Commercial Real Estate has been growing well in India and is forecasted to grow at more than 13% year on year over the next 5 years. This is a cause for celebration if you own a commercial property. Commercial leasing volumes are touching new highs, especially in Delhi-NCR, Mumbai and Bengaluru regions.
Having said this, it remains important to get the right partner who can guide the property owner at every step of the leasing process to make sure that the right tenant is found and the agreement meets the expectations set by the owner.
The key characteristics a commercial property owner should look for in a Real Estate leasing service company in India are:
Adequate knowledge - Commercial leasing requires domain-specific knowledge to be able to get the right rental agreement. This knowledge doesn’t remain limited to being aware of prevailing rates in the market but covers various legal and financial aspects also.
Before a commercial property is listed for leasing, a fair lease value should be understood. It could be an interplay of multiple factors, involving an understanding of micro-area, unique features as well as the knowledge of the performance of existing tenants in the building/ micro-market. Good knowledge of these and other related aspects could help highlight the salient points of the property and therefore enhance the value of the property in the market, and make it rather easy to lease out the commercial premises.
Also, commercial lease documents are very specific and detailed. A property owner expects his property agent to study all aspects of the agreement well to protect his rights. In some instances it becomes paramount to decipher the exact meaning of particular clauses of the agreement and an experienced and knowledgeable partner proves to be a great support in such situations.
Absolute Transparency - In general, the value involved in a commercial lease transaction is big and the agreement is a result of multiple meetings. The tenant and owner both need their expectations to be met and the role of the person who is negotiating on behalf of the owner becomes very crucial. Absolute transparency in such situations is a basic need as it avoids future disputes which could arise due to confusing clauses in the agreement.
A high level of transparency also ensures peaceful tenure of lease and a trustworthy relationship between the property owner and the leasing services partner. This relationship makes future transactions very smooth and fruitful for both parties, as every commercial property is bound to see multiple leasing transactions during its lifetime.
As a commercial property owner, it helps to use services of platforms like ImpactR, which are built on transparency between the owner and the tenant and use technology to share information seamlessly.
Adequate resources - When offering property for commercial leasing, an agent needs various resources to find the best tenant for you on terms that suit you the best. They need trained manpower in different fields, who can help assess your property well before taking it to the leasing market. They also need to have the wherewithal to check the background of prospective tenants, as well as their tenancy history elsewhere.
Marketing resources is another critical requirement for commercial leasing. With the internet being the first place more and more people hit when looking for any product or service, digital marketing has been very successful in reaching out to the right tenants. There are many other marketing tools used by good leasing service providers to create a wide reach for the property. Property owners’ interests will be served best if the service provider has the resources to run a good marketing campaign for the commercial property.
Legal and financial resources are key to closing a successful leasing negotiation. It is important to choose a partner who has adequate resources in these areas to further the interests of the property owner when closing the lease deal with the tenant.
Good reach - Successful commercial leasing involves reaching out to people far beyond the geography one is located in. This is a factor which brings out the importance of marketing and networking. It is important to trust a partner who has good reach both through networking as well as through marketing efforts.
Professional agents that help you lease your commercial property create a large difference with their wide reach. The mix of networking and marketing used by them ensures that the property availability is widely publicized with key characteristics. No wonder, they help you get the desired tenant at the expected terms.
With time, technology has scored over the traditional networks in terms of a wider reach. ImpactR uses modern technology to reach out to possible tenants through its partner network, which is spread across India.
Strong Data capabilities - Commercial leasing depends on the study of many data points which help achieve the right match between the property owner and the tenant. Data shows its significance in multiple ways if collected and used properly. It can guide a property owner to the right expectations as well as any enhancements that could fetch a better lease rental in the commercial property market.
A good property dealer will have access to data from multiple sources. A good partner also understands the commercial real estate cycle well and can advise the right time and necessary preparation before listing the property for lease. With proper data understanding, it becomes easy to decide lease duration, annual increment and other terms and conditions. A data-driven property agent can, therefore, add immense value to a property owner’s decision-making process.
ImpactR is one commercial leasing data-driven platform that is transforming commercial real estate leasing by using advanced analytics to connect businesses and property owners to forge long-lasting and happy relationships.
Good Negotiation skills - Commercial leasing involves multiple engagements between the two parties. Before the agreement can be signed, they need to come to a common understanding on many points. While an owner looks to maximize earnings, the lessee always tries to hammer down the lease rentals. There is also the tricky point about the length of the lease period. In a rising market, an owner will always like to keep the lease period restricted, while the renter wants to keep it longer.
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