From the Next-Door Shopping Center... You might have come across your nearby competitors’ shopping centers offering a much lower rate than what you’re quoting on your property. First and foremost, you need to embrace your property and the rental rates that you’re advertising. In many situations, the leasing agent participates in coming up with the rental rate, and in others, he or she does not. I’m a huge proponent, obviously,…
A question that I get from tenant rep brokers that are juniors in the market, is how do I find spaces that are not yet on the market because obviously, that would make them Rockstars with the clients they’re representing. The answer is pretty easy; it gets easier the longer you’re in the business because it’s all about relationships! Understanding, knowing, having significant connections, doing something to strengthen the relationship,…
I’ve had an unusual amount of questions regarding renewals lately so here goes: My top tips on maximizing renewals... Market Knowledge: As in new leases or renewals, your market knowledge is KEY!! Knowing if: 1. your pizza guy could relo to a nearby center for cheaper rent, or 2. if a neighboring landlord would be willing to turnkey their pizza place or 3. the neighboring center would be better ingress…
As I travel around the country coaching and teaching boot camps and workshops, I often get the same questions: How many centers do you see each leasing agent leasing? How much vacant square footage is each agent responsible for? How are leasing agents compensated? So, a few years ago, I decided to conduct a survey. I collected the most asked questions and then sent it out to a few thousand…
What Are the New Trends of Retailers that are Expanding? I’ve been recently joking around and saying that the new trending retail uses are the five new “F” words, and people pause, they giggle and then I list them. They are Fitness, Fun, Food, Furniture, and (hahaha) Physicians. Those are the new uses that everyone’s leasing to these days. Ten years ago, shopping center owners would not lease to more…
One of our Books of the Month was "Selling the Invisible" by Harry Beckwith. One section of the book was particularly useful: How different is selling a service versus selling a product? The answer is: very different because in services, the prospect can also be our competitor. Besides choosing you or a competitor, the prospect has 2 other options: they can do it themselves, or they can do nothing at all. Therefore,…
Patience and speed. Many of you know I’m a big Gary Vee and Grant Cardone fan. It’s very interesting how different, yet similar they are in their messages. Gary Vee preaches patience, while Grant Cardone focuses more on speed. I have learned from both of them and applied their teachings to my personal line of business in leasing and training. Gary focuses on patience. He emphasizes the importance of keeping…
The other day I was talking to a fellow landlord in my market. We were speaking about a topic and I mentioned another landlord, to which he replied, “I don’t know that person; they’re another landlord.” I didn’t question him, but I assumed his thinking was, “Since I’m not a tenant rep broker, what use would I have for a fellow landlord?” I am 1000% against that line of thinking.…
I got a question this week about how to get out of “the funk”. We’ve all been there. You’re leasing a property or a few properties. You’ve been canvassing, reaching out to national retailers, cold calling, everything you’re supposed to do... But it’s just not cutting it. It’s easy to lose motivation when the fundamentals don’t work for you. But here is a little tip to break from the mundane and get…
Follow-up is important, but there is a fine line. I had an investment sales guy call me 7 times in 2 weeks. I also got multiple email blasts from the same salesman about the same business within the same week without any personal touches. When someone pitches me their business through emails or phone right off the bat of us developing a relationship, I get very turned off from them.…
