Working with 'Competition'

Written by Ross Rains


From time to time we discover a potential tenant avoids coming into one of our buildings fearing that a pre-existing tenant means trouble or would be bad for business.


Our buildings often have multiple tenants from the same or related industry! We see this with lawyers, doctors, web site development, counsellors, trustees, RMTs, aesthetics providers, etc.


Why does it work?


7 REASONS FOR WHY IT WORKS TO BE IN A BUILDING WITH MULTIPLE TENANTS FROM THE SAME INDUSTRY:


1. It is a signal that this industry is thriving in that location. Something about the building, location and/or parking ‘suits’ that industry.


2. It illustrates that these ‘peers,’ though in the same industry, have their own unique audience, marketing channels and appeal. Mostly there is no contact between peers.


3. It also is an indicator that there are many types of services in any one industry and that not everyone can meet every need, but someone else in the building may be able! e.g. there are many types of lawyers at our Victoria Professional Centre, but they all operate in one common area ... real estate law! There’s lots of business to go around!


4. A caring landlord team wants to promote a co-operative atmosphere in the building, not a competitive one.


5. Often a building becomes associated with a cluster of similar businesses which creates a level of comfort for a potential client. Their research, however, happens by word of mouth or online, and not at the signboard in the lobby which lists the tenants!


6. Sometimes a business goes up for sale ... who better to be a buyer prospect than someone in the same building?


7. It is an opportunity for you to reach out to the competition, perhaps introduce yourself, ask about their satisfaction with the building, the landlord, etc. and ask how you might be able to refer clients to each other in areas that are not in your offering.


Ross Rains leads a family run business that provides office facilities to over 100+ businesses and professional in the London – St. Thomas area, through 100,000+ sf of owned commercial office facilities. He is also the President of Tier1 Exec Corporation and coaches Entrepreneurs and CEOs in how to take their businesses to the next level.

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