Commercial Agents – Attracting the Right Tenant Enquiry for Better Leases

When it comes to leasing commercial property as an agent in this market, you need plenty of enquiry to convert into new property occupancy. In most cases, the enquiry will come from the local area and on that basis you should be constantly contacting all the local business owners and tenants.

The most common churn factors in commercial property leasing at the moment are:

  • Relocation for better rent,
  • More or less space,
  • Lower occupancy costs, or
  • Better improvements.

There is no doubt that when the commercial property sales market tends to slow, there is still a lot of opportunity in leasing. Business does not stop; it just changes and you need to see how you can serve those changes.

It pays to specialise in a property type and location so you can optimise the leasing opportunities you can put together. When you talk from a position of knowledge and information, landlords and tenants cannot avoid your services and offering. If you can prove and show that you really have got your hand on the market trends, then opportunity awaits.

Many commercial agents have made significant income and commissions from property leasing. It simply comes down to the following factors:

  1. The property type that you specialise in and what you know about that
  2. The size of property that you set as your minimum benchmark for leasing
  3. The types of tenants and landlords that you service
  4. Your knowledge of the local area with regard to rental types, lease types, and marketing strategies
  5. The supply and demand of property locally that can have impact on future enquiry
  6. The growth of the local business community that will create changes in property demand or usage
  7. The changes to the demographics of the surrounding population including population type, work requirements, spending patterns, and economic circumstances
  8. Changes to transport and services infrastructure that can impact property occupants and the way in which people access property for business purposes

So these factors will tell you what is happening in the local area and should be flagged to help you find the opportunity waiting to be tapped. Even when the sales market is slow or challenging, it pays to devote some of your time to leasing the better property types locally.

Keep in touch with the local business community so you know exactly what they are looking for and when they need it. An agent with this information is the agent of choice for business leaders and property investors today.

Commercial Agents – Referral Opportunity for New Business and Listings

It is no secret that the commercial property market is a challenge at the moment for real estate agents as property owners struggle with high vacancy levels and unsold listings. This then says that we need to be proactive and productive when it comes to building relationships and opportunities for our clients. The referral process should be a formal part of your marketing strategy and used in your real estate business.

So many referrals can come from people that you know or have had something to do with as a specialist commercial agent. They people to provide you with leads would normally be:

  • Previous property owners that you have acted for in the sale of a property
  • Property Investors and portfolio owners that own other property in and about the local area
  • Previous landlord clients that you have supported in property leasing and or property management
  • The maintenance contractors that look after your managed properties for the landlord clients within your agency
  • Tenants that you have successfully placed into other commercial or retail properties locally
  • Tenants in your managed properties will always know a lot about the local business activity and other businesses nearby
  • Engineers, architects, solicitors, and accountants, that have something to do with property activity in the local area
  • Local councilors or members of the municipal level of government
  • Previous people that have enquired about other listings that were on your books for sale or for lease

This list can be expanded given your local property precinct. Who do you know that can be a source of leads?

Property developers that you know and have served with regard to other transactions locally will be prepared to share information with you providing you have established a good foundation of trust with them.

When you have listed a property locally for sale or lease, the other businesses nearby will be a significant source of local market intelligence and potential referral. The listing on your books gives you an advantage to network and a reason to talk to all adjacent property owners and occupiers. Ask them about the local property market any changes that they are aware of.

Property planning consultants that have been involved with property changes or challenges in some of your listings are another source of opportunity. These people understand the changes that are active in the local area and they can give you significant leads.

The local planning committee or planning authority is constantly dealing with property changes and property zoning issues. Keep close to the activities of the planning committee to check on any pending approvals or current issues under discussion. Normally there are publicly available minutes from the Planning Committee of current matters of consideration.

So this is a significant group of people to network and seek referrals from. They will all know other people that have links to property activity. The referral opportunity that exists within this list is significant. To tap into this opportunity is just a matter of asking the right questions wherever and whenever possible.

Business conversions from a referral are much higher in success than that which you get in a cold call contact. Referral opportunity is based on relationships and those relationships can help you open doors with new people. To convert more referral business, you simply need the mindset and the ability to ask the right questions in every meeting.

Establishing Credibility As the Top Commercial Agent Today

There is a lot of difference between being a local commercial real estate agent and being the top commercial real estate agent in your area. The latter requires consistent effort and significant market share. Everyone aspires to the position of being top of their market and that is just fine, however if this is your focus, you really do need a plan to bring it to fruition and reality.

The top agents are really there at the top for one main reason and that is because they have driven their market share consistently. Their client services in commercial property are superior and clients want to deal with them as the top agent because they know that their chances of success are much greater and faster. That being said, the top agent has to consistently list quality property in a way that suits the current levels of enquiry and the prevailing market conditions. The top agent knows what the property market wants.

The best agents also know how to list property correctly and consistently to get the best results. When they take on a listing, they totally believe that the desired results of sale or lease at the price or rent are quite achievable. They then build their marketing process to suit the needs of the client and the prevailing market conditions. It is quite common for the top agent to refuse to take on listings that are incorrectly structured or of low quality.

So what makes a top agent consistently better than the rest? Here are some ideas to help:

  1. They continually prospect into the local area so that they have a growing database of businesses and property investors looking for change or opportunity. They also understand the needs of those particular groups regard timing and property type. They track this opportunity through a personally maintained database.
  2. You will usually find that the top agents list only or in the main, the best properties in the local area. This is because they make choices as to what they will take on and market; they know what works and avoid what doesn’t. They believe that they can bring about the results that the client requires given the prevailing market conditions.
  3. Top agents will have more signs in the local area on quality properties. This gives the perception of market coverage and agency success. The majority of those signboards should be specifically designed for the particular property. Feature signboards always have greater impact when compared to the generic signboards of other agents.
  4. The listing of property on the Internet is a common factor and strategy in marketing. You can improve your chances of enquiry when the adverts are specifically written to the target audience using keywords that search engines prefer. You can also enhance the listings through some premium placement and ranking. This will cost extra money but most top agents have no problem in obtaining vendor paid marketing funds.

Top agents know that they are selling a concept when they pitch for a listing; they are selling the concept that they are the best agent in the area and on that basis they have the tools to help the client.