When it comes to advertising a commercial or retail property for lease, it is the strategies you adopt today as a real estate agent that will make all the difference to the end result rent and the time on market for the client. The most successful completed leases today are generally the result of a dedicated exclusive listing agency, focused marketing campaign, and a hard working real estate agent.
Open Listings are a Waste of Time
Open lists are generally a waste of time for the agent and for the client. Open lists are a simple 'list and hope' process; they are simply not marketed well or consistently. The client gets little feedback or special service during the listing time; given that the client is not serious, it is hard for the agent to be serious in the marketing of the property. Surprisingly and generally the client that chooses this 'open' process of listing is expecting for the very best service but then soon gets upset when little action or feedback occurs. Commercial property is not a small value investment; it demands the best strategies and initiatives when it comes to leasing.
Exclusive Listings are Best
So let's assume you can get the vacant property or tenancy on an exclusive listing basis. From that point onwards you can structure a dedicated marketing and advertising campaign that taps into the right tenant segment of the local business community. This is the best solution for every property owner and landlord when they have a vacancy factor or problem to address.
Advertising a Vacant Tenancy
Advertising commercial or retail concessions for lease is quite a special process. In most cases the tenant that you need and find will come from the existing local business community. On that basis all or most (75%) of your marketing efforts should be directed into the local business precinct. You should define the following:
- The primary market – this is where you will get 75% of your inquiry from
- The secondary market – this is where you will get the remaining 25% of your inquiry from
To tap into the local business precinct the best advertising campaign should include:
- Flyers to be delivered to all businesses locally
- Advertising in the local newspaper that is read by the business community
- Talk to tenants in other properties nearby
- Internet listing on a number of sites regionally
- A signboard on the property that can be clearly seen by passing foot and vehicle traffic
- Other tenants in the same building may know of other tenants wanting to come into the area
- Other tenants in the same building may want to relocate or expand concessions
- Direct mail to all local businesses that match the target criteria
- Direct telephone calls to all the local businesses that match the target criteria
These strategies of advertising vacant promises do not and should not come with an open listing. They are the specialized services of a dedicated real estate agent that is appointed exclusively to act for a landlord on leasing the vacant promises. I am sure you can see what power an exclusive listing brings the landlord in solving their property problem.