The perfect fit – why matching the right tenant to the right landlord is more important than ever
24th August 2020
In an uncertain commercial property market such as the one we’re experiencing at the moment, tenant selection couldn’t be more vital if a landlord is to get the most security and value from their property.
Since the Covid-19 lockdown began in March and the subsequent easing of restrictions, we’ve come to a number of conclusions on the local property market, namely:
– The Nottingham office market lettings are still completing at asking rents, but lease lengths are shortening;
– The secondary and tertiary markets have seen the most activity during the last quarter, but this could be a stock issue
– It’s impossible to gauge the full impact of covid on the office market – but many professional sectors will not use their office space in the way they were before. As a consequence the office market may go through the biggest change ever seen.
Our long-standing clients know very well that our philosophy is simple: if it was my property would I let it to them?
Taking this into consideration, the real challenge for landlords is, without a shadow of a doubt, selecting the right tenant. This is where we come in…
Here at NG we have a sophisticated tenant selection process which combines information obtained via references, accounts, and data from an array of credit check software. These powerful tools, combined with our own experience and market knowledge, means we are able to give a clear opinion to our clients regarding the risk profile of any potential tenant and structure our terms accordingly.
There are three main factors for any tenant to consider when talking to potential landlords:
For me, rapport goes hand-in-hand with selecting the right tenant. If your dialogue during negotiation with the potential landlord is aggressive, unhelpful or vague this will make alarm bells ring. Be straight, transparent and realistic about what you want and what you expect from the deal. There is a difference between being strong and being aggressive.
Don’t be too pushy – it doesn’t get you up the queue any faster (if anything you drop down the queue). People are like mirrors so don’t be offended if you get negative feedback.
This is important. It’s not good etiquette to go direct to a landlord and bypass the surveyor. It doesn’t happen often, but when it does it’s a real no-no for me. The commercial property world is different to the residential property world
Ultimately, on every deal we complete, we stress to each of our landlord clients how important it is for us to protect their interests and act in a way which suits them – and not the incoming party. Bear in mind when you’re looking for a new tenant, that this should be the very first thing an agent considers when acting on a property deal on your behalf.