You have a vacancy problem. 100 prospects per day. No bites. Get creative. Ask your landlord for permission to allow a POP-UP SHOP in the vacancy, and determine a pop-up rent ahead of time. Determine the uses you are targeting (See my “Top 5 Uses” Article) and seek out retailers with multiple locations or hot new single-store operators who have EXCESS MERCHANDISE. This week, I visited a 15,000sf country western store with three…
When you take over a property’s leasing, always begin with the market study. The market study tells you the market rents, which you then use as a benchmark for your prospecting. Keep in mind that different spaces within the center require different rental rates. A second story in-line space will be a lower rent than the first floor end-cap, or else you’re getting fired! Next, list any exclusives from the…
The first step when tasked with leasing a shopping center is conducting an in-depth market study. Physically drive to the surrounding shopping centers and take notes on who leases the center, and figure out the vacancy, age, ingress/egress, tenants going out of business, tenants coming to the center, anchors, tenant mix, parking, visibility, functional obsolescence, external obsolescence, and any additional notes that may affect the value of the center. Contact…
Let's get 2019 moving. Here are two concepts from Grant Cardone that resonate with me on how to overcome obstacles that are slowing you and your business down: 1. When you’re asking a prospect a question, and they evade the answer, you have to push for the answer. For example, you are talking with a barber about leasing your space. You ask them how much it costs to build out a space…
I was on the phone with some of my clients yesterday. One young lady told me she is having a hard time getting nationals and regionals to come into a second-generation restaurant space in her shopping center in an ancillary market. The Nationals said the demographics of the market were not suitable. I told her to remove the objection. Remove the objection by changing the target from nationals to independents…
You can learn from the young’ins. I met with a student today who asked me a question that made me reflect on my first year in the business. Six months into my career, I transitioned from office to retail. In order to better understand retail leasing, I spent an hour every night with my boss reading through the lease form LINE BY LINE. I learned WHY each sentence was in…
If you are in commercial real estate, then you need to know how to use social selling to close more deals. Watch this highlight from ICSC Florida Conference 2017: "Social Media is the New Internet" with speaker Beth Azor
So you did a good thing and brought in an intern for the summer. Yeah!! I'm so excited you did this! Many companies in commercial real estate do not do this and it hurts the Industry. By not exposing our younger generation to what opportunities exist in commercial real estate, they are in the dark. We wonder why we can't find younger folks to hire. Just today, I got an…
"By failing to prepare, you are preparing to fail." - Benjamin Franklin Hi guys and gals! It's just two months until RECON 2017! Are you preparing? Here are the top 5 tips to make sure you have a fabulous conference! Pick the top 20 retailers you want to meet with at the show (I know that's light for some of you, but hang with me here). Check to see if…
To be honest.... I abhor this statement, and why-oh-why do the youth I speak to weekly have this clause as a normal and regular part of their jargon? I meet with approximately 3 or 4 recent college graduates per month to assist them with their job search, internships, shadowing, etc. I would say 9 out of 10 use the phrase as a very familiar communication insert. I usually don’t stop…
