Are you really sure your available space and properties for sale are correct?

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While I have been developing MYRETA for our CRE industry, I really take a lot of time to be sure the platform will perform as you need it to. One of the areas that I focused on early in the process and continue to get feedback on is the indirect market of your properties.

No matter if you think everything is correct and up-to-date, how do you know unless you can see the data? So where do you go to check your available space to lease, the deals you are selling or if the debt and/or equity campaigns you are marketing are right? I know when I owned properties, I made sure everything was exact before I left for home every day.

What I have learned while questioning the tenant reps, tenants, buyers, lenders and equity sources is that they continue to look for deals after hours and if your deals aren’t in the different services you use or if the information is wrong when they do their search, you are OUT, and you don’t even know you lost a deal!
Here is an example. Let’s say Ms. Big tells Mr. Medium to pull data for a meeting she forgot they had the following morning and then has to leave the office. Mr. Medium then goes down and tells Mr. Little the same thing and then leaves as well. That leaves Mr. Little to pull the information needed, get it in order and have it ready to be bound the following morning for the meeting.

Mr. Little pops open several databases looking for six or so deals that match the criteria he heard from Mr. Medium and from Ms. Big. He finishes the search and then he goes home. Now I know that some of you are saying, that’s not how it works here. I am Ms. Big, Mr. Medium, Mr. Little and the binder of the book!!!!
Anyway, I think you get the idea. If you are marketing what they are searching for and your information is either incorrect or hasn’t been posted, you just lost a deal that you will never know about!

Shouldn’t you be able to go to one place to see what is at all of the different services and your website? I think so. Otherwise your information may be different in different places. You should be able to put the data in once and know it will be pushed to all of the services immediately, including your website!
Email me if you want to get started doing this. MYRETA already has multiple firms using this feature. BTW, it is FREE!!! You put in data for free and others can see it for free and contact you.

Photo Credit: clipartpanda.com “Such a Vivid Imagination”

CRE Leasing Myths Debunked – Taking Tenant Reps to Lunch (4 of 4)

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This is the 4th installment of my 4 part blog series on CRE Leasing myths debunked. We have already covered Posting and Hoping, Somebody Else Will Lease My Property, Weekly Reporting is Enough and we now finish the series with the well-known cre leasing myth, Taking Tenant Reps to Lunch. This series has explored these common myths and shed light on what you should focus on when it is your job to get a commercial property leased.

Myths About Leasing Your Property – Taking Tenant Reps to Lunch

· Taking tenant reps out to lunch is enough.

Let’s debunk this Myth!

· I’m hoping I don’t cause a lot of restaurants to go out of business. It seems to be a strange phenomenon that has owners and their representatives spending so much money and time wooing tenant representatives instead of tenants that are in their property and tenants that are in the competitive properties. An example would be that a market that has six 100,000 square foot buildings and all of them average 80% occupancy. You’re property needs 20,000 square feet. There are six competitive properties, which means you have 480,000 square feet to work with. Assuming this space rolls evenly over five years, you have 96,000 square feet to work with for just 20,000 square feet! Most properties are deemed full at 90% so, you really only need 10,000 square feet.

So why not consider taking your existing tenants and/or tenants in the competing properties to lunch? In fact, if you have food service on-site or can cater in a lunch to your building, get those tenants to come over and tour your property and have a nice lunch served. The point is you should have a good handle on your competing properties so why not reach out to those potential prospects and woo them. Yes, taking tenant reps to lunch is a good thing, but an even better approach is to create an outreach program and campaign targeting the most viable prospects for your building in the competing properties those tenants may likely come from? When you are leasing a property and you are the leasing agent, it is your outreach and your aggressiveness that will get your property leased. Do not take tenant reps to lunch hoping that they will magically find the tenant for you!

“Successful People Do What Unsuccessful People Won’t”

Image “Travel Flat Icon. Restaurant” by Sira Anamwong courtesy of FreeDigitalPhotos.net

– See more at: http://blog.thebrokerlist.com/?s=myths#sthash.VJNp3diX.dpuf

CRE Leasing Myths Debunked – Weekly Client Reports are Enough (3 of 4)

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This is the 3rd installment of my 4 part blog series on CRE Leasing myths debunked. We have already covered Posting and Hoping, Somebody Else Will Lease My Property and now we are on to Weekly Reporting is Enough, and we will finish the series with the well-known Taking Tenant Reps to Lunch. This series will explore these common myths and shed light on what you should focus on when it is your job to get a commercial property leased.

Myths About Leasing Your Property – Weekly Client Reports

· Providing my client with a weekly or monthly report on the marketing campaign activity is enough.

Let’s debunk this Myth!

· So you really think your client or building owner is not sitting there wondering what is going on every single minute of the day? Well they are! In fact, they are actually tapping their fingers on the desk waiting for you to call to let them know what you did that day. Remember, if you are leasing vacant space, every single minute and hour that space sits empty, your client is losing money. In the event of a sale, the situation can be just as time sensitive.

While it is absurd to have to type up a report in Excel or any other program that makes you re-type every email and conversation anyone has about your property on a current basis, there is technology out there that allows the ability to add comments and changes of status on a current basis. There is no excuse today for anyone who is reporting to clients on the status of their activity not to use a platform that allows immediate feedback. You should always put yourself in the shoes of the owner, portfolio or asset manager and find a solution that permits access to your marketing campaign and will allow them the ability to look at the “leasing report” anytime and anywhere they want.

The more you keep your client informed and “in the know” on where you are with their deal and campaign, the better broker you will be! The other benefit is that it saves you tons of wasted time giving them daily verbal reports.

“Successful People Do What Unsuccessful People Won’t”

Image “Hands Hold Tablet With Flat Simplistic Inforgraphic Charts On A” by Sira Anamwong Courtesy of FreeDigitalPhotos.net

– See more at: http://blog.thebrokerlist.com/?s=myths#sthash.VJNp3diX.dpuf

CRE Leasing Myths Debunked – Somebody Else Will Lease My Property (2 of 4)

ID-100180337This is the 2nd installment of my 4 part blog series on CRE Leasing myths debunked. We have already covered Posting and Hoping, and will continue the series with Somebody Else Will Lease My Property, Weekly Reporting is Enough, and the well-known Taking Tenant Reps to Lunch. This series will explore these common myths and shed light on what you should focus on when it is your job to get a commercial property leased.

Myths About Leasing Your Property

· Thinking someone else will “sell” your property’s attributes, benefits and value.

Let’s debunk this Myth!

· Really! You really think that anyone else can or will sell the attributes, benefits and value of your property? BTW, you were hired to do just that, you are the only one that is incentivized to do just that. Everyone else may say or infer they will assist you but, really! YOU are the only one that really will do the selling day after day! Our CRE business is unique in that the tenant reps gets paid by the property owner of the property finally selected by their client. Most consultants get paid by the party that signs their agency agreement! Anyway, the tenant and their representative will look to get the best deal they can in the property they select to be in. You, if you are the leasing agent, is the only person that has the ability to sell “value” to the tenant.

· Make sure you KNOW your property and the competitive properties well enough to sell your attributes, benefits and value to the tenant! Make sure you have the ability to do that.

Know the tenants in the competitive properties. Market your unique value to them before it is time for them to decide and you become just another tour. The tenants in your competitive area have already decided to be in the area. Develop a complete list of prospects to market your space to, including tenants from competing properties. Then you will be able to “sell” your property’s attributes, benefits and value well before you are competing with everyone else in your competitive set.

“Successful People Do What Unsuccessful People Won’t”

Image “Cartoon Businessman With Thumbs Up” Courtesy of by Mister GC FreeDigitalPhotos.net

– See more at: http://blog.thebrokerlist.com/?s=myths#sthash.VJNp3diX.dpuf

CRE Leasing Myths Debunked – Posting and Hoping (1 of 4)

ID-100288835If you post and hope, this blog is for YOU! Don’t fall for these common commercial real estate leasing myths.

This is the first blog in a series of blogs about CRE Leasing myths debunked. We’ll cover Posting and Hoping, Somebody Else Will Lease My Property, Weekly Reporting is Enough, and the well-known Taking Tenant Reps to Lunch.

This series will explore these common myths and shed light on what you should focus on when it is your job to get a commercial property leased.

The Old Days

It seems interesting to me how we have “learned” to market our properties for lease. When you listen to the “old-timers” they tell us how they used to tour and walk every building in the city, stack every tenant and then add the tenant name and the contact to an index card so they could contact them to lease space in their building. Well, it was daunting and painful, but they were on the right track. It is called target marketing.

Do you hear about leasing agents doing that anymore? I don’t, not even digitally! With the amount of data that is on the internet, you know the thing that Al Gore invented, you would think that more leasing agents would focus on finding out who was in the competitive properties, they would look up the contacts for that company, and add the contacts to their marketing campaign, right?

The New Days

It seems like over time we have given up that task to brokers that represent the tenant. Most leasing agents just post their space online somewhere and hope that someone finds it! Last time I checked, hope isn’t really that great of a marketing strategy! You need to be aggressive and think about how much rent your building owner is losing every minute of every day you are not actively identifying prospects! Yes, it is your job as the landlord’s representative to attempt to identify your target market audience and market to them.

Good Ideas

For example, one such avenue identifying the tenants in your competing properties, like the old-timers would do as they pounded the pavement. Today it can be done with technology and databases! Remember the tenants have already made the decision to be in the area for any number of reasons. You just need to sell the tenants the benefits and value of moving to your property!

Another category is tenant profile type. Have you done a survey lately of the make-up of your tenant profiles? Are you currently leasing to attorneys, non-profits, marketing companies, etc. What is your ideal tenant and what industry is your tenant mix made of? That information is another way to target tenants that would fit your building because there is already a compelling reason why they are moving into that location.

Myths About Leasing Your Property

“Posting and Hoping” is a marketing strategy! Yes, and it includes only using on-site signs or digital signs, like posting on tons of listing sites and just hoping! I totally understand that with all of the technology that has been made available for the commercial real estate industry recently, it is a bit mind-numbing to figure out which technology tools can really help you lease your property. But, it is your job to figure that out too!

Let’s Debunk These Myths!

If you look at a real marketing campaign, “Posting and Hoping” is just the beginning of the campaign. It seems that once you have your data in the right site, you will be able to develop your campaign to market your property, let your team members all have continuous visibility to that campaign, meaning that the leasing agents and the ownership have documents stored and available for use in launching a marketing campaign, and then the technology platform automatically tracks and reports on the results of the campaign. An effective system should be able to send out email campaigns to prospective tenants of competitive properties, and tenant representative brokers, and then track those emails to see who opened them and identify prospects that need to be contacted to discuss their space needs.

So the goal is to use tools that permit a collaborative approach to leasing your property. For instance, why not have the ability to blast out a marketing campaign by sending emails and marketing materials directly to real prospects and brokers that could lease your space? With today’s technology it is now possible, so don’t just post and hope, but look for tools that permit you to incorporate target marketing and CRM-like follow up tools to get your building leased.

“Successful People Do What Unsuccessful People Won’t.”

Image Lightbulb Hope Indicates Want Wanting And Hopeful Stock Photo

Courtesy of Stuart Miles FreeDigitalPhotos.net