How To Find Spaces That Are Not Yet on the Market
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, so that you can call them when you need information, or they think of you when they have a vacancy coming up.
Strong relationships can’t be derived from meeting with them for a minute at an ICSC event. It has to be a relationship that has blossomed, usually through some sort of event. Maybe you’ve played golf with them, maybe you’ve gone on a weekend trip, but those relationships have to be procured, cultivated and curated. Not that it’s a business, but it’s a business. If you plan on being a tenant rep broker for the next 20 years, you have to really know who the landlord leasing agents are and you need to have a good reputation with them.
When those landlord leasing agents call you and ask, “Would your tenant X be interested in my project?”, if you, the tenant rep broker, do not respond to that leasing agent in a timely fashion, then why would they call you and let you know when they have a space coming available? They’re going to call the tenant rep brokers who are responsive to them when they’re looking for help as well.
Additionally, finding spaces that are not yet on the market has 100% to do with you having significant market knowledge, understanding trends in the community, and reading up on current events.
If you read that a specific retailer is closing in a different market, so let’s say Bed, Bath & Beyond says they’re going to close 15% of their stores, and you have a client that you would like to put in another Bed, Bath & Beyond in your market, you call the landlord leasing agent and put in a good word for your tenant, so that in the event that they get the Bed, Bath & Beyond space back, they know that you’re interested.
Or, for example, I have a situation where I have a tenant in one of my plazas who used to have two locations, and they closed their second location. Smart tenant rep brokers and there have only been two of them, paid attention to the fact that my tenant has closed his other location and are already calling me saying, “We saw that your tenant X closed in Fort Lauderdale, are they going to stay open in Davie?” That’s an astute tenant rep broker who’s paying attention.
So how DO you find spaces that are not yet on the market? By driving the market, reading the newspaper, understanding the trends and having phenomenal relationships with the landlord leasing agents. This means that when they call you, you call them right back. You are helpful to them so that in turn, they are helpful to you.
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