Commercial Agents – 5 Ways to Find More Tenants Today

In this commercial property market, tenants are selective in the properties that they want to move to for a new lease. In most cases, the tenants will look at a number of premises and compare a number of rentals before they make a final decision.

This means that tenants could be talking to a number of agents at the same time. You need to be aware of the problem and adjust your inspection processes accordingly. Any information you get from a tenant may be a manipulation of the facts and not really tell you the other properties that they are looking at.

When it comes to processing tenant enquiry today, you may only have one opportunity to present the property and negotiate on the rental. Landlords should therefore provide a very attractive lease and rental package at the outset of negotiations.

The abundance of new or vacant premises creates a broad selection for the tenant to choose from. Competition therefore becomes a factor of leasing premises today and both landlords and commercial agents need to adjust the marketing processes accordingly.

To attract more enquiries to vacant premises, some of the following strategies will assist:

  1. Always put a quality signboard on the property as soon as possible. It is quite likely that the successful enquiry will come from the local area and businesses nearby. These businesses know the area and it is very simple for them to relocate if they need alternative locations from which to operate their business.
  2. Create a brochure for the vacant premises and personally take the brochure to all the surrounding businesses within 500 metre radius. Talk to the business owners regards their existing lease and property location. This process alone will give you a lot of opportunity and feedback for your database. Over time this can be turned into more successful transactions.
  3. Listing of vacant premises on the Internet is quite important. Many potential tenants will surf the net to find suitable premises to inspect. The design of the Internet adverts should feature simplicity and include a dot format. The property message needs to be simple and eye catching. You can use keywords from the search engines to optimise the exposure of the individual advert to search engine enquiry.
  4. A successful leasing agent is one that knows the local area comprehensively. As part of that process, they will know the movements of all the local businesses and the lease expiry dates. They will also know the landlords that own the most desirable property locations. Ask questions and talk to a lot of people that have a vested interest or position with commercial property.
  5. Always put your enquiry into a database and keep the contact process moving with all qualified enquiries. It may take some months to find the right premises for some of your qualified tenants; however the process really works when you dedicate the time and the consistency to prospecting.

When these rules are followed, you can tap into a lot of market activity and facts. The successful leasing agent is one that matches leasing needs to properties; it is that simple. Focus your efforts on the process and the business will come.

Why is Understanding the Stock Market So Hard?

First on the list of recommended preparatory tasks is to obtain a book which covers the Dow theory. This isn’t lightweight reading, but will surely serve to make you a smarter investor. Just as history repeats itself, stock market trends do too. Being able to ascertain what part of which type of cycle the market is currently experiencing is of great help in understanding the stock market and anticipating favorable conditions for your money.

Using the rolling stock strategy requires that you be well versed in stochastics. Stochastics is at the crux of this strategy. The so-called penny stocks often have a short term and repeating cycle of rising and falling prices which stay in an overall, consistent price range. The best candidates are those with an upward trend, where the price gradually rises, while sustaining a predictable rolling cycle. You buy just at the point where the stock has bottomed and is now on the rise. The safest strategy is to sell before the cycle peaks. You can make money this way, but you must have familiarity with the Dow theory, as well as stochastics. In any case, understanding the stock market as thoroughly as possible, is essential to your success.

Day-trading is one strategy that requires courage, expertise and a ‘type A’ personality. The day trader follows several stocks at once, looking for that ‘perfect moment’ to plunk down his money, selling sometimes within minutes. With the purchase of a large number of shares, the difference of even an eighth of a point rise in the stock value can result in a large profit. Then again, the day trader can just as easily suffer a tremendous loss. Some brokerages do not execute the sell order quickly enough, particularly on days of heavy activity. Understanding the stock market well may not be enough in this case, as the situation is out of your control. Day-trading is a risky and highly stressful strategy.

No matter what your strategy, if you’re a small investor, you must know that understanding the stock market means that you are aware of some very obscure influences which can make your ‘perfect pick’ imperfect. A well-known consultant, who gives seminars on stock investments, brought this element into sharp relief for a group of students.

The assignment involved one particular stock which each student was to investigate and give their opinion of this investment, citing reasons why they would or would not. The stock was a ‘good pick’, according to all the participants. The consultant then explained the factor which no one had uncovered in the investigation phase which actually made this good-looking stock a disaster as an investment. As it turned out, every 20 years, a ‘red tide’ appeared off the coast of Peru, ruining the product and thus, the stock value for the entire season.

Along with your self educating in all things stock market, you should begin to test your understanding of the stock market. There are many websites which give a daily list of stocks for you to peruse and make a prediction of whether they go up or down in a certain time period. Others ask you to predict which will have the largest percentage rise, also in a certain time frame. It may take a considerable while before your predictions are, for the most part, accurate. This strategy of testing your understanding of the stock market will save you a bundle of money. You may decide the stock market is not your niche! Understanding the stock market is a difficult and time consuming effort.

Commercial Agents – Gain Time Using Personal Assistants

In a commercial real estate agency, your time is a critical part of your day. How you use your time will impact your listings and commissions. If you waste your time you lose money.

There are limits to what you can do as an individual salesperson. If you are fortunate to be able to attract good listings, you will still have limits on what you can do individually. You will need a personal assistant (PA). Over time a good PA can do a lot for you in backup and momentum.

Let’s look at the facts:

  • A good agent can only handle about 15 to 20 exclusive listings without stretching the limits of performance and client service.
  • Your clients are going to require ongoing contact every couple of days.
  • Your exclusive listings need to be marketed in different ways to the prospects that are coming in to the agency.
  • Your telephone prospecting should be bringing in the leads and requests for information and property inspections.
  • Every day you should be inspecting properties with qualified prospects.
  • Your database should be kept up to date personally
  • Deals need to be negotiated and documented.
  • You will be on the look out for more buyers and tenants

So how much spare time do you have? ‘Not much’ is the typical answer that I hear.

In saying all of this, one thing should be noted. Good salespeople are not good when it comes to staying on task and being organised. Under pressure things get missed or delayed. The end result is a missed opportunity or an unhappy client. So I go back to the point that a top agent should be supported by a good Personal Assistant.

Here are some things for the PA to do for you:

  1. Prepare draft advertising for approval of clients
  2. Constructing the campaigns for all your exclusive listings
  3. Lodging all listing marketing with the selected media
  4. Tracking responses from marketing campaigns
  5. Doing a signboard and internet count weekly of properties listed for sale or lease in your local area
  6. Tracking time on market with your competitors listings
  7. Preparing information packets to be sent out to qualified buyers and tenants
  8. Getting your newsletters ready for weekly despatch
  9. Doing your outbound direct mail
  10. Keeping your database under control and updated
  11. Checking your emails for ordinary issues that they can attend to for you

So how can you take the ‘quantum leap’ forward with a personal assistant? It all comes down to cost.

As you build your market and commissions, you can create a ‘financial buffer’ where you can employ a full or part time PA. The alternative up until that time is to use an online ‘virtual assistant’ to get some traction on the mundane things that just have to be done by someone. A ‘virtual assistant’ is a controllable cost and doesn’t need to be a large overhead for you.

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