When you work in a commercial real estate agency, it is really important to have a good base of tenants that you can call on when you find vacant property coming on the market for lease. The great thing about leasing commercial or retail property is that the tenants you work with are business people and they are really easy to find.
Commercial and retail property leasing is a good base of income when the sales market is slow or tough. This then says that you can specialise in both sales and leasing to help the flow of listings and commissions for all market conditions and circumstances.
Where Do You Find Tenants?
Prospecting for new tenants is simply a matter of opening the telephone book and making the calls to business people. That being said, not enough agents make enough cold calls every day to find new prospective tenants. If you want more listings to lease, then start the cold calling process.
It takes about 3 or 4 weeks of systemised calling to see the benefit start to flow and you will have some personal challenges as you proceed, however this is the best way to build your market share in commercial property leasing.
Here is a simple checklist to help you find tenants and put them into you contact pipeline:
- Local businesses will be the best source of tenant opportunity. Start calling the local businesses on a daily basis. In 3 hours of call prospecting you should be able to make 40 calls easily. You should get through to 15 people as part of that process. Those people that you miss today will become calls tomorrow.
- Franchise groups are a good source of tenants. They are always looking for new premises to operate from. You simply need to know what they are looking for and when they need it. You can easily research franchise tenants on the internet.
- Check out redundant and old properties in your area, they will be a source of tenants seeking to relocate.
- Any new property changes or redevelopments are a good source of tenant ‘churn’. Speak to the tenants that may be in premises that are ‘marked’ for redevelopment.
- When you have a few properties to lease, look at the other agents properties in the area and see if you can attract the tenants in those properties to move.
- If any property is up for sale, the tenants in that property are likely to be destabilised and concerned about their future in the property. Make direct contact with all tenants in any building that is up for sale.
Finding tenants to work with and help in property leasing is not hard; it just takes process and diligent action. Start making those calls and the benefits will soon flow back to you.
John Highman is a leading commercial real estate coach who has helped thousands of commercial salespeople and agents promote and grow their real estate business. You will find many more helpful commercial real estate tips and strategies at http://www.commercial-realestate-training.com/