Retail Shop Leasing Success for Property Leasing Agents Today

The retail shop leasing process is quite specific and special.  It requires property agents that are very familiar with the retail industry and shopping center dynamics.

It is no secret that the retail shop industry is changing due to the impact of the Internet and the current economic circumstances globally.  That being said, the retail shop industry doesn’t disappear it just changes.  We are best placed has specialized leasing agents to help tenants and landlords move through the process of change when it comes to shopping centers and specialist retail properties.

Here are some tips to help you with creating your retail tenant mix and plans for shopping center leasing optimization:

  1. Check out all of the other competing properties in the local area.  They will have factors associated with vacancy, tenant movement, and tenant success.  Make a list of their tenants for direct contact and cold calling.  Some of those tenants will be more successful than others.  It is those tenants that you should encourage to move to your property.
  2. Look at the other competing properties with regards to property improvements, customer access, and customer profile.  Also look at the factors of car parking, public transport, and property size.  Are there any weaknesses in these factors that can be optimized in your property?
  3. The franchise groups in the local area will always be a good opportunity for tenant enquiry and new leases.  It is simply a matter of understanding the properties that they are looking for.  It is likely that they will have specific lease terms and conditions that apply to any premises that they negotiate on.  You will need to brief your landlord on the standard terms and conditions that the franchisor requires.  The franchise agreement needs to integrate with the lease of the premises.  Your landlord needs to understand that fact so that the business can operate within the branding and business agreement requirements of the franchise group.
  4. With any larger retail property, it pays to stay ahead of any lease issues.  They include rent reviews, options, and lease expires.  Look at all of these events at least 12 months in advance.  This then allows you to plan the interaction with the tenant given the conditions of the local property market.
  5. If you want to be a retail leasing expert, grow your knowledge with regard to business viability and different business types.  Some businesses have different requirements as to cash flow and occupancy costs.  If those requirements are exceeded, it is likely that you will have an unsuccessful and volatile tenant.  Ultimately that will mean a new vacancy.
  6. With your existing tenancy mix, consider the factors of expansion and contraction as they apply to each particular tenant.  Help the existing good tenants within the property to adjust the leasing needs and remain in occupancy.
  7. The anchor tenants in a retail property are very important to the overall success of sales, specialty tenants, customer visits, and market rental.  Stay close to the anchor tenants as part of an ongoing lease strategy.
  8. Retail leasing and shopping center performance are quite unique strategies to be developed for each landlord and property location.  It is not unusual to have a business plan developed for each medium to large property.  In that plan you will have income profiles, expenditure management, maintenance plans, tenancy strategies, tenant retention solutions, and reporting requirements.

Retail shop leasing is perhaps one of the most interesting and rewarding segments of the property market today.  That being said, it does require people that understand retail business and property viability.

Marketing Strategies for Commercial Real Estate Agents Today

When you take a commercial property to the market today, the message about the property has to be clear and precise.  There are limited levels of enquiry coming from most marketing campaigns given the current economic climate.  This means that you have to do more with less.

It should be said that this is not a seller’s market, not a buyer’s market, but it is an agents market.  We as property agents are well placed to encourage enquiry and connect with the right people.  Your database is a key factor in this process.

We can produce the right momentum in marketing through developing a direct promotional strategy for each listing.  The days of generic marketing are well gone.  Specific campaigns create far more enquiry than the traditional generic approach.

When you take on a new listing, be very specific when it comes to structuring the marketing campaign and attracting the right target audience.  It should also be said that the exclusive listing process in this market is far more effective than an openly listed property.

If the client chooses to openly list their property, tell them about the weaknesses of the process and the longer ‘time on market’ factors that normally apply.  Most clients don’t like to be an ‘experiment’ when it comes to marketing; they want results and the exclusive listing process is the only way to do that with some control and reasonable success rate.

Here are some tips to help you with establishing a successful marketing campaign and correctly promoting a commercial property for sale or for lease.

  1. There is a significant difference between direct and indirect marketing today.  The generic approach involves indirect marketing and most particularly advertising in the newspapers, placing a signboard on the property, and listing it on the Internet.  This will only produce limited enquiry.  With commercial property you must take the direct approach in addition to the more traditional promotional processes.  The direct approach says that you need to get into the local area and take the listing to all of the property owners nearby, the local businesses, and the industry professionals.  In this way you will attract more leads and opportunities.  Talk to more people; that is the rule today and not the exception.
  2. The best method of sale or lease should be chosen for the property, the local area, and the target market.  The method that you choose should encourage enquiry, inspections, and negotiation.  Momentum is the key to getting a good result in commercial property marketing today.
  3. At the time of listing the property, undertake a comprehensive inspection with the client.  Move through the asset together so that you can identify strengths and weaknesses that will need to be addressed as part of the promotion and the advertising.  Any weaknesses should be carefully assessed and dealt with prior to the commencement of campaigning.

It is in property markets like that which we have today where the marketing process becomes more important than ever before.  Attracting enquiry and converting more inspections is central to attracting offers and closing negotiations.

If you want to be a top agent in this market, take a serious look at your marketing efforts, and your listing processes.  Everything needs to work in harmony.