Top Tips for a Fast Office Lease
I recently represented the Landlord in an East Austin office listing. It was under contract within a week. The following tips detail how we made it happen.
1. Marketing Is Key - The office listing was sent in an e-mail marketing blast to our database of over 5,000 Commercial Brokers and Buyers/Tenants on a Tuesday, and by Friday I was drawing up the lease. I posted many pictures and gave very detailed information in the flyer, including a floorplan. That helped weed people out so I wasn't wasting time with potential tenants for who the listing wasn't going to work for. By putting in all the work upfront, I received a lot of interest in the space.
Other marketing tools we use at Beck-Reit include:
360 Virtual Walkthrough Tour
Drone Photos + Video of Building & Location
All Social Media Platforms
Present @ Broker Property Exchanges
All Commercial Listings Sites including MLS for Residential Agents to see when it is appropriate for the listing
Cross Marketing with all our listings + Owned Properties
Specialized QR Codes
Signage on Building and Other Buildings we manage/own.
2. No Matter How Big the Listing, Give Your Client the Same Attention - We have a Marketing Plan that is applied to every listing we take, no matter the size. Lease space is generally listed within 14 days, Sale listing is up in 21. We call it our marketing engine - a 5-page checklist followed every time.
3. Price To Move - Time is money so vacant space is lost income. The 650 square foot office space was vacant for 18 months. The listing is in East Austin, and we are East Austin Experts. Beck-Reit has been doing business in East Austin for over 20 years. Over half our assets are in it - so it matters to us. We represent listings in East Austin while keeping up to date on what’s happening in our ‘hood:
4. The Rate Isn't All That Matters - There are many factors that go into why someone wants to lease your space besides only the rate. I found that this property was leased quickly because of the landlord being open to a shorter lease and the parking garage spaces available. The pandemic has changed the risk level some landlords and tenants want to take. By being open to a shorter lease, the space is no longer vacant after being empty for 18 months, and the landlord was able to lease the two garage spaces as well.
5. Listing Broker Must Think Like The Owner - Beck-Reit owns a portfolio of Commercial Buildings across Texas, plus we manage over 20 tenants. We think like an owner because we are owners. Our Landlords get the benefit of decades of experience - both good and bad - leasing space, office space lease agreements, dealing with tenants, handling defaults and pandemics.
6. The More Information You Can Give Upfront, the Better - My job is to get it leased with a tenant who isn't going to be surprised by expenses in the future. For example, make sure they know what bills they have to pay for each month, and what the expectations are for keeping up the space. Videos, floor plans, pictures, and financials are sent at first request for information. Time is our most valuable asset - we work hard to be efficient with our time and everyone else's time we work with.
