build long-term relationships in the right way, hence providing the right services.

What are your services and how do you sell into them?

You may provide investment sales services, leasing services, or property management solutions. That being said there are some very special services that you can implement within each of the three disciplines mentioned.  Here are some ideas to help across property management and also leasing.

Example of property management services

Take for example commercial property management as a business process and professional service. Here are some very specialized sub-activities within the asset and property management business:

  • income analysis and optimization
  • expenditure controls and budgeting
  • maintenance planning and routines for asset performance
  • tenancy mix planning and optimization
  • lease controls and administration
  • arrears minimization
  • vacancy marketing and property leasing
  • tenant selection and placement
  • the performance of an investment property within a larger portfolio
  • make good controls and lease compliance at lease end

So there are a number of things that you can do here when it comes to professional property management services. Given the types of buildings that you work with, there are some unique and valuable skills that can be applied across the disciplines mentioned.

Look at how you can provide some very special sub-set skills to the top clients and the active clients in your location. Always choose your best clients and properties with a bias towards quality and size. In that way any listing activity or property challenge will have a reasonable chance of fast resolve and marketing momentum.

What about leasing services?

So let’s look at leasing services as well.   If you are recognized as a leasing expert for a location, then you should have a number of specific solutions to locate and provide tenants to any vacancy problems that local landlords will be experiencing.

The place to start here is with your database. The size of your database in commercial real estate leasing will be indirect co-relation to the opportunities that you can create from the property leasing market. You simply have to know a lot of tenants within business segments and property precincts. That will then give you the ‘edge’ when it comes to working with landlords and vacancy challenges.

As a specialist in local property leasing, you should be able to provide a variety of services similar to the following:

  • an opinion of market rental relative to the location
  • tenant advocacy services for larger businesses
  • a selection of ideas to market any vacant property at any time
  • a clearer understanding of how property incentives should be shaped for the particular vacancy
  • marketing solutions to connect the vacant property to the right target audience
  • a solid awareness of leasing documentation that applies to commercial real estate leasing today
  • some real strategies behind rental establishment an escalation over time
  • ways to improve the property investment and the net income from a base of leasing activity

So there are some good things that you can do here as a specialist in commercial real estate leasing. Understand what is happening in your local market today when it comes to vacancies, tenant activity, and landlord pressures.  Take action with the market evidence you are seeing.

Match your professional skills into the momentum of the market and the trends of the time. You can choose to work with landlords, tenants, or business owners. Note that you can also work for property developers at the right time if the prevailing market conditions are right.

The take home message?

So the message here is that you should make the right choices when it comes to your property market and the specialist services that you provide. Look deeply into the needs of your clients as they address their property challenges. Look at the ways that you can provide specialist high-end real estate services to the right people in the right way.

Get to know your clients at each and every opportunity. Be prepared to take a property solution or option to your clients before they even know that they have a potential need or issue on the horizon. Be pro-active as a property specialist; that’s what top agents do.

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Commercial Real Estate Leasing Vacancy Solutions and Strategies

Large entryway with tiles and plants
Vacancies in office property can be resolved through strategy.

In commercial property management and leasing, you have to closely watch the tenant mix and the leases for any upcoming vacancy risk and or tenant in distress. The property market changes all the time, and each city will have unique pressures that can set the momentum to move tenants around and impact business performance.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Local Issues?

So what is happening locally for you in your location? Do you have clients and properties under vacancy pressure? It’s an opportunity to resolve. You really do need to know why vacancies are happening and then work on a strategy to resolve them.

Before I go too far into this concept, I will say that the leasing market is lucrative from a commission perspective, if you focus on one or all of the following:

  • Quality properties – some properties are better than others. Look for the differences in local properties and buildings in your location. Choose the better properties from a leasing perspective.
  • Larger tenancies – the size of the tenancy will dictate more rental and therefore more fees per transaction.
  • Corporate tenants – the companies and corporations in any town or city tend to need property help in relocating and expanding or contracting. You can have an appointment to locate their next property lease.
  • Particular property types – when you look at the rents per unit of area per property type, you will soon see the property types that create better interest from tenants and better rents. That is where you should focus your leasing efforts.

Given these 4 facts, you now know what types of leasing factors should feature in your prospecting model. Take deliberate care to stay within your set leasing criteria. You will then find the tenants and the better properties.

What value do you bring?

So why are vacancies happening in any building or location, and how can you help? To get to the answers, you really do need to look into the following factors and do the appropriate assessments:

  1. Rental pressures and shifts – rents that are consistently climbing will reach a plateau where business owners will resist leasing. In a city where rents are escalating, understand the realities of a business paying higher occupancy costs. What are the limits?
  2. Competing properties – other properties locally are likely to be competing for your tenants so watch the problem and intervene where necessary.
  3. Occupancy costs – rent and outgoings all add to the cost of occupancy; a tenant has to be able to afford the total occupancy package.
  4. Tenant mix problems – some tenants have issues with being close to others and other business types; look for those problems.
  5. Permitted use or exclusivity – in a larger building where you have multiple tenants, ensure the balance of tenant mix, and avoid giving away exclusivity (retail properties in particular).
  6. New properties being developed – any new property will shift the balance of supply and demand, thereby pushing businesses out into the leasing market.
  7. Landlord issues – some landlords are very difficult to work with, and will give tenants a good degree of frustration as part of lease negotiation and occupancy.
  8. Quality of services, amenities and improvements – buildings age as do the services and improvements.

From these things, you will find the properties and the businesses needing leasing assistance. At that point you have some advantages to work with.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

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How to Build Better Business Relationships in Commercial Real Estate Brokerage

better business relationships in commercial real estate sml

In commercial real estate brokerage I frequently get asked about how new agents can find the right people and clients to serve in their town or city.  The question is so common that I just wonder why those salespeople do not know the obvious or take so long to understand it.  The industry is similar to many others; diligent focus and work is required at a personal level to find new business, and when that happens, results occur.

The new business is always out there to attract and convert across sales, leasing, and property management.  Yes, I know it takes time, but the diligence and actions of ‘top agents’ always shines through when it comes to finding the best clients, properties, and commissions.

It is my firm belief that you cannot be a top agent without some personal plan of prospecting action that you implement every day and refine over time.  Regular actions create habits, and habits in our business change listing conversions and commissions.

I have put together some notes here in pdf for building new client relationships in commercial real estate brokerage.

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Commercial Real Estate Brokers – How to Solve Commercial Real Estate Vacancy Problems

office cubicles
Vacant office space requires real strategy

 

Most commercial investment properties will have vacancy pressures to deal with from time to time. The larger the property, the greater the potential for vacancy issues to frustrate rental cash flow. If you are involved in the management or lease of any large investment properties, it is essential that you understand the intentions of sitting tenants when it comes to future occupancy.  The concept is called tenant retention.

Tenant Retention Plans

In an ideal world, vacancies should be resolved quickly and effectively for any landlords that you act for. The only way to achieve that level of control will be through a mix and match of the following strategies:

  1. Understanding the intentions of sitting tenants when it comes to lease expiry
  2. Monitoring the upcoming lease expiry dates approximately 18 months in advance
  3. Do a lease audit for all existing tenants
  4. Negotiating any lease expiry’s early so you can deal with the vacancy in a timely way
  5. Keeping in close contact with all of your sitting tenants within the tenancy mix so you know what they are thinking when it comes to occupancy
  6. Understanding the local business sentiment applies to rents, relocation, and property requirements
  7. Keeping in close contact with all local businesses to attract new tenants to your property when required
  8. Understanding the requirements of the landlord when it comes to market rental, cash flow, outgoings recovery’s, and lease documentation

 

Any leasing agent providing a specialised leasing service locally should satisfy and engage in all of these mentioned issues. All of these issues can be merged into a tenancy mix plan and a tenant retention plan for a major investment property. Large office buildings, and large retail shopping centres would be suitable for those control processes and plans.

To provide a top-quality leasing service, any vacancies currently or into the future should be controlled and filled. A top leasing agent will stay in contact with the landlord and all the tenants to ensure that vacancy downtime is minimised.

Any vacancy in an investment property can be a significant drain on cash flow over time. Not only is there a loss of rent, but the outgoings for the vacancy will become a landlord cost and therefore not recovered. Any property with a high vacancy factor will find it difficult to negotiate rent reviews and options with sitting tenants. Market rentals will also be hard to establish and maintain because of the high vacancy factor.

If you are involved in the management and leasing of any complex property with multiple tenants, it is essential that you track and control vacancies as they apply to the tenancy mix. Work well in advance to negotiate existing lease options, minimise vacancies, and attract new tenants that could be thinking about coming to the property.  Why is your property more attractive than others in the area to tenants?  When you know the answer, you have the basis of your lease marketing campaign.

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6 Tips for Qualifying a Tenant in Commercial Real Estate Agency

commercial real estate boardroom presentation
Qualify your tenants thoroughly first in commercial real estate.

In commercial real estate agency the tenants that you talk to must be qualified before you spend a lot of time with them.  Most tenants looking for new or alternative premises to occupy will have spoken to quite a number of local property agents; on that basis you are just another person to get information from.  Asking the right questions will help you work with the right tenants in the right way.

Most towns and cities will have a good supply of vacant premises available.  We have some good listing stock to work with.  If you want to dominate the local leasing market for your property type, it is wise to focus on the best property locations and the quality properties.  In that way you will move more listings and do so faster.

 

Here are ten questions to ask prospective tenants before you get deeply involved in matching listings and undertaking property inspections:

  1. Find out just who you are talking with and determine that they are the principal decision maker that is looking for property to lease.  This issue gets more complex when you are dealing with a company or corporation.  You may be talking with the local business manager but they may have little decision facility.
  2. Understand their property requirements in location, improvements, car parking, area of premises, permitted use, and rental budget.  These simple facts will help you with creating a short list of premises to look at.
  3. The services and amenities in a property may be of relevance given the way the business or tenant operates.  Staff and customer numbers will place some pressures on property choice.
  4. A lease can be negotiated on the basis of gross or net rent.  Through direct questioning you can see what rent types could suit the tenant.  That will then influence the choice of property, the lease negotiation and the initial term of the lease in years and or months.
  5. Ask them about any contacts they may have made with other agents.  If your market is dominated by open listings it is likely that the tenant has looked at a lot of your listing stock already; on that basis you can see your commission from a lease agreement ‘disappear’ due to another agents introduction to the same property earlier.
  6. The ideal timing of property changeover will give you an idea of just how important the move of premises is to them.

When you have got these facts sorted and identified you can move to the next stage of property selection and inspection.  A wise leasing agent will get all the leasing the facts on the table and clearly identified before the hard work starts in property identification.

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Reflections on Leasing Commercial Property Today

Get your leasing plans organised in Commercail real estate today.
Office reception area.

Leasing commercial property today can be a challenge for all sorts of reasons.  The landlords that we act for and the tenants that we negotiate with all have requirements to be balanced into a lease structure.  Negotiating a lease can be a real challenge.

When you look at the financial or calendar year, there will be ‘seasons’ of property activity.  Sales and leasing activity for a property type will vary during those ‘seasons’ of business and tenant activity.  As the local real estate agent you must do the best you can with leasing given the rental and leasing requirements.  Understand what the property market is doing and then ‘prospect’ into it.  You will soon find the landlords and tenants that require help.

Reflecting on today’s property market, here are factors that require attention of the leasing agent:

  1. Comparable properties in the local area should be understood and watched.  From time to time you will see those comparable properties take your tenants or seek to attract your tenants away from their leases.  It’s all about you being competitive as a property when it comes to lease terms and conditions.  Use a tenant retention plan to keep your tenants happy and in occupancy.  Talk to your tenants regularly.
  2. Market conditions will change during the year.  Pay particular attention to the factors of market rent and vacancy rates.  See the trends in both and look for the upcoming new property developments that could impact the supply and demand factors of occupancy.
  3. Rents and incentives will change during the year.  Gross and net rents will rise and fall based on the supply and demand for space.  Importantly your vacant areas should be competitive when it comes to marketing vacant space to new tenants.
  4. Local property types will show trends when it comes to rents and vacancies.  Watch what the market is doing.  Stay ahead of the trends and advise your clients and landlords how to handle their tenants and rents.
  5. Landlord requirements will vary based on the holding requirements and cash flow of the property investment.  The leases that you negotiate will also be based on the holding requirements of the landlord.  Understand these factors.
  6. Vacancy factors will have an impact on the tenant mix.  Work with your tenants to keep the vacancies under control.  Talk to new tenants to encourage lease negotiations of currently available space.
  7. Outgoings recoveries will help the landlord with net rents.  Look at all the leases to see what recoveries can and should occur.  Reconcile and charge those outgoings correctly in accordance with the leases.
  8. Lease documents will vary across a property and on a landlord by landlord basis.  Read your leases and enforce them correctly.

To be successful in leasing commercial property today, you must understand the market, the landlord, the local rents, and the property performance.  It is a fine balance that is a professional requirement for property leasing agents.

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How to Lease a Commercial Property Today

commercial real estate fee negotiation.
lease strategies are really important

It is important that every commercial property has a lease strategy to support ongoing cash flow and reduce vacancies.  These strategies should be integrated into the business plan for the property and for the landlord.

It is of note that a single lease for a new tenant should not be looked at in isolation.  It should be looked at broadly with due regard for the surrounding tenancy mix, the income required for the property, and the impact that the long term occupancy may have from the initial term and into any option period agreed.

Here are some ideas to help you consider the leasing of a commercial property:

  1. Assess the local area for competing properties.  Some of those properties may be taking or attracting your tenants now.  Look at those competing properties to see what is happening when it comes to vacancy profile, tenant mix, expansion and contraction, and the lease marketing strategies.  Your property will need to be equal with, if not better than, those competing properties.
  2. Assess the market rental through the local area so that you can create attractive lease packages for incoming tenants.  When it comes to leasing, the start rent is not as important as the cash flow over the lease term.  The starting rent should be regarded as something of attraction to create lease occupancy.
  3. The rent review structure over the lease term will give strength to the cash flow for the landlord.  The best way to assess ongoing cash flow is through the calculation of the lease and its net present value to the landlord for the duration of the lease.  You are therefore assessing the income over time, not just focusing on the rent today.
  4. Some landlords prefer not to give options for renewal.  This is certainly the case when it comes to a quality or larger property where the landlord wants to retain flexibility in the tenancy mix.  Many landlords of the larger shopping centers will avoid giving options to tenants for ongoing occupancy.  The reason for doing this is that they like to move tenants in and around the property based on tenant mix and clustering.  When they move the tenant, they can improve the overall cluster and general area including the other tenants.  This will then have further benefits for the overall income return for the landlord.
  5. When you negotiate the necessary rent reviews in a lease document or new occupancy, mix the rent reviews appropriately so that the landlord gets a sensible and realistic increase in net rent income.  The rent review methods available will be variable such as market rent, fixed dollar increase, fixed percentage increase, or something that is indexed to the consumer price index.  You can make the right choices based on the property type, the landlord, and the legislation or property laws that apply to lease occupancy with that tenant situation and property type.
  6. If you manage or lease a property with a number of tenants in occupancy, look at the overall lease profile and expiry dates over the long term.  Any lease that is to be expiring inside the next 18 months should be focused on now for lease renewal, lease expiry, tenancy change, expansion, or contraction.  Start talking to your tenants early so that any appropriate changes to the occupancy can occur with measured and structured negotiations.  Whilst the lease document may provide for certain other time frames on lease renegotiation, there is nothing to say that you cannot start this process early.
  7. Keep in close contact with the current tenants in your property.  They will have pressures of occupancy and on that basis it is better for you to work with those pressures than let the tenant move to another nearby competing property.  Keep talking to your tenants on a monthly basis to understand exactly what they are thinking and doing as a business.  Help them stay with the property for the long term if it suits the landlord’s situation.

The leasing of a commercial or retail property is relatively straightforward when you follow the rules.  You can create a checklist with the above matters and other things relative to the property type.  Control is everything when it comes to making a lease strategy and structure successful for the landlord.

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Commercial Real Estate Agent – Tips to Measure Advertising and Marketing Response

Commercial Real Estate Sales Team
Check your advertising responses weekly.

In commercial real estate advertising and marketing, you need to carefully consider the channels of media that you use for your agency and for your listings.

On that basis you should also be tracking the advertising responses that you achieve in all the different channels of media.  Some will be more relevant than others for the listings that you take on and your region.

This then says that your promotional activity will have a specific focus of encouraging interaction with the buyers and the tenants that are in the market.  You will also be encouraging interaction with the sellers and the landlords that are looking for property assistance.  Tracking and measuring becomes a very specific process to help you see what is working from a promotional viewpoint.  How and why are people contacting you?  That is a really important question and key fact to monitor.

So your advertising and marketing efforts will encourage results and feedback from the right people looking for property assistance.  They will come to you through various systems and processes that should and will all be tracked.

Here is a list of the things that should be utilized in most agencies and tracked for promotional feedback:

  1. Out of every campaign for a quality property, you will get people looking for more information to be sent out.  Each exclusive listing should be tracked for this.  A follow-up telephone call should occur in each case after the information packet or email has been sent and received.
  2. Understand the number of inspections that have occurred within property types and with particular listings.  You will soon see the properties and the regions that are more popular than others.
  3. Keep a tally of inbound telephone calls that apply to the agency and also to each listing.  The same can be said for particular salespeople as some will be more successful than others when it comes to creating enquiry.
  4. With some larger and more exclusive properties you will be sending out information memorandums to qualified prospects.  These requests should be tracked and then followed through.
  5. Each day you will receive requests via e-mail for property information.  Keep a tally of email requests for all of your campaigns and exclusive listings.
  6. Your newsletter should be sent on a regular basis to qualified prospects.  Track the growth of your newsletter subscription list on a weekly and monthly basis.  Keep in personal contact with the people on your list.
  7. Put an offer on your website for a free report relating to the local property market.  That free report will or should encourage subscribers to join your newsletter.  Track the activity and the requests for this free report.  Ensure that the report is of relevance and attraction to the local area and property market.
  8. Track the number of website hits that you are getting each week.  You will find that certain days of the week will be better for website marketing and property listing.  Understand the differences between new visitors and repeat visitors to your website.  Look at the bounce rate that applies to people coming in and moving around the pages of the site.
  9. Track the numbers of people involved in your social media activity.  You should have a social media platform for the agency and also for the individual salespeople in your team.  It is questionable whether you will actually make a sale or lease as a direct result of social media usage.  Social media is more effective as a community involvement tool.  It helps people remember you for the future when they are ready to lease, buy or sell commercial and retail property.

You may add to this list based on your property type and your location.  You can however see the importance of tracking numbers so that you can see and determine the things that are working for you.  When something works well as promotional tool, it should be repeated or utilized on a regular basis.

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Commercial Real Estate Leasing – Tenant Move in Procedures and Checklist

When it comes to moving a tenant into a commercial or retail property, you can develop a checklist to keep you on task and cover the critical issues relative to the property and the parties involved.

In leasing and managing a property, there are many things that happen every day to distract you.  The checklist process will cover issues well and help prevent errors.  Moving a single tenant into a property is not all that hard, although the issues become much more complex with multiple tenant movements, just like that which you get when you are looking after a large project or shopping centre.

So here are some tips that can help you structure your tenant movement processes and controls.

  1. As a general rule nothing happens until the lease is signed by all parties, rent is paid, deposit is paid, guarantees are in and validated, and any other lease requirement completed.  Hold on to the keys until these things have been done.
  2. Meet the tenant on site to inspect the premises together.  As part of that process take plenty of photographs around and in the premises to record the state of the tenancy at time of handover.
  3. Give the tenant a set of ‘fit out guidelines’ that control the building activity that is likely to happen in the premises.  Those guidelines should also contain the plan approval requirements and the specification of materials and finishes to be used in the premises.
  4. Give the tenant a set of ‘building rules’ that tell them exactly how things happen in the property.  This strategy is wise when you have a building with a number of tenants.  They all should occupy to the same set of rules.  That will include access, common areas, security, property use, and risk management.
  5. Note the condition of the premises in a ‘condition report’ that the tenant should sign at the end of the inspection.  Give them a copy and you keep a copy on file.  The report will be important at the end of lease term when the make good is under consideration.
  6. Tenant fit out works should not commence until all the required plans and approvals have been obtained.  This then says that you should get the plans and drawings from the tenant to submit to the landlord.  If the landlord approves those plans, they can then be submitted by the tenant to the local building approvals authority.  Fit out work should not commence until the approvals are in place.
  7. Put the tenant details into the directory signboard system for the property.
  8. Whilst the tenant is completing their fit out they should not disrupt other tenants nearby.
  9. When the fit out has been completed, inspect the premises to ensure that the works undertaken comply with the approved plans and drawings.
  10. Get a full set of tenant plans after the works have been completed.

You can add to this list based on the property, the landlord, and the tenant.  Create your checklists to help you with all of this tenant movement.

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Leasing Tips for Commercial Real Estate Agents Today

man talking on telephone
Leasing Commercial Real Estate is a skill

In today’s commercial real estate market, tenants know exactly what they want when it comes to a property and the location.  They also know that they have the favored position when it comes to lease negotiation.  There are plenty of vacant tenancies to choose from.  The rents and or deals that are offered today give tenants great flexibility when it comes to lease negotiation.

The landlord today needs to be guided through the facts of the market so that they suitably match the needs of tenants as part of the typical property negotiation.  Unrealistic landlords waste everyone’s time.  It is the job of the agent to help the landlord through the facts of the property market as they exist today.  You will need evidence to support your rental recommendations and negotiations.

So exactly what do tenants require when it comes to leasing premises today?  The situation will vary from property to property, but here are some common facts for you to consider.

  1. They want a quality property that is well maintained.  This means that the landlord should optimise the presentation of the property at all times.  The maintenance processes will help stabilise existing tenant occupancy and attract new tenants to vacancies.
  2. Regardless of how much the landlord thinks the tenancy is worth in rental, the tenant will not pay above the market rental.  Given the large number of vacancies generally available, most lease negotiations will need to be keenly structured with lease incentives, landlord funded fit out works, and attractive lease occupancy conditions.
  3. Quality services and amenities as part of occupancy should be provided.  The convenience of being a tenant in the building should be an obvious factor to help the tenant negotiate through any new lease.
  4. Tenants today really do not need to negotiate on vacant premises to any great degree.  There are plenty of tenancies to choose from and the first offer you get from the tenant may be the only offer that a tenant provides.  They will soon move on to another property.  Landlords with an inflated view of rental or lease terms and conditions, may very well lose an interested tenant.
  5. As a general rule, early occupancy for the purposes of fitout establishment should not be provided until the lease is signed and all other lease obligations are paid by the tenant.  Many tenants have changed their mind on a property between commencing fit out design and construction, and signing the lease for occupancy.  Be aware of the problem and do not fall into the trap.

Today’s leasing market is quite active from a tenancy perspective.  The tenants can call the deal or negotiate keenly.  As agents we need to align ourselves to the tenants in what they are looking for when it comes to property occupation.  We then need to help our clients as landlords adjust to that process.