I suppose one way to check on this would be to see where you or your firm spends their money. Do you spend more on systems that can help control and maintain expenses or do you spend more on marketing the properties you have for lease?
Not saying which one of these are the most important but, maybe both are equally important. Sometimes it seems that depending on what part of the cycle we are in, one usually becomes more important than the other.
An example is where we are in the current cycle. Currently, it isn’t too difficult to lease your available space. Well I suppose that depends on where your properties are located. If you are some of the lucky, smart, clever, ingenious ones, you won’t need to do a lot of property specific marketing to lease up and keep your properties leased up. So when this occurs, you’re spend on the marketing may probably go down.
However, for those others who are still struggling to fill and keep their properties filled, maybe a bit more thought and money may need to be invested in getting the property filled. Now I’m not talking about just focusing on the physical issues at the property, I am talking about focusing on selling the attributes of the property to the right audience.
You know we really don’t sell or lease properties or space. Once you spend enough money on the space, you can usually get the same physical characteristics in one space versus another. The things we usually sell to win the deal can be “invisible.” Things like drive-up appeal, views, who else is in the building or in the area. Other things may be that it has historical significance or other intrinsic, invisible items.
Anyway, by just selling the visible, you usually just have to put the lowest deal on the table to win. By selling the invisible you get to have discussions of value. As we know, value isn’t just the “best” deal but, the best value!
By the way, to indirectly market you’re availability on MYRETA it’s FREE. So by using MYRETA, you can be a bottom and top-liner at the same time!
Photo Credit: “2012 Jdivanna with Maris Strategies”