A commercial leasing team will help you get more favorable rates and terms when leasing your property than if you try to handle it in-house. But, they can also help you with any problems that arise when leasing a property
Benefits of Hiring a Project Leasing Broker
Project Leasing Brokers Have Connections
If a project leasing broker has been active in a market for a while, they have likely built relationships with other brokers in the area. These relationships can help you identify which tenants are in the market and whether your space can fit their needs.
If you are having trouble identifying potential tenants, hiring a landlord broker could be your best option. Leasing teams are in constant communication with other brokers daily so they know what other teams are working on and who they are working with. They can even suggest your property to tenant rep brokers who are searching for the right space for their clients. They also know what motivates different types of tenants and brokers as well as their unique communication styles. Ultimately, they are well-connected and know how to attract attention to your property.
Project Leasing Brokers Have Access to Listing Sites
It’s important to list available commercial space on major listing websites to advertise that it is available. By making the information public, you can generate as much demand as possible from potential tenants.
But, listing sites for commercial real estate (CoStar, Loopnet, etc.) can cost thousands of dollars per month for an account. This can make it unlikely that a landlord will be able to post available spaces on their own.
Landlord brokers will almost always have access to these sites. This means they can list your space for you. This ensures your space is being seen by as many eyes as possible, which can lead to a quicker lease for your space.
Project Leasing Brokers Are Experts at Marketing Space
It takes a lot more than listing a space on a website to generate enough interest. But, most landlords do not have the time or the skill necessary for creating flyers, floorplans, websites, email campaigns, etc.
That is where a landlord broker comes in.
A landlord broker will create a strategic marketing plan based on your building’s market position. They will also determine how to compete with other comparable properties in the market. This marketing plan should also identify which potential tenants would be a good fit.
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 will analyze the changing market conditions to make sure your property is in a competitive position.
To do this, they will analyze comparable leases in competitive buildings to establish the position of your building. They will also take future deliveries into account. These will include both new developments and upcoming availability coming online in the area. They will also consider potential zoning changes and analyze how these changes may affect the property in the future.
Your landlord broker will use this data in negotiations as leverage. This will allow them to reach the most favorable terms, so it’s important that you have high-quality information and data.
Project Leasing Brokers Are Experts at Creating Leverage
A project leasing broker’s access to data also gives them leverage. This information includes an understanding of how other buildings in the market are performing and a knowledge of what rate leases are being signed at. Having access to this information helps your broker in the negotiation process.
While you may be able to create similar leverage on your own, having a project leasing broker on the team can give you a distinct advantage.
Read Next: Reasons Your Commercial Property Isn’t Leasing
Project Leasing Brokers Take the Stress Off Your Shoulders
Many problems that you will face when leasing a property on your own come down to not having enough time to devote to the property. Unless your full-time job is managing and leasing your property, chances are that other activities demand your time. This will interfere with taking calls from potential tenants, touring available spaces, and more.
Hiring a project leasing broker can take all those activities off of your hands, leaving you free to devote time to other activities. This means you won’t have to worry about the leasing of your building being a time-consuming process.
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.
If your leasing team is underperforming in any of these areas you should talk to them about how they can elevate their performance. If nothing changes, you might need to hire a new one.
2. Your property needs new ideas and energy
When you’re marketing your property, people can get tired of seeing the same information and campaigns for a property over and over again. If your property leasing efforts have gotten stale, a new leasing team may be able to bring new life to your property. Fresh marketing ideas and leasing strategies can make a large impact on your marketing impact.
3. You have another team in mind that you want to bring in
Do you have a leasing team that you already have a relationship with and trust? If you recently purchased a new property you will have to decide if you want to keep the current team or hire a new one. In some cases, bringing in your trusted team can make the transition much smoother. When your team knows what you need and you know what to expect, things can get put in motion very quickly – saving you time and money. But, it’s important to assess the current team’s abilities and your trusted team’s capacity before choosing 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