That local area could contain some 2000or 3000 businesses to contact and keep in touch with.
Geographically the area could cover a radius of five kilometres in all directions.
To tap into these businesses requires systemised effort on the part of the leasing executive or real estate agent.
That being said, a local leasing professional should be doing this anyway.
Landlords need the leasing problem solved.
Leasing a commercial property is not an experiment; it is a specialised process that must achieve a special resolve.
To be successful in commercial property leasing, a leasing executive needs to know and tap into the following:
- What the local businesses are looking for new or better property improvements
- The supply and demand of commercial space for businesses to occupy
- The development opportunities and changes that are expected in the local area
- The rentals, incentives, and lease strategies for all property types
- The comparable properties that are available for lease currently in the local area together with details of the rental and lease offering
Gathering this local information is critical to the process of market intelligence and leasing.
A good database of local tenants is highly valuable for a landlord in the marketing of vacant space; an agent with the best local database should be the agent that is chosen to market the property.
Given the pressures on the local business community, many cities and towns are experiencing an abundance of vacant space; this is unlikely to change in the near future.
On that basis, the leasing opportunities are now biased towards the tenant and every agent should focus their efforts accordingly.
I repeat; the agents that have a comprehensive and up to date database of local businesses will be more successful in this type of property market.
Any commercial real estate agent specialising in leasing should use this market as an opportunity to relocate tenants to other quality properties nearby.
The agent will require a good listing bank of quality vacant premises, and a database of fully qualified local tenants and businesses.
The process of leasing is a simple contact and match process.
Consistently contacting the key decision makers within the business community will produce leasing opportunity, churn and activity.