Generate More Leads › Prospect Expiring Leases
The most popular way to prospect for new business among tenant reps is to look for comps for leases expiring within one to two years. As a tech broker, I was canvasing and researching tenant lease expirations 6 month prior to expiration. After securing a comp and familiarizing myself with the company, leveraging outreach and thought leadership techniques was monumental in the creation of my network of clients while gaining trust within the community.
CompStak Exchange is a free tool that I used often as a CRE Broker - a tool that can help you generate business and leads for canvassing.
» Here is how CRE Brokers can generate leads.
First Impressions Matter ›
A simple way to contact a prospective client is by looking for a warm introduction. Tenants who are on the market for new space or renewal are often pursued by many brokers. Most of the time a typical brokers initial out reach is a vague email about the companies recent "round of funding" and/or how they were in the "area." While a simple cut and paste email to all tenants might be fast and easy, it's rarely effective and doesn't create the foundations for a relationship or loyalty. By getting a warm introduction, a prospective client won't be quick to delete your email.
Research Expiring Leases on Compstak
Research via LinkedIn for mutual connections
Leverage Current Lease Data ›
If you know that a company is growing, it shouldn't matter when they're lease is expiring. Regardless of the expiration date, seeing that a tenant is either scaling, over paying, or has an interest in a certain neighborhood are all part of good opener to get the conversation started.
Be A Master of your Submarket ›
Be an expert in a particular submarket. Brokers shouldn't fill their time trying to know every building in every neighborhood. Rather, familiarize yourself with only one neighborhood/submarket and only pursue clients in those areas. Use comps to analyze and identify trends in certain type of buildings or neighborhoods.
Be A Master of your Industry ›
While no two tenants are exactly the same, regardless of industry, knowing the needs of one media-tech tenant will help you identify patterns and trends in similar media-tech tenant. Basic sociology teaches us that many people convene in patterned groupings. This helps explain how submarkets are organically created and why Midtown South is the epicenter of tech startups. Brokers with a focus on generating business should familiarize themselves with comps in specific areas (locations) along with tenant lease structure in a particular industry.
CompStak allows commercial real estate brokers to trade commercial lease comp information anonymously. The service started in NYC and today covers 15 US cities.