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Create a Rich Source of Tenant Leasing Needs in Commercial and Retail Property

When you work in commercial or retail property leasing, you need a rich source of tenants and business leads.  There are a number of resources that you can use for that purpose, and on that basis it is simply a matter of selecting the ones that work for you and your property market.  Develop your leasing strategies.

Here are some of the best leasing sources of business names and tenant identities:

  1. Check out all of the major buildings in your leasing territory.  When it comes to buildings that contain multiple tenants, it is a matter of taking down or capturing the details from the directory board that is located in the property.  The easiest way to do that is to take a photograph of the directory board on your mobile telephone.  You can process and review the photograph later.
  2. From the details that you get in the previous ‘directory board’ step, it is a matter of telephoning down all the businesses in the particular buildings to discuss future leasing and occupation needs.  Leases come to an end at some stage for all types of reasons.  Some tenants prefer to move when that occurs, and on that basis you can be the source of market information and relocation opportunity.
  3. Get a copy of the local business telephone book as it applies to your location, town and city.  It is preferable to use the telephone book in hardcopy rather than online.  That is simply because the telephone book can be logically processed and marked off with a colored pen or highlighters as you proceed through it.  Starting at the beginning of the telephone book work through every business name to find those businesses that are located in your priority suburbs and leasing territory.  Whilst this process may seem tedious, it is simply a matter of reviewing one or two pages of telephone numbers each night in preparation for your prospecting processes the next day.  One telephone book can take you an entire year to move through.  You will however see that the system is quite easy to implement and soon you will be covering 5 to 10 pages a day as part of that process.  One page of the telephone book should give you two or three numbers to call; cold calls lead to information and potential meetings with the right tenants.  You may wish to choose a greater number of businesses given the filtering process and the criteria of targeted tenants locally.
  4. You can also get some good leads and opportunities from using the Internet methodically and specifically.  In your town or city, there will be a business ‘Yellow Pages’ telephone book online that you can use for this very purpose.  In most cases you can search the ‘Yellow pages’ based on targeted business types and by suburbs.  From that search process you can get specific names of businesses and tenants to put into your prospecting activities and cold calling systems.

So these four strategies are quite simple.  You can see why things need to be methodical and systemized.

When you create a large list of local businesses and tenants, and then take the time to understand their occupation needs from a leasing perspective, you are of high value to the landlords that you serve.  Use your database as leverage in this way when it comes to winning a property leasing appointment.  Tell the landlord about your database and how accurate and up to date it is.  They will find it difficult to ignore an agent with a comprehensive and up to date database of tenants.

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How to Give Landlords Leasing Advice – Commercial Real Estate Agents

In commercial real estate agency, you will work with many different landlords.  They will have tenant and rental challenges.  You can be the leasing expert to help them.

Have you ever seen a landlord owner of a property that tries to lease the vacant premises themselves?  They usually put a sign up in the window and drop a few adverts in the local paper; they then sit back and wait for a result.  The vacancy then ‘eats its head off’ in lost rent and outgoings costs.  The ‘hope’ process doesn’t work well in commercial and retail property leasing.

So let’s say that you are going to approach one of these landlords to see if you can list the property for lease.  Only do so on the basis of an ‘exclusive listing’.  If you don’t do that, the landlord is likely to market the property and the vacancy around you.  Any tenants that show an interest may also try and get a lower rental from the landlord directly.  Protect your efforts and your commissions with wise listing processes.

You have real value that you can bring to a landlord in this situation.  As a leasing ‘expert’ you should have a comprehensive database of tenant contacts locally that you can refer the listing to.  Your database is very valuable when you pitch for listings.  Improve the value of your database by prospecting for tenants and buyers every day.  Sell your leasing services around your database.

Why is it that agents take on ‘open listings’?  It can be a method of quoting the property to your database if there is no other way of you getting a ‘foot in the door’.   That is the only reason you should take on an open listing.  Control your market with ‘exclusive listings’.  That is how you dominate market share.

The leasing advice that you give landlords as part of listing a property (or pitching for a listing) should include these issues:

  1. Define the target market specifically for the vacancy.  This will help you stand out as an agent of relevance.
  2. Show the landlord what is happening at the moment with rentals, incentives, leases and marketing.
  3. Get a list of competing properties together so the landlord knows what the asking rents are like locally.
  4. The time on market will vary from time to time during a business year.  Track that trend so you can give the landlord some solid recommendations regards property promotion and marketing.
  5. Ask for marketing funds to use in the property promotion.  Any landlord that is serious about marketing will participate in the request.
  6. Provide some marketing alternatives so the client can make some choices.

Your leasing recommendations should stand out as the best in the area.  Use your database to show the landlord that you have a few tenants to take to the property as soon as it is listed.