Leasing Tip of the Day: Drive Decisions with Data, Not Emotions

Leasing Tip of the Day: Drive Decisions with Data, Not Emotions

Many leasing agents get caught up in focusing solely on rent rates. I don’t. I prioritize value—both creating it and demonstrating it.

Price is a universal measure. Tenants and prospects default to comparing rent rates between your location and competitors. Resist the urge to defend your vacancy by merely listing its benefits. Instead, use real data—actual dollars and cents—to quantify value. This provides prospects with a reliable benchmark to justify a potentially higher rent.

Here’s an example: You’re leasing to a pizza restaurant, and there’s a $5 psf difference between your space and a competitor’s. They prefer your center but want a lower rate.

Your competitor has a Winn Dixie anchor (a ‘B’ grocer), while you have Publix (an ‘A’ grocer). Guide the prospect through a simple exercise:

1. Ask: “Do more shoppers go to a Publix or a Winn Dixie center?”
2. Answer: “Publix.”
3. Ask: “Which generates more revenue?”
4. Answer: “Publix.”

Now, do the math together:
– 1200 sf space
– $5.00 psf difference = $6000 per year
– $6000 / 12 months = $500 more per month
– $500 / 30 days = $16.67 per day

BOTTOM LINE: They need to sell 2 more pizzas per day at the Publix center.

Ask: “Do you think you can sell at least $16 more per day in a Publix center?” The answer is clear: “Duh, of course.”

By breaking down the numbers, we drive decisions with data, not emotions.