Leasing Tip of the Day: Retail Leasing’s Competitive Edge
Retail Leasing’s Competitive Edge: Knowing Your Market Inside & Out
Do you want to gain an edge in the competitive world of retail leasing?
The key lies in understanding your market inside and out.
Imagine you’re driving through your local area. You notice lines out the door at
some businesses with “Going Out of Business” signs, sales, vacancies, and “Coming Soon” signs.
Are you just observing, or are you actively engaging with the market?
Understanding the intricacies of your market isn’t just a task for rookies.
It’s the foundation of your success. Whether it’s visiting competitors, speaking with your
neighborhood leasing agents, or conducting a thorough and personal market study, this isn’t
something you can simply Google or copy and paste.
Why? Because when you’re negotiating rent with prospects or existing tenants,
they might try to play the market against you. But with substantial market knowledge,
you won’t just rely on chutzpah; you’ll speak from a position of power.
Investing your time in a proper market study – involving personal drives, visits, and calls –
will pay dividends later. Knowing your market as well as, or better than, your tenants
or even the owner ensures, that you can negotiate the best rental rates.
Don’t rely on shortcuts and hacks. Become the master of your market.
Get out there, do a proper market study, and build a strong foundation for your
thriving career in commercial real estate.
Happy Leasing!
