In this property market, retail leasing is quite special. It can be extremely rewarding from a leasing commission perspective, however it does require the right knowledge and the right person to attract the correct levels of business.
Given that the current property market is somewhat frustrating and slow, many retail tenants are quite critical of the properties in which they are located. The relationship between the tenant and the landlord is critical to tenant retention and vacancy minimization.
It is interesting to note that many landlords managing their own properties tend to cut corners when it comes to maintenance within the property. The landlords in that case are too close to the function of the property to make clear and sensible decisions when it comes to property maintenance and property performance. They tend to look at the bottom line before they look at maintaining customer comfort and tenant performance.
A retail property is a careful balance between the landlord, the tenants, and the property manager. In many respects, the interaction has to work very positively.
Here are some skills required of a retail leasing specialist today:
- Get to know the local businesses throughout your region. Visit the competing properties to see what their tenant mix and property profile is doing.
- Market rentals will change from time to time. The pressures of supply and demand will shift the market rental throughout the year. This then says that you need to be very familiar with the current rental trends.
- Incentives for leasing will come and go from the property market based on the levels of enquiry and the amount of vacancy. Lookout for those property developments that could throw imbalance into the property market.
- A good leasing specialist will have an extensive database. Within that database you will have a significant number of local business proprietors, franchise groups, and landlords. Constant contact within those groups will help you identify future leasing needs and opportunities.
- Successful tenant occupancy will occur from a well-chosen tenant placed in a good property and tenancy mix. This then says that the tenant should be well chosen for the property and leasing placement. Every vacancy should be looked at from the larger perspective of the property and the overall tenancy mix.
Retail leasing is a very rewarding part of the industry; that being said, it does require that special effort and knowledge on the part of the individual leasing specialist. You can succeed in this part of the industry through deliberate focus and skillful marketing.