As a real estate agent you will be asked to lease commercial retail and commercial property every now and then. As part of that process, your leasing processes should be specialised and geared to the neighborhood area. The more that you know about the local area, the easier the leasing process and the more specialized your skills. Listings will be better to convert.
The trends and enquiries for a new space to occupy will come from the neighborhood business community in the main. Most leasing, and perhaps even as high as 90 per cent, will be made through and centered on the local business community. On that basis you need to know the key businesses in the area and their pressures or changes to occupancy. Constant contact with the business community is the foundation of significant success in los angeles property leasing. This is the demand or churn factor that should be monitored and documented into your database.
At any given point in time, the size of the vacant area in where you live will be a number of that requires tracking. Established properties will have changes to their levels of occupancy throughout the year; you need to know when that impact flows into the market and how it will impact rentals.
Knowing what properties are approaching the market from newly constructed developments is another key factor that will impact rental levels. This is a critical supply factor that should be studied and monitored in your local area. Tenants are occasionally swayed towards newer properties simply due to levels of image, presentation, and the more modern provision of services and amenities within the new property. To compensate for this problem, an ongoing renovation and relocation strategy is recommended for old properties so they can be maintained at a reasonable level of occupancy attractiveness.
Existing properties from your area will have impact on one another by way of rental levels and pressures of vacancy. This means that the vacancies coming in other properties should be monitored for levels of asking rental, levels of incentive, time on market, timing of the vacancy, and marketing processes.
Third party leasing or licenses to enhance the property leasing performance should be monitored. Look for extra rental opportunities such as car parking, roof antennas, storage, mall permits, short term leasing, and signage.
Local businesses that occupy premises on current leases will have an expiry date to their existing lease. Find out what that date is so you can track the chance of leading the tenant to 1 of your buildings when the time is right.
Rent review activity in existing buildings will establish levels of market rental. Within most cases that market rental will be a useful comparison when it comes to leasing other similar local vacant premises. The only real extra component to add to the leasing or formula will be the existence and size of a potential leasing incentive.
Place based property leasing can be a very specialised and successful service for real estate agents to provide. Take the time to track these issues above and improve your market share.