As you consolidate your career in commercial real estate brokerage, there are plenty of opportunities to be had across the segments of the leasing market. There will usually be a good selection of local businesses, landlords, and tenants struggling to resolve occupancy issues.
If this is the property market segment for you, then consider how you can boost leasing inquiry and provide professional services to both landlords and tenants. There are some critical steps to the process to help you build your leasing momentum.
Let me set the scene here in your local area:
- Some tenants are looking to relocate due to pressures of expansion and or contraction.
- Some landlords have vacancy issues and pressures to deal with. Look for the vacant properties and then talk to the landlords directly.
- Some properties are quite complex in tenancy mix and occupancy. The larger properties are likely to have an array of leasing challenges including variable market rentals, upcoming lease expiries, and a changing tenancy mix.
- Market rents are changing in your town or city. Track the market rentals that apply to the different property types and precincts.
- The factors of supply and demand in the local area will shift occupancy rates and market rentals. Look for the local developments that could influence future supply and demand. Adjust your marketing efforts based on the upcoming changes to occupancy supply and demand.
- Many tenants today are looking for improved conditions of occupancy and better buildings. In talking to the tenants locally, you will soon identify what they are looking for in any new occupancy.
- Some landlords are overly aggressive when it comes to market rental negotiation. The landlords that push the levels of occupancy and rental recovery are usually the landlords that lose tenants over time. They are likely to have higher vacancy factors in their investment buildings.
- Many tenants are looking for improved factors of economy and cost when it comes to lease occupancy. Understand how you can bring factors of occupancy cost improvement into the tenant lease negotiations. Market rentals, outgoings costs, and rent review processes are ways of achieving a better rental package for the tenants that you serve. If you work as a tenant advocate, this will be a big part of your professional advocacy services.
- New projects are coming onto the market, and those projects will require a professional occupancy and leasing strategy. Many project leasing opportunities are quite large and can take months if not years to complete. If this is the type of work that you are focusing on, then be careful when considering commission charges, marketing costs, and resources to be applied to the project. Many developers will look for lower levels of commission and minimized marketing costs. They will be looking to offload many of the project leasing costs to the marketing agent.
All of these things are happening in most cities at any given point in time. They are all related to leasing and property performance. You are the best person to help resolve these challenges.
So here are some of the rules that you must follow to improve your professional profile as a top leasing agent:
- Concentrate on the market segments that have the best levels of churn and opportunity. There will be certain property precincts and buildings in your town or city that are higher on the selection list for new tenancies and new tenants. Work the buildings, the landlords and the precincts that have the best opportunity for change and churn.
- In talking to local business owners and tenants, adopt a checklist approach to understand where their business is located now, what they may need for ongoing successful business occupancy, and when their current lease may expire. When talking with decision makers, understand the pressures of today that they may be experiencing, and how they are looking at their future in the location. Show them the economies of the area that could influence their choices to relocate. Most business owners and tenants will be attracted to factors of efficiency and economy.
- Track the market rentals that apply to the property types and the precincts. When any new lease transaction has been completed, seek out the facts relating the finalized lease, and the agreed rental.
- When focusing on new properties to lease, bias your activities towards the larger properties, the quality locations, and the good quality buildings. In that way you will achieve a higher level of rental and better levels of interest as you market the vacancies.
So these are all strategic issues that can easily be applied to the tenant and landlord leasing services locally. Understand the factors of attraction in the local commercial real estate leasing market. Work the factors of attraction through your prospecting and marketing processes. The better buildings, precincts, and market rentals will always attract good levels of quality inquiry. Work with your landlords and tenants on that basis.