In this property market most towns and cities have an abundance of properties or tenancies for lease. Some commercial real estate agents just take an ‘open’ listing, put a sign on the property, and let the ‘luck of the process’ do the rest. ‘Luck’ in promoting a property doesn’t work too well.
Now before I go much further I will say this.
If a client makes a choice to ‘openly list’ a property with many agents, rather than let you have an ‘exclusive listing’, then they get what they deserve and that is ‘nothing much’. Devote your time to ‘exclusive listings’; that is the rule for top commercial real estate agents today.
So let’s say you have a good group of ‘exclusively’ listed properties that are of some quality and are relevant to the market today. Let’s also say that the property owners have given you some marketing funds that you can use with some flexibility. On that basis you have things to work with when it comes to finding new tenants.
Here are some rules that I use in finding tenants in tougher property markets like that which we have today. You can modify and add to these rules yourself.
Around each listing, you should ‘door knock’ the local businesses to see what they are wanting in property soon or in later time. Every listing on your books is an excuse to talk to other local businesses.
Record all of your property findings and prospect connections in a good database. Over time the database will be important to your market share.
Every listing should be the subject of a ‘flyer’ drop into the local business mail system. The best days to do that are towards the end of a working week.
The ‘Yellow Pages Online’ Business telephone book can in many respects be searched on an area basis. This makes it really easy to create a call list of all the local businesses. You then build some time for direct B2B calls into your working day. Making 40 outbound calls to business owners every day is about the right number.
Pick streets that contain the best properties and an abundance of businesses. On a building by building process, drop into all the businesses to leave your card and see if the business owner will talk to you. Cover all the streets and buildings logically and directly.
Have a simple standard form that you carry on you to capture the results of contact to business owners locally. At the end of the day the information can be captured into your database.
Finding tenants is really not that hard. It is simply a matter of reaching out to talk to the people. Most agents have little system or focus on prospecting. Go back to the basics and find the person; that’s how you build your leasing results in this market.
By John Hester