Taking daily action in retail leasing is a strategic thing that all retail brokers and agents should work towards as part of their working day. That is particularly the case if they are looking to boost their commission and listing results.
Retail is a bit different than the other property types; it stands alone as a segment of investment property that is integrated more closely to the economy, customers, and local area demographics.
The fact to remember here is that retail leasing is ‘randomly’ active, and you never really know when landlords and tenants will want help with premises issues. That help is with expansion, contraction, relocation, or occupancy improvement. That is why you should talk to those people involved in the local ‘retail scene’.
Constant contact with landlords and business owners will, therefore, become a critical part of the brokerage activities that you undertake in your job. That contact should occur by calls, meetings, drop-ins, direct mail, business card distribution, and the distribution of flyers in an area, building or precinct.
The more diligent and active that you can be in this process, the more successful you will be in finding listings and putting together transactions.
What is retail leasing all about? It is a people-based industry and customer attraction is a big part of retail property performance. Put yourself in front of more people every day; know what a retail property can be with a strategic approach to leasing, occupancy, marketing, and customer attraction. That is the ‘strategy’ part of what we do.
Talking to the Right People
Connect with retailers and landlords. Use your business card as part of the process. It doesn’t need to be more complicated than that.
So, who do you act for in retail leasing? Let’s put some clarity on this for you. Try some of these for starters:
- Franchise Groups – these groups will have unique requirements when it comes to leasing, properties, and business growth. If you are to work this segment of the market, the telephone is the way to find the right ‘decision makers’ that run the leasing decisions in all and any of the franchise groups. Make the calls and ask the questions of people involved in franchise placement or operations.
- Business Owners – the easy way to do this is by dropping in your business card and to make direct telephone calls. Using the ‘Yellow Pages’ telephone book, you can easily call 20 businesses per day (or perhaps more). Track your progress with that.
- Landlords and Investors – they will need help with their investments, property performance issues, and leasing. As leases reach the end of the occupancy term, tenants sometimes move on or require relocation. Work the segments of retail tenants that you know are ‘active in leasing’. Introduce those tenants to your landlord or investor-owned properties.
- Allied Industry Professionals – these are the property accountants, solicitors, and planning people. They all know others in your location that own property or require property investment help.
All these groups take a degree of research to find and some ongoing effort to build relationships with. There is no ‘rocket science’ to work within retail real estate leasing as a successful agent. It is an industry that is all about people, places, buildings, and contact processes.
Use Your Business Card Every Day
I go back to the point that your business card is so effective as a marketing tool; use it comprehensively every day in what you do in your real estate business. Get used to talking to more local people as part of your working day.
Here are some rules to help you build momentum and results in your retail real estate leasing business:
- Meeting local business people on a building by building basis. Over time, get to know who owns all the good quality retail buildings in your location.
- Checking out investment buildings and particularly local shopping centres and retail properties.
- Creating contact with landlords to see when they need help with vacancies, leasing changes, tenant mix alterations, and property modifications.
- Watching for new projects in the planning phase or development approval phase.
- Matching tenants to landlords and properties as the needs are seen or projected.
So, all of these things can be the ‘foundation’ to taking specific and special actions in retail leasing with tenants and landlords. That can then help you become a successful retail leasing agent in your location. Put yourself in front of more local people. That is the rule of business growth.