If you have not reviewed all of your vacant listings, you should act without delay or you will be looking over your shoulder. The start of a new year demands that all of the things you said you would do differently this year are now put into practice. Leasing can result in some of the best and lowest fees payable but all listings should be approached with the same enthusiasm. The best operators I have seen have done over 75 lettings in a year. Average ones 35 or less.
Your biggest draw card used to be the largest sign board you could fit on the building but now it’s the Elite Plus internet listing. Meeting anyone on site who rang up used to get results but time spent sitting in Melbourne traffic is time wasted and prospects need to be better qualified as you are working against the clock at all times. You also need to know as much about the property as you can upfront. Demand answers from the PM or landlord. If you are still asking questions after more than a month you will appear either as either lazy or a goose. Don’t be that guy.
1. Photos.
Professional is best. Don’t have one photo of the shop with the old tenant's signage on there. Take lots of photos or better still, a video. Ensure it is clutter free and as bright as possible. Capture any views, historic features and high quality neighbours if they are there.
2. Condition of the premises.
If work is needed, consult the landlord and PM. Damage should be repaired not left to the imagination of a new tenant to see beyond. The property should also be clean including windows and lawns mowed. Whilst the building is vacant it is the best time to attend to any general maintenance. Do stair rails, bollards or windows need painting? Exit lights that work and up to date fire equipment mean that the owner cares about the property. A run down building says to a tenant that nothing will change once they move in. Old signage should be painted out as well. Arrange for the power to be connected. You can’t inspect a property if it is in the dark!
3. Advertising.
Signs are still good publicity for the agent and still pull enquiry. Install prominent and neat signage where you are able to. As for internet advertising, buy the best you can afford. Unless there are only a handful of listings in the suburb, a standard listing will see you off page 1 very quickly and once you are at page 3 or later you are wasting your time. You can get deals such as free enhancements and upgrades and you should consider these. The layout of the ad is also important. The caption which also applies to the signboard should be attention grabbing. “Fact / Warehouse” or “Shop or Office” are lazy. A caption is not easy but well worth the time spent. Borrow or reword headings that leading agents use if you must but avoid cliche. From time to time update the ad with a new caption or photo.
4. Property features.
You need to highlight the key points. Avoid residential style War and Peace narratives. Often this is placed on an elevated board where you can barely make out the agent's number whilst driving by at speed, let alone discover that the property has two kitchen sinks. Highlight items such as position, size, condition of the premises, ideal user, key issues such as existing new fitout and car parking. Secondary features which can be included but do not need to paint the primary picture are air conditioning, amenities, signage, state of fitout, NABERS rating if over 1000m2 in the case of offices. Springing heights, roller door numbers, heights, hardstand, canopies, power capacity, sprinklers and proximity to ring roads in the case of industrial properties. Grease traps, frontage, neighbours, signage, canopies, permits, any fitout in situ in the case of retail premises. You need a floor plan, zoning, a car park plan, details of service contracts, all outgoings and anything else you would need if were leasing it for your own use.
5. Price.
If it is still at last year’s price then consider reducing it. If you have just completed a mild renovation and there is no interest then increase the price. The market is not perfect and tenants are not valuers. You need to do something different if you are not getting enquiry. If you are seeking $52,000 p.a. for example, consider $49,500 as any internet search by a prospective tenant looking in the range $40,000 - $50,000 will now capture the listing.
6. Client Liaison.
Once you have put the listing up on the net, if you don’t call the landlord for three weeks, there is something very wrong. The best agents can usually keep in touch with clients weekly or daily if they have a hot prospect or an offer. Average agents struggle to keep in touch at least once weekly even if it is only via a brief email. Only you can decide which one you are. No landlord trying to lease their property ever said they were sick of the agent ringing all the time. Conversely, the landlord who rings every day or several times a day will make the agent as anxious as they are but will rarely achieve a better result.
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