Leasing commercial real estate is quite a specialised service and should be sold and pitched for by local real estate agents on that basis.
Have all the facts at hand!
As the local agent you can lease all types of property today, although market knowledge and leasing skill always comes into play. The leasing of property can and should be a specialist service in your agency office; it can involve skilled people and marketing tools relevant to the property type.
The leasing team in a large agency can comprise of a leasing manager, tenant advocacy specialist, lease administrator, property manager, and tenant liaison person. In large retail premises to be leased you will add a marketing manager to the leasing team.
In real estate agency you can have specialist strategies developed on:
- Office property leasing
- Retail free slanders and small premises leasing
- Shopping Centre and Mall leasing
- Industrial leasing
- Warehouse leasing
- Fitout works and controls
- Tenant advocacy services
- Tenant mix strategies and planning
- Renovation and relocation plans for leasing
- Project leasing of new properties and developments
Know Your Leasing Market!
It is in fact very difficult to pitch for and list a property to lease unless you really know the market trends and solutions. That is why many agents specialise in leasing and special segments within it.
Here are some key elements of the presentation to be handled when you are pitching for the leasing listing appointment.
- Supply and demand for leased premises in the local area will be based on tenant enquiry today. Explain what the supply and demand factors are today and how they are expected to change given the local business and population demographics.
- The type of tenant target market that will be attracted to and served by the property should be defined (in this way you can design more relevant marketing packages)
- The best methods of lease given the age of the property and the cash flow requirements of the landlord should be defined. Use a Gantt chart to explain the leasing stages and time line.
- The types of rent to be used in the promotion of vacant areas will be based on the history of other rents in the local area. Explain the best types of rental (gross or net) for the situation at hand and give sound reasons for this choice.
- Comparable properties that have an impact on your subject property. They should be located and details of the relative asking rents provided. Explain the differences between those properties and the subject property.
- The timing of the lease promotion given the seasonal business community will have some relevance to your pitch for the appointment to lease
- The methods of handling outgoings recovery for the landlord given the tenant enquiry out in the market today should be incorporated into the lease type selected.
- Definition of landlords works and the timing of such should be quite clear from the outset
- Lease documentation strategies and implementation programs should be considered (this is highly relevant when many vacancies are being leased in a new development)
- Explain the methods of marketing the vacant property or tenancies to different targets (primary and secondary level tenants). In properties with multiple vacancies this will become a complex process taking into account the tenancy locations and priorities for specialty or anchor tenants.
- Inspection strategies to take tenants through the property given its design and function should be explained (give due consideration to other tenants in the mix or customers to the property)
- The size of the tenancies to be leased and their locations will create different asking rents.
- The impact of incentives to lease in the current market should be defined and strategies struck.
To win a presentation or pitch to lease a property you need all the facts and the solutions. When you seek to specialise your leasing services this becomes much easier for the agent.