Tenants Tell All When You Ask The Right Questions – Build Your Market Share Faster

Tenants Tell All When You Ask The Right Questions - Build Your Market Share FasterWhen you take over a new property market location as a commercial real estate agent or broker, and want to generate listings as quickly as possible, the easiest source of market intelligence to tap into will be the local tenants and the businesses. Essentially they will generally tell you everything providing you ask the right questions; you gain market share and more property listings faster.

There is a very simple reason for this. The local businesses and the tenants know what is going on in the area and what is changing; they see it every day. They know who the neighbouring properties are, who the landlords are, and what businesses are doing. This is the fast track to obtaining new listings and new opportunity. Ask questions.

It should be said that this process does not overlook the high value of the direct contact you should make to the landlord or the property investor, however this property owner contact is always harder and takes much more property research. When you take over the new area you want to get listings as soon as possible. The tenants and businesses will help you with that.

So when you approach tenants and businesses locally to know what is going on, these are the questions you could ask.

Who are the local businesses in the area that seem most successful? Ask the tenants what they think about their landlord and who the landlord is. How long have the tenants been in their current location and do they think they need to move or expand? What problems or experiences have they gained over the years of occupancy? Is occupancy an ongoing challenge for them and if so how? What is the length of their lease and would they like assistance prior to lease expiry in finding new premises? What changes do they know of in the local area and how will that affect them? What type of premises will they prefer or require in the future and can you keep them up to date with information regards those property types? Who are the key decision makers in the tenancy or business and can you maintain contact with them for the future? What does the tenant or business like about the area and would they stay in the current location or move if the choice was purely locational. What would the tenant change if they had a choice in moving ahead with their business?

Understand this, you cannot ask all of these questions in any single discussion with the businesses and tenants locally; but you can ask the right questions. Whatever the tenant tells you today can be tabulated into a database for future ongoing contact. All of these questions have hidden opportunity.