Engaging a commercial leasing team offers the advantage of securing more favorable rates and terms compared to in-house handling. Additionally, they excel at addressing any challenges that may arise during the leasing process.
Benefits of Hiring a Project Leasing Broker
Project Leasing Brokers Have Connections
Experienced project leasing brokers possess established networks of relationships with local brokers, a valuable asset in identifying potential tenants and assessing the suitability of your space for their requirements.
When faced with challenges in tenant identification, engaging a landlord broker becomes a compelling choice. Leasing teams maintain regular and active communication with fellow brokers, granting them insights into ongoing projects and collaboration opportunities. They can recommend your property to tenant representative brokers actively seeking suitable spaces for their clients. Furthermore, they possess a deep understanding of the motivations, communication preferences, and dynamics within various tenant and broker profiles. Their extensive connections and expertise enable effective promotion of your property.
Project Leasing Brokers Have Access to Listing Sites
Effectively promoting available commercial space entails listing it on prominent commercial real estate websites, maximizing visibility to attract potential tenants.
However, subscribing to listing sites like CoStar and LoopNet can be prohibitively expensive, making it challenging for landlords to list spaces independently.
Fortunately, landlord brokers typically have access to these platforms. By leveraging their access, they can list your space on your behalf. This ensures maximum exposure and increases the likelihood of securing a lease promptly.
Project Leasing Brokers Are Experts at Marketing Space
Generating sufficient interest in a property requires more than simply listing it on a website. However, many landlords lack the time and expertise to handle tasks like designing flyers, creating floor plans, developing websites, and executing email campaigns.
This is where a landlord broker proves invaluable.
A landlord broker develops a strategic marketing plan tailored to your building’s market position, allowing you to effectively compete with comparable properties. This plan identifies potential tenants that align well with your property, ensuring a targeted marketing approach.
In addition to this marketing plan, a commercial leasing firm should have an in-house marketing team. This team will put together essential marketing materials to help gain more exposure.
Your brokerage firm should provide:
- Property flyer or brochure highlighting availability, location, property features, and surrounding amenities
- Email campaign
- Listing page on the brokerage firm’s website with availabilities, floor plans, and photos
- Leasing signs or banners
- Maintenance of listing on third-party leasing sites such as CoStar
There are also several advanced marketing techniques that your broker may recommend for your property. These can include a property website, branding, advertising, events, video, 360 video tours, and more.
Read More: How Much Does It Cost to Market a Commercial Property?
Project Leasing Brokers Brokers Have Market Data at the Ready
Your landlord broker plays a crucial role in ensuring your property maintains a competitive position by analyzing dynamic market conditions.
To accomplish this, they meticulously examine comparable leases in competing buildings to determine your property’s positioning. They also consider forthcoming developments and upcoming availability in the area. Furthermore, potential zoning changes are taken into account, with a thorough analysis of their potential impact on your property in the future.
Armed with this valuable data, your landlord broker leverages it during negotiations to secure the most advantageous terms. Thus, it is imperative to possess reliable, high-quality information and data for effective decision-making.
Project Leasing Brokers Are Experts at Creating Leverage
The data access of a project leasing broker provides them with a valuable leverage advantage. They possess insights into the performance of other buildings in the market and are knowledgeable about prevailing lease rates. This information significantly aids them during negotiations.
While it is possible to independently gather similar leverage, having a project leasing broker on your team grants you a distinct advantage.
Read Next: Reasons Your Commercial Property Isn’t Leasing
Project Leasing Brokers Take the Stress Off Your Shoulders
The challenges of leasing a property independently often stem from a lack of dedicated time. Unless property management and leasing are your sole focus, other commitments tend to compete for your attention. Consequently, this can hinder your ability to handle tenant inquiries, conduct property tours, and more.
Engaging a project leasing broker removes these responsibilities from your plate, allowing you to allocate time to other endeavors. By doing so, you can alleviate concerns about the leasing process becoming excessively time-consuming.
Reasons to Consider Hiring a New Leasing Team
Some situations may call for you to consider hiring a new leasing team. Whether you have purchased a new property or are evaluating your current leasing team, there are a few signs you should look out for.
1. Your current team isn’t performing well
Your team could be underperforming in several areas including:
- Marketing: your leasing team should provide the essential marketing materials that we previously mentioned.
- Market research: your leasing team should have the most up-to-date data about the market.
- Market knowledge: in addition to data, your team should also have general knowledge about the market and connections in the market.
- Rapport with tenants: the ability to effectively communicate and establish a level of trust with tenants is key.
In the event that your leasing team is underperforming in any aspect, it is advisable to address the issue with them and explore opportunities for improvement. If no significant changes occur, it may be necessary to consider engaging a new leasing team.
2. Your property needs new ideas and energy
To avoid fatigue from repetitive marketing efforts, it is essential to revitalize your property leasing initiatives. Engaging a new leasing team can infuse fresh energy, introducing innovative marketing ideas and leasing strategies that make a significant impact on your property’s market presence.
3. You have another team in mind that you want to bring in
When considering whether to retain your existing leasing team or hire a new one after acquiring a property, it is crucial to evaluate your established relationship and level of trust. In some instances, retaining your trusted team can facilitate a seamless transition, leveraging their familiarity with your needs and expectations to expedite progress and generate cost savings. However, it is essential to assess both the capabilities of the current team and the capacity of your trusted team before making a decision to switch.
If the existing team has a record of success at a property, it may make sense to keep them engaged on the property.
Read the full article here: Problems A Landlord Broker Can Help You Solve