Leasing Tip of the Day: Market Study Magic

Why a Market Study Matters

First things first, let’s talk about why a market study is a game-changer for any retail leasing agent. It’s your roadmap to understanding your market inside out. It arms you with insights about your competitors, the strengths and weaknesses of your properties, and helps you make informed decisions that will lead to winning leases.

The Blueprint for Success

Now, let’s dive into the nuts and bolts of creating an effective market study:

1. Structured in Excel: Start by organizing your information in an Excel file. Trust me; this will make your life a whole lot easier.
2. List Properties in Rows: Begin with your subject property (or properties) at the top of the list. This gives your study a clear structure.
3. Competitor Lineup: Next, add your biggest competitors to the list, in ascending order. This arrangement lets you compare your subject property to the competition effortlessly.
4. Data Points in Columns: Each column should hold a specific data point you’ve gathered. This could be rental rates, occupancy rates, demographics, foot traffic – whatever’s relevant.
5. Don’t Forget Notes: Always include a ‘notes’ column. It’s where you jot down your observations and insights, making it easy to compare properties.
6. Start with More Data: In your first draft, include more competitors than you think you need. This is an iterative process, and you’ll refine your list as you go.

The Art of Iteration

Here’s the thing – creating a stellar market study takes time and patience. It usually takes about six drafts to go from an “okay” study to a “great” one. With each revision, you’re sharpening your focus, honing your strategy, and crafting a study that’s truly compelling.

So, there you have it – my insider tips on organizing your market study. Remember, this isn’t just about creating a document; it’s about building a strategic tool that empowers you to lease like a pro.

Happy Leasing!