How to Find New Tenants for Leasing

When you act as the commercial real estate agent specialising in your local property market, it is wise to provide both comprehensive selling and leasing services to property investors.  In this tougher property market, you have to be versatile in services offered.  Commercial and retail property is special and only the best agents really do know how to do a great job for their clients.

The clients that you act for today invariably have issues with leases, tenant mix, vacancy factors, income optimisation, and occupancy costs.  A good salesperson has to know how to fix those things before any sale can occur.

So just how can you find tenants in a property market that is slower and tougher?  You probably know the problems all too well; the tenants are in no hurry to make a decision, and when they do negotiate they make an offer that is well below the asking rent.

The key to solving the problem is to contact many tenants and have a good database of several hundred tenants that will be active in the area over the coming few years as they look for new premises to relocate to.
Here are some ideas to do just that:

  1. Research all the multi tenanted properties and buildings so you know exactly what businesses are located where, and when they will be considering occupation or leasing issues.
  2. Cold call and prospect all the local businesses in your region.  Get to know their property situation and needs.
  3. Create a list of lease expires and options on a tenant by tenant basis.  These dates will be triggers for action.  It pays to keep in constant contact with tenants so they are more likely to call you before they make the leasing decision.
  4. Create a special service of ‘Tenant Advocacy’ for local businesses that may want help in finding new premises and negotiating with other agents or landlords.
  5. Track the rentals, and occupancy costs that apply in your property market in today’s terms.  Any new lease deals will set benchmarks to be analysed and compared across similar properties.
  6. Get plenty of signboards into your area so the local property owners and business proprietors recognise you as the active agent.  These people do not want to experiment with inexperienced agents.

Your success as a commercial or retail agent can be built around quality information and relevant expertise.  Build your agent profile around both of these things.  Become the commercial real estate agent of choice to the property community..

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