When it comes to leasing commercial property today, the commercial real estate agent needs to be knowledgeable, relevant, and experienced in the local area property market.
Gone are the days of simply listing a property today and hoping that a tenant will walk in the door tomorrow.
If only life was that simple.
Commission based commercial property agents really do need to generate the necessary churn and contact in the local property market, if they want to be successful.
History says that most of the buyers and tenants of commercial property generally come from the same overall location.
When it comes to marketing a property for lease, the surrounding business community should be approached through the processes of direct marketing to identify if the premises are of interest to them.
It is in markets like that which we have today where the advantages of direct marketing are easily identified and utilised.
Whilst we have plenty of marketing tools associated with the Internet and e-mail, it is the traditional one on one direct marketing process that generates more opportunity above everything else.
Utilising the direct marketing process, the ways to attract tenants today would include the following:
Leasing a commercial and retail property is all about strategy.
Gone are the days of simply listing a property today and hoping that a tenant will walk in the door tomorrow.
If only life was that simple.
Commission based commercial property agents really do need to generate the necessary churn and contact in the local property market, if they want to be successful.
History says that most of the buyers and tenants of commercial property generally come from the same overall location.
When it comes to marketing a property for lease, the surrounding business community should be approached through the processes of direct marketing to identify if the premises are of interest to them.
It is in markets like that which we have today where the advantages of direct marketing are easily identified and utilised.
Whilst we have plenty of marketing tools associated with the Internet and e-mail, it is the traditional one on one direct marketing process that generates more opportunity above everything else.
Utilising the direct marketing process, the ways to attract tenants today would include the following:
- Get a signboard on the property as quickly as possible.
The signboard will be seen by all the local businesses and the property investors.
A property signboard is perhaps the most cost effective marketing tool you can use today. - At the same time as putting the signboard on to the property make sure you have flyers and brochures readily available to take to all the local businesses within a radius of 800 metres.
This simple process allows you to talk to other business owners, tenants, and property investors to find out what they're doing locally and what they have heard about other property activity nearby. - Depending on the attributes and improvements on the subject property, you can shortlist a group of businesses and business types that would be target tenants for the vacant premises.
You can then direct mail and cold call all of those tenants as appropriate. - Make sure your lease offering is attractive given the trends of the other market rentals and incentives.
Your lease offering will include levels of rental, outgoings, and lease terms.
You may also like to consider lease incentives and option periods. - Identify any other properties nearby that are considered competitive to your subject property.
Check out their rental offerings and property improvements.
Price your rental competitively.
Leasing a commercial and retail property is all about strategy.
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