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Shopping Centre Managers – How to Get the Retail Tenant Mix Right

When it comes to leasing and managing a retail property today, the tenant mix is critical to the income that you create.  Without a successful tenant mix, the investment performance for the property owner will be difficult to achieve.

In a retail property today, there are just so many things to be carefully balanced; that is because of the prevailing economic conditions and the property market pressures locally.  At this current time and in most locations, it can be difficult to find the right tenants to fill vacancies.  It is also hard to keep the tenants in the property.

For this very reason, a tenant retention plan and a vacancy leasing strategy should be adopted by all agents in serving their clients.  These elements should form part of the business plan for every investment property under management.  Top clients need a top property management and leasing service, and that is what this process can do.

All of this being said, as professional commercial and retail property leasing experts and property managers, it is up to us to bring the required experience and knowledge to the landlords that we serve.  Special skills are required when it comes to tenancy analysis, and tenancy mix strategy.  These special skills also command a fair and reasonable fee for service.  Discounts do not apply for a top service in our industry!

The placement of a tenant is simply not a matter of just leasing, negotiating, and occupancy creation.  It is a matter of finding the right tenant for the right property, and matching the lease back to the requirements of the landlord’s investment strategies.  The age of the property will also have some influence on the leasing process given the requirements of refurbishment and tenancy relocation.

Here are some factors to merge into your property leasing strategy and tenancy mix.

  1. Get to know all of the tenants in the particular subject property.  A close working relationship with them will help you identify any pressures of occupancy or rental payment.  With the property market today, as difficult as it currently is, it is better to retain tenants in occupancy through good lease management procedures, than to lose them to another property where incentives or rental adjustments may be more attractive and the landlord is more flexible.  Understand that many other real estate agents will be chasing your tenants as a natural course of business.  Your property package needs to be competitive in the local property market.
  2. The factors of supply and demand will apply to your property type and the local area.  Those factors will also influence market rentals, incentives, and vacancy factors.  Every landlord needs to be updated regards the trends of the local property market so that sensible leasing decisions can be achieved.  An extended vacancy and loss of rent is far more damaging to a property than a startup lease with a lower rental.
  3. Check out all of the major properties locally that could be considered as competitors to your subject property.  Review their tenancy mix and vacancy factors.  Look for the strengths and weaknesses that apply to each particular property.  If possible, get details of the current market rentals and the upcoming vacancies in each property.  With this information, you can influence some of those tenants towards your landlord’s property.

A very skillful commercial or retail leasing expert knows how to balance all of these things for the clients that they serve.  Create a tenant retention plan and a tenant communication strategy to strengthen the overall lease profile of the property for the landlord.  That is what leasing and property management is all about.  In one word you could say it is the creation of ‘stability’.

If you want more tips on tenant mix and tenant retention, you can get them at our main website http://commercial-realestate-training.com/

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Commercial Real Estate Agents – Get Focused to Create a Better Market Share and Grow Your Commissions

In commercial real estate agency today, we all know that the property market is a bit of a challenge. That being said, there is still a lot of listing and commission opportunity to be had by the real estate agents that get organised and focused on the right tasks relative to their market and location.  It is a daily process.  Top agents do it all the time.

You could say that the whole process involves being ‘mentally prepared’ for each and every day that you step up to the ‘plate’ and strive for a ‘home run’.  When the personal thought processes support your action, many more results are possible.

There is a cycle in this commercial real estate industry and it goes something like this:

  1. Start the day with prospecting for 3 hours
  2. From your prospecting effort you will create new meetings
  3. From new meetings with new prospects you will find business opportunity
  4. New business opportunity leads to quality listings
  5. Quality listings produce better enquiry than average
  6. Quality enquiries are what we need for a top database and property sale or leasing conversions
  7. Keep in touch with the businesses locally.  They will tell you so much about the local area and what is going on.

So the mental preparation process is critical to the ‘chain of events’ and the outcomes that you seek in the commercial real estate industry.  You could say that sales, leasing, and property management is a bit like a sport and you are the team captain, coach, and player.  Your mindset has to suit each role and keep you on track to top performance and new business generation.

Have you ever watched a person play a sport and in doing so you can see that something is wrong with them?  They seem to have a down attitude and it gets worse as the game progresses.  That is a prime example of ‘mindset and focus’.  For those of us that work on commission, the mind has to support your efforts.  A good dose of focus is required before you get to the office or start your commercial real estate prospecting.  A great attitude will help you greatly.  Align your thinking to the task at hand; rise to the top of the market.

  • Understand what has to be done
  • Set your priorities
  • Take action every day
  • Know what your market is and where it is located
  • Build strong relationships and keep connecting

The commercial property market will change throughout the year and sometimes for a few years at a time.  Importantly you should be focused with all of your actions, prospecting, and marketing.  Over time that will help you rise to the top of your commercial real estate market.

If you want more tips on commercial real estate prospecting, you can get them at our main website http://commercial-realestate-training.com/