Commercial Property - Reliable Ways of Finding Tenants to Fill Vacancies

In commercial property you are always on the lookout for tenants that will move to your vacant lease listings. Attracting tenants to make the move is a key part of the leasing operative's skill base. Here is a leasing fact that needs to be put in perspective and then prepared for if you are a leasing operative.

Plain and simply the tenants will resist moving to another property. They will do everything to remain where they are currently located. This gives the existing landlord and property manager an advantage in tenant retention. If you are the real estate agent with the vacant property then you will have to be alert to seeing fresh tenant opportunity so you can then market your vacancy into it.

So let's look at what you can do here. When you have a sitting tenant in your property they are likely to want to remain unless they are running out of space, they have too much space, or their market has changed. You have to look for their property "pain factor".

It is very expensive for a business to move location. Costs and issues are involved for the tenant including:

• Make good of the old premises
• New fitout design and construction for the new premises
• Staff upheaval in relocating
• Staff instability and work pressure
• New demographics surrounding the new location
• Transport and distribution changes
• Raw materials availability (for a manufacturing business)
• Integration into a new market location
• New levels of rental and rent reviews
• New landlord with unknown priorities
• New lease documentation and negotiations
• New property manager
• Relocation costs
• Disruption to customers
• Establishment of new business services and amenities

The list goes on, but at the centre of it all are the factors of relocation disruption, uncertainty and costs. These are frustrations to the business leader and manager. You have to offer solutions to the relocation pain.

For a leasing manager, or property manager to attract tenants to a vacant or new property and into the moving process there has to be some clear grounds to create the move. If your business is property leasing then be on the lookout for these elements of change and market yourself into them at every opportunity. Here are the top issues:

Keep a close watch on these triggers of change in your property market; they will help you find those tenants that want to move premises. It can take months to facilitate the change of premises so be mindful of time and work 2 years ahead with all the tenants you talk to. In doing this you will be well ahead of the leasing competition.

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