When you get a call-in from a leasing sign, a referral, etc. and they ask for the rate, the only time you have leverage in the entire deal process is before you give the rental rate. By the way, I hate when people say “I'm quoting” or “I'm asking” a rate (See the article “Two Words to Never Use When Leasing Space”), so don’t ever say that. By this point, you should have your…
When we lease space, we need to know the sales of the prospect. Rent is a function of sales. We NEED to know this whether it’s a renewal or a new prospect. We just got a consulting gig for our restaurant real estate business Azor Brewer Restaurant Advisors. An owner bought a 5,000sf building with a restaurant tenant as a NNN investment. She thought she was purchasing a long-term cash…
Take a walk and figure out what fears you have. What activity or thought has been giving you problems? What relationships have been nagging you? When Edison created the light bulb, someone said “it took you a thousand times to fail before you figured it out,” and Edison replied, “No. I learned a thousand ways not to create the light bulb.” He didn't procrastinate. He didn't fear failure. He embraced it.…
People ask me all the time what exactly is Canvassing Karma, and I know when people ask me, that they are not systematic or routine canvassers, because if they were, they wouldn’t have to ask. I get a canvassing karma experience at least once, if not twice a month. I remember I was waiting for a huge deal to get approved by Bethesda Wellness Center, which is the main hospital…
A student asked me how to determine which centers I canvass. Do I go to the highly competitive set? Do I go to centers with similar features or demographics? My short answer is ALL OF THEM. But it gets more nuanced: My good friend Hue Chen (President of Saglo), one of the best canvassers in south Florida, says that 80% of the best canvasses come from centers within three miles…
I just finished listening to a Gary Vaynerchuk podcast. He’s awesome! If you don’t already, go follow him and listen to his thoughts. Although he’s not a real estate guy, his content helps us because our industry is inherently entrepreneurial. One thing he said that really pertains to our industry is “go where the fish are.” If you are filling shopping centers with local independent retailers, go where all the…
I was in Atlanta a few weeks ago for a canvassing workshop/bootcamp. We finished canvassing the in-store tenants of a quiet six-tenant shopping center. On the way to the car, we see a van that said La Hacienda Mexican Restaurant, so I told the guys I was canvassing with to hold on while I ran up to the van. To paint the picture, the van had four guys in grey work…
Sometimes we get frustrated when negotiating with a prospect who nickels and dimes, and nickels and dimes, and nickels and dimes. Every time you give on their asks, they will come back for more asks. Always remember, IF YOU GIVE, YOU MUST GET. One story of mine highlights this in practice: during the recession, I was leasing a 7,900sf-space. I got a home renovation prospect who wanted me to paint and install new carpet in the…
Before you start... 1. Complete the “Top 5 Uses” form. When you do, pick a particular center and try to match uses to the square footage that you have available. Be as specific as you possibly can, and consider the following: • Retail in the surrounding area, especially those uses that produce strong revenue • Any 2nd Generation opportunities you may have (include former restaurant spaces, salon spaces and medical…
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…
