Over the last week and a half, I’ve been busy negotiating terms with tenants for new leases, new tenancies, and getting tenants into buildings. People often ask, “Natasha, is the market active?” The answer is a resounding yes. We’ve secured a 15-year lease for telephone boxes, a 16-year lease for a billboard, and a seven-year lease for an entire office building. So, how do we achieve this?
1. Direct Engagement
First off, let’s clear something up: I’m not an agent, but we do advertise properties ourselves. I’m tired of letting agents providing subpar service. They post uninspired photos and don’t put thought into their marketing materials. To counter this, we’ve started using Facebook ads and hanging attractive vinyls in windows. I also spend a significant amount of my day on the phone, not cold-calling, but engaging in meaningful conversations about our properties.
2. Genuine Interest in Tenants
When I speak to potential tenants, I genuinely care about their needs and aspirations. What do they want to do? Why do they want to be in this particular building? I ask these questions to understand their business better. Even something as mundane as a billboard becomes fascinating when you consider the strategy behind it. Knowing why a spot is prime for a billboard and how many eyes it will attract helps in crafting a lease that works for both parties.
3. Mindset Matters
Before picking up the phone, I ensure I’m in the right mindset. I aim to be nice, excited, and clear about what’s possible. If I can’t do something, I’m honest about it. Transparency builds trust, and trust leads to better deals.
4. Listening and Asking Questions
Listening is crucial. By understanding the tenant’s needs, I can tailor our offerings to match. I ask questions to get excited about their business, which helps in creating a supportive relationship. For example, knowing a tenant’s cash flow situation allows us to structure deposits in a way that eases their financial burden.
5. Innovative Marketing
We constantly innovate our marketing strategies. We’ve moved beyond traditional methods and embraced trial and error. Whether it’s hanging eye-catching vinyls or running targeted Facebook ads, we try various approaches to see what works best. This relentless innovation ensures our properties get the attention they deserve.
6. Relationship Building
Good relationships with tenants are fundamental. When tenants feel valued and understood, they’re more likely to enter into long-term leases. It’s about being part of their journey, understanding their hopes and dreams, and providing support where possible.
7. Embracing ‘No’
In this industry, you must be okay with hearing ‘no.’ Not every property or lease will be a perfect fit for every tenant, and that’s alright. The key is to keep searching for the right match without getting discouraged. The right tenant will come along, and being persistent and open to rejection is part of the process.
8. Kindness and Professionalism
Kindness goes a long way. Being nice doesn’t mean being a pushover; it means treating everyone with respect and professionalism. Even when setting boundaries or saying no, it can be done politely. My best deals have come from setting clear boundaries while maintaining a positive relationship.
Conclusion
The commercial property market thrives on relationships and innovation. By genuinely engaging with tenants, understanding their needs, and maintaining a positive and professional demeanor, you can achieve great results. Pick up the phone, stay excited, be honest, and always listen. Your next big deal might just be a conversation away.
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