Today it is somewhat of a challenge to find the tenants that you need to fill the vacant premises in all of your listings. Rest assured that the tenants are out there, and it is just a matter of developing a contact system to find them.
An in balance in supply and demand for new and existing lettable space means that most cities and towns can be experiencing an abundance of vacant space. If that sounds like your property market, then read on.
The Best Way?
One of the best ways to find new tenants to lease premises is by maintaining a contact system in your database where you keep going back to the businesses in your local area every 90 days to see if occupancy matters have changed for them.
- Do they need to relocate?
- Do they want more space locally?
- Do they want to sublet?
- Would they want to assign their lease?
All of these are interesting questions that require specialist assistance and that is where the local agent can be of great value. The local leasing agent understands the property market in many different ways including rents, lease terms, incentives, and lease types (just to name a few).
The fact of the matter is that most business owners just want to get on with making money. They have little or no idea of leasing trends of the local property market until they require new premises to relocate to.
Most leases go for a period of 3 or 5 years, however the 3 and 5 year term is really common. This then says that any tenant that has been in a lease for a period of time could be coming up to a lease expiry or renewal. Approaching tenants and asking the right questions is all that is required to become successful as a leasing agent in this and any other property market.
Build the property market around you so that you know what is needed by the tenants today and have all of the property information at your fingertips.
What does a ‘top agent’ look like? They look ‘busy’. Build your system of contact with your local businesses and the leasing market opportunities will open up for you.