Since there are four different types of transactions in our commercial real estate world, leasing, selling and raising debt and equity, we will need to look at how to develop a good marketing list in each type of transaction. We will look at developing these lists from the landlord side. We will look at developing these lists from the other side in another blog.
Since leasing space has the most transactions out of all of these, let’s start with it.
We will assume that you have developed the minimum requirement of having all of the facts about the asset available to market. Most folks looking for space will spend any time digging through information to find facts for a property that aren’t easy to find. I won’t look into what these minimums are for this blog.
So now that you have your information ready to market, how do you develop a list to send it too?
The first step is to focus on is getting as many tenant reps as you can on a list. Generally these brokers have multiple assignments from their clients so that if you are sending your marketing information to 100 of them, you may in fact be showing your marketing information to several hundred prospects. Additionally, these brokers have vetted their clients so that you can feel reasonably secure that they will transact shortly.
The second list is quite a bit more work and since it is, not many will undertake the job.
First you will need to decide which properties are competitive with yours. Not only in location but class, size of space available, amenities and curb appeal. Once you have that list, you need to take time to go to those properties to get the list of tenants and to really compare your asset to it. Now comes the hard part! You need to get a contact for each of those tenants, with an email address so you can start sending “focused” emails to them. Generally, all of these tenants will have information on the internet for you to “mine” to get this information.
The great thing about this list of tenants is that they have already decided to be in the area of your property. You will need to only sell your competitive advantages like your amenities, your ownership, how well you treat your tenants and other soft points of your asset.
These emails will be more focused in nature and may have highlights from your property manager discussing how they keep the asset ready for the tenants or even from tenants in your property discussing how well they are treated
Let’s wrap this up.
Being able to send out two focused emails, one for the tenant reps and the other for the tenants in your competitive set will give you the best chance of filling and then keeping your property full. Good luck!
I will discuss developing lists for the capital markets side next week.
Photo Credit: infodataplace.com