Presenting a Property For Leasing Opportunity
In leasing commercial and industrial property today and particularly in the investment market of Brisbane, the presentation of the vacant property is always critical when it comes to identifying the right tenants and attracting lease negotiations.
It is interesting to note that some clients and landlords prefer not to improve a property and its presentation until such time as they have found a tenant. Unfortunately that then means a lot of enquiry and potential tenant occupancy may very well be lost. People and particularly tenants judge a property firstly on what they see. If the property satisfies that basic assessment then they will go further with inquiry and inspections.
If you have a challenge of leasing a property currently then the following list of ideas may help you:
- The outside of the property and particularly the frontage or facia must send the right message. If the frontage needs a coat of paint and a clean up, then get it done before the vacancy is marketed.
- Any signage on the facia relating to previous tenant businesses should be removed and made good. Remove any factors of identity on the outside of the building. Such signs are distractions from a marketing point of view.
- Don’t list your property with every agent in the local area. The ‘open listing’ process will destroy the marketing momentum in so many ways. Select a good agent that understands the local area and has proven to you that they have a recent track record in successful leasing negotiations. Appoint your agent on an exclusive listing basis for at least four months if not longer (depending on property type).
- Apply some marketing funds to the promotion of the property. Those funds will be in addition to the commission paid when an agent successfully closes a lease deal for you.
- Don’t choose an agent based on a false criteria such as a ‘low commission’. In most cases those ‘cheaper agents’ do not have the market share or the experience to produce leasing results quickly and effectively.
- Select an agent that can advise you on how the property should be marketed, inspected, and then negotiated. Ask the agent to explain how they can protect and optimise the clients position in a lease negotiation.
- Make sure that the internals of the property are prepared and cleaned for and upcoming inspections. If necessary get painting of internal walls, and floor coverings replaced before inspections and marketing occur.
You can see from this list that the marketing of any property for lease is a strategic process that should not be taken lightly. In many respects you only have ‘one shot’ to find a tenant and on that basis it has to be your ‘best shot’. All elements of the leasing package have to align to the prevailing market conditions.