Leasing managers in commercial real estate need a few good leasing aids and tools that can help with market coverage and planning future transaction activity. It should be said, that the leasing process is quite special in both property types, city locations, and tenant interaction. (NB – you can get plenty of leasing tips and ideas here in Snapshot – its free)
As a part of the commercial and retail property market, leasing, vacancy management, and landlord services can be very lucrative for those agents and brokers that refine their services and property priorities. Develop daily activities to systems of contact and levels of professional negotiation for both tenants and landlords.
These are the facts to remember and work with. There are always plenty of tenants and landlords in the local property markets of any town or city to find and convert as part of a leasing transaction or opportunity. The issue to remember and respect as part of that process is that a specific research and contact focus will be needed to gain market share and negotiation frequency.
The leasing plan tools
Here are some very useful planning aids for commercial and retail property leasing specialists:
- Tenant lists and tenancy schedules – over time you will gather plenty of information regards tenants in occupancy in local buildings. Those tenant lists can help you with future negotiations and tenant movement. From those lists you can monitor leasing activity, vacancy potential, and priority tenants.
- Targeted building locations – given your precinct of property activity, create a list of targeted buildings to work with over time. Get to know all the tenants and all the landlords in each case. The targeted process is very useful when it comes to understanding rents, vacancies, and property change. That then helps with lease negotiation.
- Targeted tenants – some tenants are better than others when it comes to leasing opportunity and relocation. Whilst you may work with different tenant types and premise requirements, always maintain a list of targeted tenants that you would consider as VIPs for your business activity.
- Fit out costs and comparisons – the costs of relocation will always be an element of lease motivation and tenant change. Those costs will include fit out construction, rental, incentives, and building or occupancy approval costs. Understand the costs as they apply to the different tenant types, building types, and fit-out configurations. A solid awareness of the cost issues will help you with negotiations.
- Landlord contact details – create a list of landlords for your local area across all the targeted buildings and within the priority precincts. Establish a contact process using the telephone, e-mail, and direct mail for all those landlords. Share valuable local information relating to rental activity, property usage, and recent enquiry.
- Lease expiry profiles – track all the results and the trends relating to lease expiries locally. Understand where the tenants are coming from and moving too. Keep up the dialog with all local businesses and tenants to capture the property movement requirements at the right time and in the right way.
- Rental results from recent deals – watch the occupancy costs that apply to leasing and business activity. The occupancy costs will be relevant to landlords and or tenants depending on who you would consider as your targeted market. Pitch or leasing services to tenants and landlords based on the factors of opportunity in lease management and relocation. You can display local property market information and leasing trends graphically, and statistically. Take the visual approach when it comes to information sharing in commercial real estate leasing.
- Call contact lists – maintain your call contact lists and grow them at each opportunity. Every meeting, telephone call, or business conversation will be an opportunity for the list to grow over time. Merge all that information into a database. Make sure that you’re using a database that is cloud based for immediate timely access when required. Your call contact lists can be segmented into areas, property types, and enquiry requirements.
- Property manager detail – local property managers will be ongoing valuable contacts for you when it comes to leasing, tenancy change, and vacancy identification. Those property managers will generally need help when it comes to solving vacancy problems in their managed assets.
- Tenancy measurement tools – carry a tape measure, a laser measurement tool, and a calculator with you so that you can identify areas and measure any space factors or requirements during a property inspection. You can also carry a compass for understanding the proximity and analysing the directional issues relating to a property or vacancy.
- Digital camera – take plenty of photographs relating to a vacancy, a property, and a precinct. Digital photographs are easily shared and will help when it comes to a property presentation, landlord conversation, or tenant pitch. It is a known fact that digital photographs engage the attention of others when it comes to leasing commercial and retail real estate. You can keep those photographs online in cloud storage for future use and client or prospect engagement. When you have something to say, use of digital images to convey important thoughts and ideas.
So, there are many different planning aids that you can use in leasing commercial property today. Some of these aides will work more effectively for you depending on property type, precinct activities, and client profiles. Develop your leasing toolbox as part of the professional services that you offer.