travel definition

When it comes to advertising a commercial or retail property for lease, it is the strategies you adopt today as a real estate agent that will make all the difference to the end result rent and the time on market for the client. The most successful completed leases today are generally the result of a dedicated exclusive listing agency, focused marketing campaign, and a hard working real estate agent.

Open Listings are a Waste of Time

Open listings are generally a waste of time for the agent and for the client. Open listings are a simple ‘list and hope’ process; they are simply not marketed well or consistently. The client gets little feedback or special service during the listing time; given that the client is not serious, it is hard for the agent to be serious in the marketing of the property. Surprisingly and generally the client that chooses this ‘open’ process of listing is hoping for the very best service but then soon gets upset when little action or feedback occurs. Commercial property is not a small value investment; it demands the best strategies and initiatives when it comes to leasing.

Exclusive Listings are Best

So let’s assume you can get the vacant property or tenancy on an exclusive listing basis. From that point onwards you can structure a dedicated marketing and advertising campaign that taps into the right tenant segment of the local business community. This is the best solution for every property owner and landlord when they have a vacancy factor or problem to address.

Advertising a Vacant Tenancy

Advertising commercial or retail premises for lease is quite a special process. In most cases the tenant that you need and find will come from the existing local business community. On that basis all or most (75%) of your marketing efforts should be directed into the local business precinct. You should define the following:

The primary market – this is where you will get 75% of your enquiry from
The secondary market – this is where you will get the remaining 25% of your enquiry from
To tap into the local business precinct the best advertising campaign should include:

Flyers to be delivered to all businesses locally
Advertising in the local newspaper that is read by the business community
Talk to tenants in other properties nearby
Internet listing on a number of sites regionally
A signboard on the property that can be clearly seen by passing foot and vehicle traffic
Other tenants in the same building may know of other tenants wanting to come into the area
Other tenants in the same building may want to relocate or expand premises
Direct mail to all local businesses that match the target criteria
Direct telephone calls to all the local businesses that match the target criteria
These strategies of advertising vacant premises do not and should not come with an open listing. They are the specialised services of a dedicated real estate agent that is appointed exclusively to act for a landlord on leasing the vacant premises. I am sure you can see what power an exclusive listing brings the landlord in solving their property problem.

The Federal Reserve on Wednesday considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates.

However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials discussed the issue at the meeting.

“You can think of this meeting that we had as the ‘talking about talking about’ meeting,” Powell said in a phrase that recalled a statement he made a year ago that the Fed wasn’t “thinking about thinking about raising rates.”

As expected, the policymaking Federal Open Market Committee unanimously left its benchmark short-term borrowing rate anchored near zero. But officials indicated that rate hikes could come as soon as 2023, after saying in March that it saw no increases until at least 2024. The so-called dot plot of individual member expectations pointed to two hikes in 2023.

Though the Fed raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are “transitory.” The raised expectations come amid the biggest rise in consumer prices in about 13 years.

“This is not what the market expected,” said James McCann, deputy chief economist at Aberdeen Standard Investments. “The Fed is now signaling that rates will need to rise sooner and faster, with their forecast suggesting two hikes in 2023. This change in stance jars a little with the Fed’s recent claims that the recent spike in inflation is temporary.”

Markets reacted to the Fed news, with stocks falling and government bond yields higher as investors anticipated tighter Fed policy ahead, including the likelihood that the bond purchases will slow as soon as this year.

“If you’re going to get two rate hikes in 2023, you have to start tapering fairly soon to reach that goal,” said Kathy Jones, head of fixed income at Charles Schwab. “It takes maybe 10 months to a year to taper at a moderate pace. Then you’re looking at we need to start tapering maybe later this year, and if the economy continues to run a little bit hot, rate hikes sooner rather than later.”

Even with the raised forecast for this year, the committee still sees inflation trending to its 2% goal over the long run.

“Our expectation is these high inflation readings now will abate,” Powell said at his post-meeting news conference.

Powell also cautioned about reading too much into the dot-plot, saying it is “not a great forecaster of future rate moves. “Lift-off is well into the future,” he said.