Investing in commercial real estate is not that difficult as it seems. Commercial leasing and renting is changing the scenario of investment in properties. The office space leasing market is becoming huge is India, with great investment opportunities and assured returns. Still, no matter how sweet and profitable the commercial leasing market appears, carrying out successful leasing transactions isn’t an easy task. Prolonged hours on the field and sudden planning keep CRE dealers on their toes. Ms Sonal Parnami, our General Manager, Office Space leasing shares her thoughts on the current commercial leasing market and the traits that make successful office leasing dealers:
India’s commercial real estate is probably going to stay strong with expanded financial activities like investments, request from IT organizations and developing enthusiasm from different industry occupiers like e-commerce, shared offices, supply chain and warehousing. NCR currently holds a number two position as far as office space retention among the top cities in India is concerned. Enhanced infrastructure, upgraded metro availability, the nearness of premium marketplaces and new SEZ and non-SEZ supply keeps on drawing a lot of top-tier companies and MNCs from all over the globe.
Gurugram to remain the dominating office market in NCR. With rising simplicity of working together, global organizations are finding it easier to open the office in Gurgaon. Presently running to and from their India offices doesn’t seem feasible for a lot of MNCs and this is why Gurugram has become a hotspot for a large number of them. In a recent couple of years, Gurgaon has seen a rapid growth of about 60% in the demand for aggregate territorial office. The interest for office space principally originates from the financial, technology, and manufacturing segments which have moved their corporate workplaces from areas like Connaught Place and different parts of South Delhi region in the quest for Grade-A office space at moderate rents with greater accessibility to the International Airport and different business areas of Delhi.
(Gurgaon’s emergence as the commercial hub has helped in the growth of leasing.)
According to our perception, premium structures will keep on commanding over market normal rates in supply-limited areas. Sohna Road and Golf Course Road are other areas seeing an upward trend on its rents. However, there can be a descending trend on rents in fringe markets and Grade B structures. Golf Course Extension Road has built a rapport of itself as a noteworthy location for getting an office space. Along these lines, normal rents are probably going to stay stable over the short to medium term.
This leaves property experts with a huge prospective to catch the market. Be that as it may, with the ramifications of Haryana RERA (Real Estate Regulation Authority) to direct this market, both builders and brokers are secured under it. Agents would likewise need to enrol themselves to take an interest in any commercial property exchange. Anyway, with the coming of the progressive act, representative’s bodies should pull up its socks. Real estate specialists feel that it will control the market and will come up as a more composed area in not so distant future. But this is only the beginning of a bigger process.
There are a few vital elements to remember when working in the very focused market. Here are the main 5 qualities every commercial leasing broker should be possessing:
- You need to comprehend the client’s needs and objectives. Taking care of the client’s concern should be your
(Listening is an art, which comes very handy in understanding the demand of the clients.)
number one priority. With this, your whole business will have the positive effects without any selfish objectives.
- It isn’t exceptional for a leasing expert to build up a short, transaction-pointed mindset. The best leasing specialists on the planet pitch an incentive to the client. This whole procedure starts by building up an affinity with every potential customer. This is the main way you can really reveal client needs and offer esteem. At the point when the leasing advisor asks the correct inquiries, the client will open up with the real value they are looking for.
- Persistence is a good virtue, and you should have it. This quality is a helping tool for any leasing agent in the leasing market. High, lows and failures will come and go; and there will always be individuals who will toss their hands open to question and leave themselves to the failure since they feel vanquished. You should comprehend that a client’s refusal is an opportunity to gain another. With persistence, you’ll see the door is always open and a spotlight is on what should be the possible scenario.
- Most capable leasing specialists on the planet take into consideration the quantifiable times of quiet discussions with clients. They comprehend that this quietness makes an open door for the client to consider what has been said as opposed to having a small window just showcasing a snippet of data to them. Many leading experts don’t understand the power of silence actually works; just keep a principle in your mind a client purchases for their own reasons and not yours.
- In general, the advisors are typically incredible with following up to get the deals, however, beyond that, they stop. They don’t contact the client until the point they have to make the following deal (otherwise known as the renewal time). This conduct affirms that the broker is interested exclusively in the deal – and not in having a long association with their client. You need to understand that your client also understands this. You need to stay in contact with your client even when there are no special requirements. Turn out to be more conversational with your customers and keep on building worth and compatibility with every contact.
With these five small yet essential observations leasing experts can easily see an upward climb in their deals and professional relationships.