BUS 516 - Prospecting for Tenants
Few activities in the operation of commercial properties are more important than leasing, and leasing starts with prospecting. Prospecting is more than just calling on potential tenants. It requires the leasing agent to have a full understanding of the property’s position in the marketplace, the clientele it plans to service, what management plan will be followed, and the terms of the lease document. The leasing agent must be prepared to lease before going out to face potential tenants. Initial marketing strategies often consist of one-page flyers that can be handed out to each person contacted, emails sent to leasing agents and prospects, listings on Internet sites and with commercial multiple listing services, signs on the property, billboards for larger properties, publicity releases, on-site receptions for leasing agents, and meetings with brokers and prospective tenants. In addition to a full understanding of the property and the lease document, the agent must have effective marketing materials to present and leave with potential tenants. Creating these materials is the responsibility of the landlord’s leasing agent.
Muhlebach, Richard; Alexander, Alan (2010-06-14). The Leasing Process (Kindle Locations 1541-1549).
Institute for Real Estate Management. Kindle Edition.
Lesson Learning Objectives
By the conclusion of this Lesson you should be able to:
- Comprehend what is needed to develop effective marketing materials
- Evaluate the quality of a leasing package
- Understand the goal of prospecting for tenants
- Reading Study Chapter 3 of the text.
The following Assignments should be completed and submitted to the course faculty via the learning platform for evaluation and grading. Submit your responses to these questions in one WORD document. List the question first, and then your response.
Be sure to properly site your sources, both in-text and with a reference list at the conclusion. If you use an online source to support your answers, you must provide a properly formatted link to the source. You should use APA citation format and make sure your sources are credible. In most cases, your responses should be no more than 500 words.
1. Prospecting requires the leasing agent to have a full understanding of four key areas. Analyze these areas from the perspective of the landlord’s marketing director.
2. Discuss the key items that should be included in a good general leasing package. Are these items any different from the contents of a shopping center leasing package?
3. In terms of their relative effectiveness, compare the various types of advertising used to attract tenants.
4. Compare and contrast the effectiveness of electronic marketing with other prospecting approaches such as open houses and model offices.
5. Discuss how you would approach marketing a medical office building versus marketing for retail