In commercial and retail property, a top leasing agent will make a lot of commissions. That is because they specialise. They know the local businesses that are looking to move over the coming years and they work towards putting the right deals together.
In reality, landlords need the top leasing agents to help them that really understand the local area. Those top agents will have their market covered in a comprehensive database of tenant movement, lease strategies, rent alternatives, and marketing ideas. Finding the right tenant for the right property is a real skill.
Landlords do not need an agent that just knows how to lease. Anyone can put a sign on a property and list it on the internet. When you are a ‘top agent’ you will have the market coming to you because of that intense and relevant market knowledge. You will also know who are soon to be moving and for what reason. Market intelligence is invaluable in our market today as businesses change location and seek better leasing deals.
These are the skills and knowledge factors of a top leasing agent today:
- They have a comprehensive awareness of what all the local tenants are doing in their current leases. They know when those leases will expire and will work towards helping those tenants in the last year of their lease to find something of better value or relevance to the business.
- They know where the successful businesses are that will need property change. They look for tenants in pressured occupation. Expansion or contraction factors are major triggers when it comes to property leasing.
- Top agents know the landlords of the area and the best properties that create the major interest. When you can relate to those properties and the existing tenant mix, you will soon see property change and opportunity in each.
- Rentals will change from property to property and location to location. To a great degree, the rentals in any location are driven by the rate of tenant enquiry and the supply and demand for leasing space. As part of that equation it is wise to keep a close eye on the upcoming property developments in the local area. It takes about 2 years from approval to completion when it comes to getting a new investment property established. That being said, the property developer will be offering some very real incentives to attract tenants even before the property comes out of the ground.
- Lease terms and conditions are sometimes standard to a property or landlord, but they will also be influenced by the rate and type of local property enquiry. A lease that is offered for a vacant space should be matched to the prevailing market conditions and current lease enquiry. You may need to create incentives to attract that lease enquiry.
- Franchise tenants are a good source of lease enquiry. Top agents work the franchise groups to find the right properties that suit them. Those franchise groups will have a priority in location and lease terms. Get to know what the franchise groups want.
To be the best leasing agent, you can dominate your market when you know what the tenants, the landlords, and the properties are doing. Isn’t that what we should do anyway?
Commercial Real Estate Online 