Commercial property agents can provide expert services to landlords when it comes to leasing property. Today we find that businesses are under the pressure of change. This means that they will be looking for alternative or better premises when it comes to the end of the current lease. The property agent with the best database of tenants will be the agent of choice for the landlords locally.There are some different ways to assist landlords with leasing in this property market. Here are some ideas to help with that:
Update the landlords regularly with your opinion of supply and demand for property locally within different property types. To obtain this information, you will need to keep in contact with the local planning office to see what new developments are to occur in the local area.
Property developers are sometimes considering major new projects and constructions. Larger new properties will always put existing properties under pressure and that will impact the landlord’s cash flow. The pressure will be in rental, lease terms and conditions, and lease incentives. The flow through to the landlords that you act for will be in vacancy factors within their buildings. Property developers will always chase tenants from existing buildings and offer new lease terms and conditions that will be hard to beat.
The vacancy factor in the local property market will have impact on rentals. If the landlord is holding the property for a number of years, then the starting rental in a lease is not such a big issue. In such case the rental can be boosted over the lease term through productive rent review processes. On that basis it pays to fully consider and choose the right rent review structures in each or lease that you negotiate.
Existing tenants located in existing buildings should be encouraged to remain in occupancy if that process suits the landlord and the future plans that they have for the asset. You can structure a tenant retention plan to monitor the existing tenant profiles and vacancy factors within your client’s buildings.
When it comes to complex buildings with multiple tenants, the existing tenancy mix will require strategy. In retail buildings the tenancy mix strategy is fundamental to the success of the property. As the local property leasing expert, you can advise landlords regards alternatives and options in the existing tenancy mix.
There are different ways to lease premises and alternatives when it comes to the types and levels of rental. Research your local property market to understand the types of rentals that tenants will accept for particular property types. Also monitor the levels of incentive that apply to the new leases in the local area.
The landlord in today’s property market requires experienced commercial agents that know how to tap into the tenancy opportunity in the business community. Build your prospecting activities around this fact, and lease transactions will be easier to find.