When less is NOT more

Attention property owners who have hired 3rd party leasing professionals!

I have heard from more than a few leasing agents lately in my workshops that you all are a little stingy with information on your assets. I am dumbfounded by this. When I’ve asked why would the property owner not disclose current delinquencies, tenant sales, kickouts, and lease expirations, the agents tell me that you, the property owner, is worried about future theft of the tenant in the event the agent’s listing expires. Really?

Look, I understand if you want to withhold information maybe the 1st 60 days if you are the paranoid sort, but really? You have hired this professional, this team, this company, to do a job! How can they do a great job if they don’t have the whole picture? How can they do the job with one hand tied behind their back? Really?

Have the company sign a confidentiality clause. Limit the info to the agent working on your asset. But if you don’t trust the team you hired to share all of the info, then you, my dear, have hired the wrong team!

There is no way a leasing agent can do a fabulous job for you without understanding the whole picture of the center. Not to mention, if they go into it knowing you don’t trust them, how do you think that makes them feel? Do you expect them to guess what is happening with the property when they meet with the perfect prospect who needs larger space than is currently available? What if they knew there were delinquencies and expirations coming up? They would be a much better representative of YOU and your asset!

Come on people! Put away your paranoia and share, share, share!!!! Fully disclose to the professionals you have hired!!! Only then will your property be represented to its fullest!