Leasing
[/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_column_text]A successful leasing effort goes far beyond placing a listing in LoopNet and/or CoStar. It requires far more than placing ‘For Lease’ signs on the property and signs in the vacancy windows.We believe that many of the leasing agents whose signs dominate every market operate on what we call the ‘Spider’ strategy. They build a web (post a listing on the internet, place their signs and banners) and wait by the phone for prospective tenants to call them. Like the spider, they build their web and wait for their food to come to them.
We operate on what we like to call the ‘Tiger’ strategy. Tigers are hunters. They are not content to wait to be fed. They don’t lay around waiting for their food to come to them. Like the tiger, we believe that to be successful we need to be proactive and aggressive in seeking out new tenants. This starts by identifying the types of tenants that will compliment the existing tenant mix and direct our marketing efforts in accordance with a well thought-out plan with the objective of not only leasing space but to create synergy and to reposition the Property as an integral part of the local community. A place where tenants thrive and where prospective patrons prefer to bring their business. By creating this dynamic environment we serve the higher interests of the property owner which are to maximize both cash flow and ‘value’. Many factors come into play in developing a strategy that accomplishes this goal. Most of these factors are outside the normal thought process of the typical leasing agent and/or broker, wherein lies our core strength and why you should engage our services.
As a CSM (Certified Shopping Center Manager) with over 35 years of experience in the management, leasing and repositioning of retail and other commercial assets I see things and have a keen awareness of factors that dramatically affect the success of a leasing effort that, quite frankly, most leasing agents/brokers simply do not see, understand or care about. A successful leasing agent that does not understand that their is a direct relationship between how the Property is being managed and the success of their leasing effort should not be leasing your Property. I recently completed a detailed survey of over 35 retail centers and, sadly, without exception, ALL of these Centers were so poorly managed that any leasing effort was severely crippled from the inception. Some of these conditions included:
- Poorly maintained and/or dying landscape. (landscape being one of the biggest factors in creating curb appeal for any property)
- Deferred maintenance was epidemic.
- Graffiti on walls, light standards, storefronts, signs (including stickers), bollards, etc., was commonplace.
- Dirty sidewalks in need of power washing.
- Faded, pealing and chipped paint on the buildings, bollards, trash enclosures, and other site improvements.
- Fire hydrants that badly needed a fresh coat of paint.
- Traffic and directional signs that were faded and marred with stickers and graffiti.
- Vacancy windows with cobwebs and dirt laden mullions.
- Vacancies that had not been cleaned and put in “show” condition.
- Night visits revealing numerous tenant sign outages, not to mention parking lot and building lights that were dark.
- Trip and fall hazards.
The list goes on and on…
We believe that the leasing agent needs to take a proactive role in working with the Property Owner and/or Property Manager in identifying conditions at the Property that negatively impact their ability to accomplish their objective. Instead the NORM is a laissez-faire, complacent attitude IF , in fact, they even recognize that these factors are CRITICAL to their performance.
A successful leasing campaign starts with the development of a well thought out, detailed and specific leasing strategy that incorporates a thorough analysis of:
- Competitive Market Analysis – A detailed survey of the competition including existing tenant mix, available space for lease, lease rate and terms offered including allowances for tenant improvements, free rent, and other incentives; condition of the Property including overall curb appeal, deferred maintenance, visibility, traffic counts,condition of the spaces, etc.
- Tenant Mix Analysis and Strategy – A well thought-out tenant mix analysis and strategy with the goal of maximizing synergy, creating destination desirability, strategic dominance over the competition as a destination of choice, long-term tenant stability and profitability resulting in increased high levels of occupancy, increased cash flow and ultimately increased value.
- Property Condition Analysis – Prepare a detailed analysis of the overall condition of the Property as it affects the leasing effort and ability to (1) attract quality tenants (2) achieve the highest possible rental rates based on competition and current market conditions (3) minimize Landlord cost to lease the space, including tenant improvement allowances, free rent and other incentives.
- Develop a Strategic Alliance with the Property Owner and/or Property Manager – Negotiate a coordinated plan to address property issues that affect the ability to achieve the goals and objectives of the leasing strategy including a consensus on how and if Property related issues and concerns will be addressed, in what order of importance and within an agreed upon timeline. Communicate regularly to ensure that the Property is being maintained and issue are being addressed that negatively impact the leasing effort, not to mention the success of the existing tenants!
- Design a Detailed Marketing Plan – The marketing plan incorporates all of the above, as well as a detailed and specific strategy for marketing the Property including, signage, internet, social media, targeted direct marketing to specific tenant categories and specific tenants including canvasing the competition.