Having worked with many leasing agents and real estate principals I have seen more than the average number of mistakes made. Unfortunately the mistakes derail or delay progress in building market share or statements.
Here are some of the biggest mistakes I have seen and my thoughts about them:
- Lack of focus on getting 'For Lease' signboards into and on as many listings as possible – This is such a common problem and so counterproductive. When you get more sign presence into your market you will generate more inquiries; it's that simple. The tenants in the building or the local area will see the signboard and call you to talk about space leasing needs. When you want to dominate the local leasing market, then signboards will be a very big part of that.
- Not enough Email marketing of vacant space – Today we are blessed with email software that easily drives our listing information to the masses. Certainly we need to comply with spam rules and legislation so all the people in your email list should have agreed to be there or have opted-in. The key is to ask all prospects and contacts that you meet to be part of your database. An individual leasing specialist should have at least 1000 local businesses and people in their database for dispatching email newsletters. The frequency should be each 14 days.
- Direct Mail use is infrequent – The traditional letter is still and sometimes even more so, the most effective lead in for a contact call to business leaders that will not take your call, or for the times when you are stopped by a gate keeper. It is more work to send a letter (compared to email) but the conversations to meetings are much higher.
- Contact calls are rarely made – Not enough contact calls are made by many leasing agents. It is a daily task and should be the most important fact in your daily calendar. When the contact calls become part of the diary process (at least 2 hours per day) and you are making calls to 50% new people in you alloted time, business will grow. This is the most important skill to develop in your career.
- Database growth is slower or non-existing – Show me an average leasing agent and I will show you a poor database. Many leasing agents do not take accountability for their database growth and accuracy. Many agents use only their diary for tracking names and contacts. Lack of accuracy to customer and prospect relationships means that your business will go nowhere. Listings will be harder to get and your market will not know you for what you do.
- Business leaders in the local community do not know you – These people must know you personally; not your office. Commercial leasing is a game of who you know. Your individual name and profile should be promoted at every opportunity. You should be the leasing agent that the business leaders know and respect.
These simple facts are the most common problems that I see in the commercial and industrial property leasing industry. They are easily fixed but they take personal discipline; many agents struggle with that even though they have the best intentions. Change your habits to include these tips and you will change your career.