Ideal Tenant Identification
Commercial real estate developers and brokers benefit most from finding and placing tenants who are most likely to establish and maintain a successful business for years to come. If you are currently seeking a future tenant, you stand to profit from enlisting MindEcology’s Ideal Tenant Identification services.
Ideal Tenant Identification Explained
Ideal tenant Identification was developed as a way to take the uncertainty out of tenant selection for busy real estate developers and brokers.
The service entails taking an analytical approach to determining area demand for various types of industries and industry niches. The result of the process is the production of a detailed list of the industries and niches (i.e., sub-industry classifications) which are most likely to thrive after setting up shop in your property.
Here are the steps in the process:
1. We start by finding out the types of industries you would like to target . This will be largely dependent upon factors such as the size of your facility, zoning constraints, building characteristics, parking availability, and other related factors. The list usually starts with 3-5 or more desired target industries.
2. Next, we create a list of comparison areas at a given radius. The chosen comparison areas are usually those within your city or town, and/or from other nearby cities and towns, when applicable. Industrial and residential/population-related factors are incorporated into the selection process to make sure we are choosing “apples-to-apples” comparison areas.
3. 20 or more comparison areas are then combined and then analyzed as a group in terms of their overall industry composition. This becomes the baseline against which to compare the industry composition of the area around the property you are promoting.
4. Each of the selected target industry types is indexed against the baseline of the group of comparison areas in order to find out which areas under-index (i.e., are under-represented) in your area.
5. Finally, for those industries that under-index, we go a level deeper to find which segments under-index . Segments are comprised of a combination of employee (or revenue) size and industry niche (i.e., industry sub-classification).
6. As an additional service, MindEcology can also provide you with a complete list of under-indexing companies for those niches that you choose to target. The list includes full contact information for key decision-makers working at those companies.
Benefits & Results
Customers of our Ideal Tenant Identification service benefit in the following ways:
1. Removes doubt and uncertainty: There is no longer a need to guess which types of tenants to target. Instead, we do the analytical work for you, serving you up with a list of those industry niches mostly like to sign a lease – and keep renewing into the future.
2. Saves time: You get to focus on doing what you do best: plan, develop and promote commercial buildings. Meanwhile, let the research experts at MindEcology do our part in simplifying your life and saving you time with the tenant targeting process.
3. Increases marketing ROI: You can spend less money on marketing because you will experience higher conversion rates, which refers to the percentage of prospective tenants who respond to your marketing outreach.
4. Provides you with a tool that can be used for closing the deal: Once an interested party inquires, you will now have a tool – our analysis – that you can leverage to close the deal. In fact, you can give the analysis as a reason to contact you in your marketing message. “Get access to our custom area analysis that shows why businesses like YOURS are in high demand.” MindEcology’s Ideal Tenant Identification service makes the sales process much easier and potentially more successful.
5. Provides you with a ready-to-use contact list: Whether you are promoting your commercial property with direct mail, social media marketing, outbound phone calls, or e-mail, MindEcology can provide you with an actual target list comprised of those companies which perfectly match your ideal customer profile. The list is ready-to-use and at your disposal, allowing you to avoid the hassle of purchasing a list.
MindEcology’s Ideal Tenant Identification service is an effective tool for recruiting tenants into commercial and industrial facilities, whether yours is a completely new property or whether you are looking to fill a recently-vacated space.
Contact MindEcology today to find out how to get started.