In investment property the landlords that own premises always require leasing assistance. Rarely will they turn down the offer of a genuine tenant at a market rent. For this reason, if you as a real estate agent focus on the control of your market and the tenants that are active or potentially active, you will create more opportunity for listings. Landlords will listen to you. More of your presentations and sale pitches will convert to listings.
Landlords want the best agent when it comes to leasing the vacancies that they have. Your database of enquiry from your local market is foundational to attracting landlords to your leasing services. So if you want to control your leasing market, focus on your database and the enquiry that sits in it.
When you pitch for landlords vacant premises to lease try these rules:
- Show them the size of your database as a bulky document that they can feel and see. Put it on the table during the presentation or pitch.
- Talk to the landlord about the recent market rents that have been achieved which other comparable properties in the area. Explain the advantages and differences between gross and net rents as you see it for their premises.
- Explain what incentives are out in the market to attract tenants in today’s terms. It is likely that your landlord will need guidance or help with the incentive structures and decisions.
- Make sure you have inspected the property in detail so you can talk to it and the property features around which you will build your inspection and marketing strategies.
- Identify the target market that will be attracted to the property and just how you will tap into that target market.
- Explain what the situation is like currently regards the time on market for the leasing of premises. What is the vacancy factor in the area or region that can impact on the landlords leasing requirement?
- Tell the landlord what you consider to be the essential facts that tenants require in today’s leasing situation
- Give the landlord an idea of how the best lease could be structured, what the rents are, and how the rents could be improved over time.
- Talk about the permitted use and the zoning of the premises that will have impact on the future leasing strategy.
- How do the services and amenities in the property suit the current enquiry for leased premises?
Landlords in this property market need help from agents to find tenants. Rarely will a landlord really have all the resources and solutions available to lease the premises that the local real estate agent has. These 10 facts above will help you show that you are the real estate agent of choice to market the vacancy for the landlord. If the vacancy and property is of high quality, insist on getting an exclusive leasing agency appointment so you can focus your efforts on the market and the premises for at least 8 weeks. If the property has not leased in that time then something else is impacting the marketing or the enquiry base.
by John Highman