Friday, November 25, 2011

Commercial Property Sales - Attitude Matters

When you work in commercial real estate the chances are that things will get challenging from time to time. The property market is always on the change and salespeople need to keep up with that change.

Property owners will be under pressure to keep their mortgagee happy with property values and the tenants in the property could be on the move hence creating a threat of a higher vacancy factor. The salesperson that really works these opportunities will do well in any market and at any time. It all comes down to focus and action.

Investors that own commercial or retail property really do need the help of a good agent. A property agent that has a great database and really does know what is going on in the local area, will always be of value to a property owner.

So many salespeople in commercial real estate live a life or career of new starts. They are always starting a fresh new project or concept. They fail to stick to the project and have to go back to the beginning.

How good would it be if they started something and then kept doing it? Where would they be today?

You can get more ideas for commercial real estate agents at our website

Saturday, November 19, 2011

How to Select Tenants for Commercial or Retail Property

In the commercial property market today the fact of vacancy is quite a challenge and an ongoing issue for many property managers. As a direct result of a vacancy, the property manager will out there looking for the best tenant to suit the tenancy mix.

On that basis it pays to use a checklist in the tenant selection process given the property type and the landlord in question.

Here are some ideas to incorporate into the tenant selection process:


    Seek details from the tenant has to their occupancy history in other properties. If possible visit the earlier places of occupancy to check out the tenant story and observe their impact occupancy on the property and the tenancy.

    If the tenant will permit, talk to the previous landlord and or property manager that controlled their earlier place of occupancy. Identify if any matters of concern or default frustrated the lease situation in that location.

    The intentions of the tenant should be identified regards property usage, the required permitted use for the premises, the operations of the business, and any needs for expansion or contraction that could apply in the ongoing lease term.

    It is wise to obtain a legally binding bank guarantee and or bond that will protect the landlord in the case of lease default.

    Check that the identity of the tenant is both legal and real. This is to ensure that any default can actively pursue the legal identity.

    Any new lease you are considering should be structured around a fair and reasonable market rental, together with a rent review profile that keeps pace with the surrounding comparable properties.

    The provision of lease options or renewal options to the tenant may be counterproductive in the lifecycle of the property or the investment plans of the landlord. On this basis any request by the tenant for an option should not necessarily be agreed to.

    Seek a business history from the tenants accountant.

These simple ideas will help with the selection of tenant and the negotiation of lease. Leasing managers and property managers will find great benefit in the use of a checklist in the tenant selection process.

You can get more free ideas regards commercial property management and commercial property leasing from our website at
http://www.commercial-realestate-training.com/

Sunday, November 13, 2011

Commercial Agents - Finding Commercial Property Listings and Selling them Faster

Today we have a different property market. In many locations the sellers are finding it hard to move their properties, and agents are finding it just as hard to make the sale. So why is this?


 
It all comes down to the availability of money and the loan value ratio required by the banks and lending institutions. Some would say that inflated prices asked by some sellers may also be an issue, and that would be somewhat correct, but the main source of the tighter property market is the availability of funds.

 
The banks are not lending as freely on commercial given that they know that prices have fallen and some of the business tenants that underpin property occupancy are also under pressure.

 
Things will normally get back on track, although every real estate agent and salesperson has to adjust their current marketing and prospecting efforts so they can attract better listing and commission results.

Here are some tips to handling a slower and tougher property market like that which we have today:
  • Comprehensively and systematically contact all property owners in your territory
  • Get in touch with all business owners and tenants in the local area
  • Monitor the changes to property zoning and new developments
  • Prospect for new business for at least 3 hours every day
  • Learn to love your database and make it the backbone of your daily calls, meetings, and emails.
  • Door knock the streets in your commercial and retail property areas to meet with the tenants and property owners
  • Follow up everyone on a 90 day cycle so they remember you at the right time in the future. 
When you follow the patterns like those above, you will find new business opportunities. In any market there are property owners and tenants that need a hand with a property challenge. Be there for them.

 
You can get more tips for commercial and retail property agents at http://www.commercial-realestate-training.com/

 

Sunday, November 6, 2011

Systems for Commercial Real Estate Agents to Follow to Get Listings Today

When you work as a salesperson in commercial or retail property sales or leasing, the amount of enquiry that you can attract and convert will build your market share and your commissions.  This applies in any market and in any economy.

So often you hear that some salespeople are finding things tough or slow at the moment.  Here is what they should do:

1.       Start to take daily action on greater levels of prospecting and cold calling.  A full 40% of your working day should be devoted to prospecting.

2.       Specialise in both location and property type as this will generally let you be seen as the expert.  When it comes to attracting listings, this is the image you require.

3.       Check out all the good local properties on a street by street basis by talking to the property owners to see what pressures or needs they may have and need help with.

4.       Speak to all the local business owners.  They know so much about the local area and are likely to tell you of some property lead that you can tap into.

5.       Identify what the local tenants are doing in case any of them want to move or relocate to better or different premises.

6.       See what the local property developers are doing and identify if they are seeking to sell of any land banks or acquire new sites for fresh development.

7.       Monitor the local property zoning activities in case the demographics of the local area is up for a change.

8.       Use a good database to capture any activity here.  It is surprising just how important your database becomes in a quiet property market.

The system to support you in a quiet property market is built around deliberate and systemised action.  When you take the right action and keep it going, things happen.  More quality listings will lead to better commissions and greater levels of enquiry.

You can get more free tips and articles on commercial and retail real estate training programs online at http://www.commercial-realestate-training.com/  

Wednesday, November 2, 2011

Commercial and Retail Property Managers - Get Your Tenants Under Control

When it comes to managing commercial or retail property, the tenants under your control as a property manager can create a reasonable amount of stress and activity on a daily basis. For that reason tenants need to be well managed in keeping with the landlords property performance program.

An interesting question arises as to how many tenants a property manager can successfully control. It is a frequent question although it doesn't have a standard answer; that is because each and every property is unique and different as well as the types of tenants contained in each property.

Here are some observations regards the property management workload process:


    1. Retail Properties generally create far more work for the property manager. This is due to the greater level of interaction with the tenants, and the required reporting processes with the landlord.
      2. Industrial property is generally easier to manage with far less activity relating to leases, outgoings, and tenant management.
      3. Office Property tends to have the middle ground when it comes to workload and property management activities. 4. Properties with multiple tenants in occupation need to be carefully managed because each one of those leases will be unique and different. 5. Some landlords have an extensive reporting and communication process that can overload the activities of the property manager. If that is the case, then a higher fee should be established for the additional workload.   
    I have seen property managers successfully manage up to approximately 200 tenants in a Retail Shopping Centre Property. Beyond that point, the management process becomes too complex and beyond the abilities of one person to stay under control.

    You can see some other tips for commercial and retail property managers at our online training website
    http://www.commercial-realestate-training.com/