Commercial Agents – How to Deal With Difficult Landlord Clients

When you work in a commercial or retail real estate agency, it is easy to get frustrated with demanding landlords and difficult property situations. When the property market is under pressure, landlords are seeking greater assistance from the agents that they use (that’s us). Frustration and pressure will arise in many an agency and landlord relationship as the property market goes through change.

Comprehensive Service

In a tough property market, the commercial real estate agents that comprehensively service all property needs are those that are in demand. A well leased and managed property will eventually be sold. Every stage of the client relationship today requires special skills in the agency across leasing, sales, and property management.

Understanding the factors of change in the property market today and how to adjust for them is critical to helping clients with property pressures. The reality of the current property market is that control, strategy, results, and information are really the main factors that the landlord is looking for in moving ahead. The fact is they need our help. We are the best providers of strategic solutions when it comes to property occupancy, returns on investment, and disposal strategies.

Here are some further strategies to use with landlords in this tougher property market.

  1. Keep them up to date with property and lease issues with all tenants in the tenancy mix and the adjacent properties. Work well in advance when it comes to lease documentation and critical dates. Every lease in the subject property should be reviewed for future events and pressures on cash flow.
  2. Market information will change from time to time. Competing properties will also put some pressure on surrounding property sales and property leases. Keeping clients and landlords briefed on the pressures of the competition properties is quite important.
  3. Lease negotiations will occur with sitting tenants and new tenants from time to time. Importantly the negotiation should occur with due regard to the prevailing market conditions. That will include terms of rental, terms of lease, and incentives. The landlord can be positioned for a competitive lease transaction when all elements of the property market are clearly assessed and provided.
  4. The quality of tenants within the tenancy mix, and the threats of vacancy are two highly important issues to be managed and optimized. Both will have impact on the property income profile and tenancy mix. What threats emanate from the property tenant mix now?
  5. Stay in touch with all tenants within the tenancy mix on a regular basis. They are likely to need lease adjustments or changes of occupancy from time to time. If they are good tenants and considered worthwhile for the future of the property, then negotiations should be open and encouraged. It is better to have a stable occupancy than the volatility of increasing vacancies.
  6. Good lease management processes can be incorporated into a business plan for the property. Each year the property can be reviewed in a number of ways with the results being incorporated into the business plan. The plan would include lease reviews, tenancy mix, income profiles, expenditure budgets, and renovation strategies.

Difficult landlords are really just looking for further help and specialized assistance. It is quite likely that they and their property are under some pressures. Improve your services as a specialized commercial agent so that you can help these landlords achieve better levels of property performance in difficult times.

How Technology Stole the Show at Fashion Week

As fashion week participants create shows that are increasingly geared towards consumers, all sorts of technology is being used to make sure the designers and their creations reach as broad an audience as possible. While in the past the fashion shows were more of an insider affair, now many design houses are trying to reach out to a broader demographic and, of course, trying to boost sales. More and more, clothes are being offered for sale there and then, with some fashion houses offering a full brand range in a see-now, buy-now capacity – everything from the make-up to the accessories to the shoes. Technology now plays a huge role in all our lives and nowhere is this more evident than at the fashion weeks, where technology really stole the show, in some ways at least.

See-Now, Buy-Now

While most of the see-now, buy-now options were offered through each house’s existing e-commerce site and their physical stores, while Temperly London paired up with social app Vero to allow consumers to buy three of their fashion week looks right now.

Snapchat and Instagram Stories

While which of these will win their ‘format war’ remains to be seen, both were used fairly extensively at Fashion weeks. Misha Nonoo used Snapchat to slowly unveil her collection, while J Mendel documented his entire collection with Instagram Stories. Industry experts seem to think that Instagram Stories is the perfect medium for sharing fashion week with the fans.

Chatbots Taking Over

Shopability was a big thing this season and both Burberry and Tommy Hilfiger introduced AI run chatbots as a new user interface. With chatbots taking over our fashion shopping experiences, we better hope that they do not develop artificial intelligence that becomes smarter than we are!

Virtual, Mixed and Augmented Reality

Even the excitement of the shows themselves was not enough, it seems. Many shows had an element of alternative reality to them. For example, in New York fashion week, Intel worked with several designers to broadcast their shows in virtual reality, powered by Voke’s GearVR app, so viewers could feel as though they were right on the front row. Rebecca Minkoff worked with augmented reality, working with shopping app Zeekit to allow customers to upload a picture of themselves and see what they would look like in their favourite outfit from the show. Meanwhile, real innovation came in the form of mixed reality space, where an audience could wear Microsoft Hololens headsets to see an extra layer over reality. Soon, perhaps people all over the world could be watching a fashion show in their own living room and feel as though they are really right there.

One thing is certain, technological change is swift and fashion is not going to want to be left behind.

Commercial Agents – 3 Ways to Bring Buyers to Your Commercial Property

The time on market for your commercial property can be lengthy today unless you understand exactly who you are marketing the property to and what that target audience is actually looking for by way of property type, age, improvements, location, and price.

In simple terms, you need to attract more enquiry from every marketing campaign. That’s what good real estate agents do; it is not a matter of list a property and hope today. Every property today has to be correctly listed and comprehensively promoted. The experience of the agent or salesperson is now more important than ever before.

So, attracting buyers today can be a bit tricky. Defining the target market will help you when it comes to selling every commercial or retail property. When you as the agent set the target market, you then know what needs to be said in the advertisements and on the internet.

The 3 best ways to bring in more buyers to your commercial property are:

  1. Internet listing is the best way to get the message of the property to many people. It is also highly cost effective. When you draft the advertisements, have due regard to the keywords that people use when searching properties on the internet. You can get these keywords from a keyword search on the larger search engines. Every property advert should feature a mixture of dot points of features, and narrative of explanation. A photo of the property will attract more enquiry, so ensure that the images you use are of high quality and have been taken at the right angles.
  2. Signage on the property will be high on the priority of every property promotion. Given that most properties are purchased by local investors or business owners, the signboard gets the message out quickly and effectively. Ensure that the signboard is placed on the property in a position that everyone passing the property can see. Get a special signboard on the property that lists the detail of the improvements and the methods of sale. Make it easy for people to contact you from the signboard by including a mobile phone number for afterhours contact. Always put your name on the sign so that people see you as the local property expert.
  3. Face to face meetings and direct calling of people on your database will be of high value to the quality of the enquiry you create. Today the database of agents is fast becoming the source of the best deals and the quickest property inspections. When you list a property, go straight to the database and find the people that are looking for that property type. To maintain the database, every property campaign and all the enquiries made should be tracked and captured in the database for later use or creation of inspections.

Even though most agents will say that the property market is tough and slow today, the reality is that many agents do not do enough work on their listings to find the buyers and get the inspections under way. When you have just listed a property to sell or lease, that should be the start of the hard work, and not the end of the matter.