This is the 2nd installment of my 4 part blog series on CRE Leasing myths debunked. We have already covered Posting and Hoping, and will continue the series with Somebody Else Will Lease My Property, Weekly Reporting is Enough, and the well-known Taking Tenant Reps to Lunch. This series will explore these common myths and shed light on what you should focus on when it is your job to get a commercial property leased.
Myths About Leasing Your Property
· Thinking someone else will “sell” your property’s attributes, benefits and value.
Let’s debunk this Myth!
· Really! You really think that anyone else can or will sell the attributes, benefits and value of your property? BTW, you were hired to do just that, you are the only one that is incentivized to do just that. Everyone else may say or infer they will assist you but, really! YOU are the only one that really will do the selling day after day! Our CRE business is unique in that the tenant reps gets paid by the property owner of the property finally selected by their client. Most consultants get paid by the party that signs their agency agreement! Anyway, the tenant and their representative will look to get the best deal they can in the property they select to be in. You, if you are the leasing agent, is the only person that has the ability to sell “value” to the tenant.
· Make sure you KNOW your property and the competitive properties well enough to sell your attributes, benefits and value to the tenant! Make sure you have the ability to do that.
Know the tenants in the competitive properties. Market your unique value to them before it is time for them to decide and you become just another tour. The tenants in your competitive area have already decided to be in the area. Develop a complete list of prospects to market your space to, including tenants from competing properties. Then you will be able to “sell” your property’s attributes, benefits and value well before you are competing with everyone else in your competitive set.
“Successful People Do What Unsuccessful People Won’t”
Image “Cartoon Businessman With Thumbs Up” Courtesy of by Mister GC FreeDigitalPhotos.net