Tips for Conducting a Successful Property Tour
Today’s guest post is by Dave Morris, CCIM, Sales Executive with Xceligent and former president of St. Louis CCIM, SIOR, Missouri Commercial Realtors, and St. Louis Commercial Realtors chapters. Connect with David on LinkedIn: DavidMorrisCCIM
As a listing broker, you spend a significant amount of your time prospecting for new tenants for your listings. Once you’ve identified a prospect, you want to be sure to present your listing in the best possible way. The initial property tour is the best time to highlight the properties’ benefits and address any concerns they may raise. Do not miss this opportunity by allowing cooperating brokers and/or prospects to tour a space without you. Here are some tips for conducting a successful property tour.
- Be knowledgeable about the space and building (building specs)
- Research the company and individuals who will be touring the space
- Conduct research on the company’s industry to understand recent performance and long-term expectations
- Get the space in showable condition. Try to get the landlord to demolish any functionally obsolete space and/or remove ugly carpeting or furnishings
- Confirm how much time you have to conduct your tour and how many people will be on the tour
- If possible, reserve a few prime parking spots near the building
- Bring property fliers, maps, demographics (retail), and floor plans
- Arrive early
- Prepare the space by turning the lights on, opening the shades and adjusting the temperature in the space
- Bring a small cooler with bottled water and some kind of snack like granola bars
- Dress appropriately
- Stage your tour (have a routine) so you know where you will meet, where you will take the prospect(s), and what you will tell them each time you stop
During the Tour:
- Share information about the landlord and tell the prospect(s) that the owner is responsive and eager to make deals!
- Be enthusiastic!!!
- Keep things light…smile!
- Make eye contact
- Take notes on their requirements, comments, and questions to follow up afterward
- Help them to visualize the space
- Ask them to revise the space to the way they would need it built out
- Ask them what departments would go where
- If possible, take the prospect through some recently renovated space(s)
- Highlight area amenities such as food options and nearby retail
- Highlight ingress and egress
- Have a few open-ended questions prepared
- “If you could change two things about your current space, what would they be?”
- “What’s the best thing about your current space?”
- “What changes would you foresee making to this space?”
- “What is going to influence a relocation the most?”
- Determine next steps. If a prospect doesn’t have a broker, be sure to tell them what the next step is and when they need to take action.
- Get feedback from the tenant rep broker
- Call your client with the feedback (be honest)
- Describe the tour and the prospect’s interest
- Tell the landlord what you think it will take to make the deal
- Consider sending an unsolicited proposal
- For a larger prospect, send a small gift card (Starbucks, Golf Discount, etc.) to the cooperating broker
- For a larger prospect, send something small to them so they remember you and the property