Do you live in the
San Francisco area and are looking to move? Or you may be a property owner trying to fill the vacant space with quality tenants.
Finding a new apartment, condo, or home can be stressful, especially if you’ve never completed a move like this before. As you work to narrow down your list, you’ll likely begin to consider hiring a broker to help.
Doing so can help you sort through various properties to find the perfect fit, but you also need a qualified leasing broker.
What do you need to know about leasing brokers in San Francisco? Basically, they can make the entire process easier and less stressful.
Keep reading to learn more about why brokers are worth your investment and some tips for finding a professional.
Why Hire Leasing Brokers?
Shopping for
San Francisco rentals can be overwhelming, like shopping for a brand-new car. You always want to find the perfect choice that meets all your personal and business needs.
There is always a chance you will see rentals in San Francisco that seem like duds. This can take a long time if you do all the inspections yourself. If you are a commercial property owner, your top priority will be to fill the vacant space with the best tenants.
Therefore, it helps to have a leasing broker to help ease your burden. Leasing brokers in San Francisco are also known as leasing agents. They are the ones who will market your property for lease.
They also help negotiate lease terms with tenants. So, when it comes to San Francisco leasing, your broker will be responsible for representing your interests while achieving the most favorable lease terms for the property owner.
1. Formulate Strategic Plans
Your leasing agent will formulate a
strategic plan to help lease your building. They will also communicate with the rest of the team about the plan’s progress.
When you hire a leasing agent for San Francisco rentals, you will have someone who can help you understand the market.
They are the ones who will study the tenant demand and competitive landscape. This way, they can always advise you on the best way to position your property for success.
2. Conduct Market Research
If you are the owner of a property, your leasing agent will advise you on current market conditions. This is essential since the commercial real estate market constantly evolves.
It can be a lot to stay on top of current trends to stay competitive and get the best value for your asset. A leasing agent will go over comparable sales and leases in competitive buildings.
This will help establish where your asset is positioned relative to your surrounding submarket. Your agent will also account for future deliveries planned in the area.
They will look at potential zoning changes and analyze how they will impact your property’s financials. Having quality market intelligence is critical, especially during the negotiation process. Thanks to your agent, you will always cut the best deals.
3. Position Property for Success
Your leasing agent will help position your property for success. They will make it as attractive as possible
for tenants so they will not be able to resist signing a contract.
You must always highlight features and amenities that add value to prospective renters.
Then your building can look more desirable. Some of the best features and amenities to highlight may include the surrounding transportation, fitness centers, locker rooms, dog run area, onsite security, and concierge services.
Your leasing agent will also highlight proximity to surrounding amenities like restaurants and retail shops. They will also inform tenants about the community environment and building sustainability.
Thanks to a leasing agent, you can identify your property’s strengths. By highlighting these amenities, you can attract tenants leading to a better outcome with more favorable lease terms.
4. Narrow Tenant Targets
Defining these strengths and weaknesses of your property can also help you narrow down potential tenant targets. This will make the entire leasing process a lot more efficient.
Your leasing agent can also recommend some upgrades to your building. They may come up with a building improvement plan. This will help position your building so it can be leased much faster.
Your agent may also recommend some entrance upgrades. This will appeal to higher-end tenants with deeper pockets. You can attract tech companies and denser firms with an open floor plan.
Ask your leasing agent for advice on which improvements are worthwhile to help you maximize profits.
5. Formulate Marketing Plans
Besides a strategic plan, you also need a marketing plan. This is where your leasing agent can help. They can position your building in the market to define its competitiveness relative to others in the area.
Your leasing agent will put together marketing materials so you can gain more exposure. These marketing materials may include virtual tours and an email campaign.
The materials must also cover brochures or property flyers that state the location, surrounding amenities, property features, and amenities.
You can always rely on your leasing agent to recommend above-and-beyond marketing techniques to get your property leased quickly.
6. Conduct Negotiations
During your leasing process, your agent will submit a request for a proposal. This is where the landlord will need to outline lease terms they are willing to offer.
Even though the initial submission will not legally bind the tenant or owner, it will address the details of a potential lease. For instance, it will review rental rates, tenant improvement amounts, and timing.
This proposal needs to be made at the start of your negotiation process. Then your leasing agent will rely on their market intelligence and use that as leverage.
Then you can expect to achieve the most favorable offer. Remember, your broker’s goal is to negotiate the best terms for the landlord while minimizing risk.
So, a savvy broker will expertly arrange these deal points before you sign any legally binding documents.
7. Underwriting Acquisitions
If you are an investor in a rental property, you must evaluate potential acquisition opportunities. This is where a leasing agent assists with underwriting off-market or for-sale properties.
If you have an experienced leasing broker, you can access much-privileged information, including current and prior lease rates. This will give you a holistic evaluation of any property to help you make the most informed decisions on where to invest.
Remember that commercial real estate markets change rapidly. So having a broker with a lot of market knowledge helps tremendously during the underwriting process. Then you can ensure the accuracy of future trends and current rates.
8. Development Strategy
If you are planning a development, your leasing agent can tell you how to position the property in the market. Especially if you want to attract industries or certain tenants to charge higher rental rates.
If you decide whether to pre-lease or build spec, your decision can significantly impact vacancy rates, types of tenants, and so much more.
Therefore, your leasing broker can come up with a winning strategy to best fit your development. This way, you can ensure that your investment is in good hands.
9. Qualifying Tenants
Leasing agents can also help qualify tenants. This can be done by reviewing prospective tenants’ financial and credit histories. This way, you can always ensure that you get reputable tenants with a lot of creditworthiness to cut the landlord’s risk.
Your leasing agent can dig up a tenant’s past financials, rental history, and credit information to make recommendations on who to lease to.
Then you can rest assured knowing that your tenant will not break the lease agreement. If you vet tenants accurately right from the start, you eliminate those who have the potential to fall behind on rent down the line.
10. Extremely Supportive
Leasing brokers in San Francisco are here to support you every step of the way. Finding your own tenants can quickly become extremely overwhelming if you are a landlord. You will need to spend a lot of time vetting people while navigating a million other things to do.
Instead of stressing yourself out, hiring a leasing broker in your area is always wise. Remember that leasing agents have the best knowledge and resources about the rental market in San Francisco.
Having the right expertise to ensure you get the most
favorable lease terms in this competitive market would be best.
Instead of spending your time and energy finding prospective tenants, you should let a leasing agent do all the work for you. They are there to support you and ensure they minimize landlord risk by finding the right tenants.
Hire a Leasing Broker Today
Now that you know the 10 best things about leasing brokers in San Francisco, it is time to reach out for the proper support to lease your property.
Your broker can add a lot of value beyond just renting property. They will help position your building in the market and develop the best tenant strategy for long-term success.
Contact us today so we can provide more resources for leasing your property.
