When we represent landlords, offering their properties for lease, our efforts tend to be concentrated on presentation, responsiveness, and negotiation. We place extra emphasis on marketing to other commercial real estate professionals, generously sharing commissions with them. We view tenant reps as customers as they tend to be a plentiful source prospective tenants. The fact is that prospective tenants commonly engage someone to help them with the search process.
We work to be customer-centric in our approach with all our efforts, asking ourselves at each stage how we might best apply our energy, expertise, and contacts to add value for our customer. We strive to make things easier for our customers, not more difficult, and look for opportunities to serve those that have chosen to be customers. When leasing up commercial properties, this involves a combination of marketing, technical expertise, and negotiating.
Marketing may begins with the preparation of an institutional style offering memorandum (view samples) providing detailed specifics on the property. These include square footage, zoning, floor plans (if available), lease comparables, maps, demographics, traffic reports, and more. With our offering memorandums, which generally run around 30 pages, we diligently strive to point out features of the property that make it unique, that may make it attractive for the right tenant.
Even the best properties don’t get top dollar unless they are properly presented to the market.
Marketing also entails effectively publishing the availability of the property. We list properties in the three major platforms, – not all brokers do – Costar, MLS, and Loopnet (Premium). Further, we do so effectively, describing the property accurately and in a manner that highlights its attractive features so as to maximize views and inquiries and thus, in turn, prospective tenants. With Loopnet, we utilize our corporate relationship to list properties as premium listings, which may be viewed by non-members of Loopnet. It has been estimated by Loopnet that the number of non-members browsing their pages is nearly 50 times that of members, thus these premium listings are significantly preferable to standard listings.
Our technical expertise, experience in skills related to every part of commercial real estate sales, helps at every stage of the process. An intuitive understanding of the business of commercial real estate, how leases are generally structured, how a business will perceive a lease obligation, how a lease structure will affect net operating income calculations for a property, and thus its market value, helps in the process, not only in the negotiating process with prospective tenants and the presentation of properties but also in negotiation. Commercial property owners generally know their stuff, thus discussions with brokers that speak the same language, that understand how they view things, helps considerably. James has been on the tenant or landlord side or commercial property leases as a principal well over a dozen times, providing experience invaluable to his customers.
With the negotiation, we aim to move a deal along, keeping all the parties talking until a deal is made. When a prospective tenant is interested, we do everything we can to make the process as easy as possible for him or her. If they have a broker less accustomed to the nuances of commercial real estate leasing, we help them along, guiding them to resources they can utilize to help their customer close on your property.
Go with a proven leader.
We dominate (see chart) for a reason. We don’t simply list properties on services; we actively market them, giving them every chance to be found by buyers that will more fully appreciate their value. We identify and proactively contact natural buyers via phone, mail, and e-mail. We list properties in all three primary listing platforms, wording descriptions for effectiveness at maximizing responses. Unlike many competitors, we go beyond just sharing commissions with buying brokers as we proactively market to other active commercial brokers in the area, in addition to our internal sales force. We display our listed properties via syndication in hundreds of websites and in Loopnet Premium, which is viewable by 50 times as many people as Loopnet’s standard listings. Finally, perhaps most importantly, we respond; we get deals done.