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…
My advice is for two groups: college students and professionals looking to transition into Commercial Real Estate. College students, EVERYONE wants to help you. Leverage that. Do research on firms in your town. Ask professors if they know any local professionals personally. Drop by the career center and ask if any of the firms recruit from your university. Once you know who you want to shadow, do your homework on…
We may be saying “NO” when: We don’t get out there and meet enough (or any) new people who can say “no” to us. (Hello, people are prospects!) Are you going to network events? How often? Do you meet new people at the events or do you “hang” with people you already know? Here’s a tip: go up to the person standing alone. There’s always someone standing alone. He or…
What’s more important: Knowing people or being known? Being known, 100% of the time. I attended the Western Deal Making ICSC event in Los Angeles last year. Since I am in southeast Florida, I was a relative unknown at this conference. Since I was at this disadvantage, I really dug in on my due diligence and pre-planning by analyzing the registration page (See my “ICSC Tips for Top Performers” Article)…
Retail real estate hinges on ICSC events. These events can make your year if you do it right… so DO IT RIGHT by preparing. Failing to prepare is preparing to fail. ICSC has a registration page that I am so thankful for. I highly recommend that you comb through this list and plan out your entire conference with meetings. Identify ten people who are your golden prospects. These are people who represent…
1. Panera working on many new customer-focused initiatives in store and will be redesigning most stores to accommodate - mobile to go, kiosk ordering, huge uptick in sales on mobile to go 2. 7-11 will have most if not all stores grab and go- no cashiers within 12 months 3. Social currency- when an influencer goes into a Brand (aka retailer) and pay for merchandise with the numbers of “shares”…
