The How To Add Value Handbook For Commercial Real Estate by Brian Hennessey

Author:Brian Hennessey
Language: eng
Format: epub
Publisher: Yajna Publications
Published: 2018-11-15T00:00:00+00:00

Strategies for Keeping Your Property Leased

We’ve talked about the importance of having good relationships with the leasing brokers in your area and your property type. You should have the reputation of being a great landlord that treats everybody fairly and quickly pays brokerage commissions. If you develop the reputation of being a landlord who quickly pays commissions, you will have brokers regularly showing your property. Remember: they have bills to pay, kids to feed and clothe, as well as a mortgage obligation. There are a lot of landlords that drag their feet when it comes to paying commissions. This is definitely not a way to win brokers over so they’ll want to conduct more business with you. A slow paying owner is largely avoided once that reputation is known within the brokerage community. Paying brokers and all your vendors quickly wins a lot of favor and appreciation that pays off to your advantage in the long run.

Once you develop a good relationship and it is established with brokers throughout the area, you can be sure that they will always keep you in mind when you have vacancy that may fit their client’s criteria. This is true whether your property is listed with a broker, or when you have your own “For Lease” sign out front.

If a vacancy comes up in your property, make contact with your existing tenants and let them know you have a vacancy or vacancies that you would like to fill. Ask them if they know of anyone who might have an interest and tell them you would be happy to pay them a finder’s fee. This can be a fixed dollar amount or whatever else that could be mutually beneficial.

Keep a list of prospective tenants, if you are leasing your property. You never know when one of those prospective tenants that called you when the property was full may be interested now that you have vacancy. I’ve seen it work for all property types and it is often overlooked as a source to farm tenants.

Remember: when you have vacancies, you need to be a proactive marketer. Every day that you have a vacancy is costing you money. That’s why you want to constantly look for a tenant until your property is leased. You can do this in a number of different ways. One is by hiring a broker to exclusively market it for you. The broker will be responsible for the marketing efforts and will let you know on a regular basis what she is doing to get your space leased out. We discussed earlier in this handbook about having the broker consistently checking in to give you a progress report regarding their marketing efforts. If you are proactive and creative, you should be able to find tenants, unless the market is so soft that it takes an inordinate amount of time to get your property leased. If you are doing everything in your power to make sure no stones are unturned, you will eventually get it leased, assuming it is properly priced and in good shape.

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