In this commercial property market, tenants are selective in the properties that they want to move to for a new lease. In most cases, the tenants will look at a number of premises and compare a number of rentals before they make a final decision.
This means that tenants could be talking to a number of agents at the same time. You need to be aware of the problem and adjust your inspection processes accordingly. Any information you get from a tenant may be a manipulation of the facts and not really tell you the other properties that they are looking at.
When it comes to processing tenant enquiry today, you may only have one opportunity to present the property and negotiate on the rental. Landlords should therefore provide a very attractive lease and rental package at the outset of negotiations.
The abundance of new or vacant premises creates a broad selection for the tenant to choose from. Competition therefore becomes a factor of leasing premises today and both landlords and commercial agents need to adjust the marketing processes accordingly.
To attract more enquiries to vacant premises, some of the following strategies will assist:
- Always put a quality signboard on the property as soon as possible. It is quite likely that the successful enquiry will come from the local area and businesses nearby. These businesses know the area and it is very simple for them to relocate if they need alternative locations from which to operate their business.
- Create a brochure for the vacant premises and personally take the brochure to all the surrounding businesses within 500 metre radius. Talk to the business owners regards their existing lease and property location. This process alone will give you a lot of opportunity and feedback for your database. Over time this can be turned into more successful transactions.
- Listing of vacant premises on the Internet is quite important. Many potential tenants will surf the net to find suitable premises to inspect. The design of the Internet adverts should feature simplicity and include a dot format. The property message needs to be simple and eye catching. You can use keywords from the search engines to optimise the exposure of the individual advert to search engine enquiry.
- A successful leasing agent is one that knows the local area comprehensively. As part of that process, they will know the movements of all the local businesses and the lease expiry dates. They will also know the landlords that own the most desirable property locations. Ask questions and talk to a lot of people that have a vested interest or position with commercial property.
- Always put your enquiry into a database and keep the contact process moving with all qualified enquiries. It may take some months to find the right premises for some of your qualified tenants; however the process really works when you dedicate the time and the consistency to prospecting.
When these rules are followed, you can tap into a lot of market activity and facts. The successful leasing agent is one that matches leasing needs to properties; it is that simple. Focus your efforts on the process and the business will come.