Two Words to Never Use When Leasing Space

I hear these words being used every single day in our industry:

“Quoting” and “Asking”

When we use these words, we are asking for the tenants to negotiate with us.

As leasing agents, our job is to provide the maximum value to the shopping center. Our job is NOT to make a fast deal.

Telling a potential tenant, “I am asking 40 per square foot,” is begging for a negotiation. Let’s say the tenant comes back at 36, and after some going back and forth, you settle at 38.50.

The difference is $1.50. For the sake of argument, the space is 1,500sf and the cap rate is 6.5. Do the math. That $1.50 difference equals a loss of $34,615 in value for the shopping center.

You aren’t “asking” 40… “The rent is” 40.

Again, your job is to provide the most value to the shopping center. Abiding by this rule will cement you as a rockstar.