When tenants are on the lookout for a good commercial property to lease they will visit or call many local commercial real estate agents as part of the research process. Rarely will the tenant work with just one agent.
So you have to get to the facts of their property need and what they are looking for. You also should ask about where they have looked for premises elsewhere and who they are working with currently. It is likely that they already have a significant amount of lease information about other properties available for renting locally; when you know what they have seen already, you will know how to pitch the available properties that you have on your books to lease.
Here are some questions to ask the tenants that are in the property market currently and looking for a property to lease:
- Who are you talking to? If you are talking to a business based client, who is the decision maker and what is the contact detail for them?
- In what location do they require the property or premises? That being the case, what have they looked at already and with whom?
- How big should the premises be? You will need to define that area in types of buildings and or areas of the property. For example office space, warehouse, showroom, car park, and hardstand. Different rents would apply in each area and therefore will influence the overall total lease package.
- What improvements should feature in the property and in what way will they use those improvements? Some of those improvements will be essential whilst others will be discretional.
- What is their rental budget for the premises? The budget will give you a guide as to what they can inspect and what is beyond their budget.
- There are different types of leases and rentals available when it comes to renting an office, industrial, or retail property. Some of your landlord clients will have already set their guidelines in that regard. Match the tenant to the property type and the lease terms and conditions that suit their requirements.
- What is the timing of the property changeover? That timing could shortlist some of the properties that you show the tenant.
- What will be the use of the premises? It may be that the local property zoning will need to be reviewed to ensure that the expected or required property use is allowed in the area.
- Where are they coming from now and is that property leased? You could get some reference from their previous landlord as part of the intended relocation.
- What other properties have they seen already locally? What agents are they working with locally? There is no point wasting too much time with tenants that have seen everything that is available for lease in the area. Selectively show them properties that suit. Be aware that they may have seen some properties with other agents prior to seeing you.
The more facts you can get from the tenant, the greater the chance that you can locate a property for them to lease. Leasing property is a good part of the industry to tap into. You will find lots of leads and commission opportunity if you ask the right questions.