In this property market the leasing of office premises is a valuable market segment for commissions and listings. When you work as a real estate agent in commercial real estate it pays to focus your prospecting efforts in this market segment as businesses seek to relocate, expand, contract, or change. Property sales may be slower but leasing is still happening.
Markets and economies like this may have some frustrations for many agents, but those that can and do focus on leasing of premises will find some reasonable property activity and churn. In slower economies, the leasing of premises will still happen because businesses want to change their rent or lease structure, taking advantage of the economic situation whilst premises are readily available and in relative abundance.
The big thing I have learned about office leasing is that you have to know the market really well and the tenants throughout. It is remarkable how much commission you can make from leasing if you dedicate your efforts to knowing the local business community thoroughly.
The best way to do this is to pick up the regional and local telephone book and research the businesses to call. Here is what you need to know in planning the process:
- What is their business focus in service or product?
- How do they serve their customers?
- What type of premises do they need to do business?
- Are they under any pressure to expand or contract?
- Do they have any sublet or assignment preferences?
- Who is the business decision maker locally and how can you reach them?
- What are the ideal space requirements in any tenancy?
- What improvements must they have in premises they occupy?
- Do they need to be near other businesses and if so what and why?
- What services and amenities do they need to function at the optimum level?
- How many staff do they have and are there any special fitout requirements as a result of staff operations?
The list can go on and should drill down substantially into the tenants business. Special businesses will have a very detailed list of tenant and business requirements in leased space occupation. The more questions you ask, the better you can serve the lease enquiry when it happens in the future.
In researching premises and businesses from a leasing point of view, the cycle of contact you create with the business leader is critical to the market share and future lease opportunity. Regular ongoing contact is the way to create attention and the focus of the decision maker. When they are ready to handle their lease decision, they are then more likely to call you before other local agents.
A lease or premises change for a business comes up on a fixed period based on the existing lease duration. To tap into that cycle before the pressure occurs is critical to the market share and lease success you require. Research the existing leases in the local are to find out when the leases expire and then build your prospecting and contact model around those facts. Lease opportunity will then be yours to tap into.John Highman is an expert real estate author, conference speaker, and coach. He helps Real Estate Agents to improve their market share, listings, and commissions. You can get a free ebook of real estate tips and tools right here at http://www.commercial-realestate-training.com Article Source: http://EzineArticles.com/?expert=John_Highman http://EzineArticles.com/?Things-I-Have-Learned-About-Leasing-Commercial-Office-Premises&id=6527273