When you do a full shopping centre handover there are plenty of things that you have to investigate and question. That is especially the case if you are the new centre manager or the leasing person taking over the property for a new property owner. The larger the shopping centre the deeper the review and retail property handover process. Ask plenty of questions. Look for the strengths and weaknesses in the property and then make your lists in each case.
In today’s video, we take you into the important facts around retail property ownership and the history of the retail property over the last few years. When you look into those things you can find the problems and the opportunities to work with. When you ask deep questions, you can find things, and that is part of your job in shopping centre management and leasing.
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The Property Investigation Categories
There are eighteen items on the list, and you can add to those items yourself based on your location and the size of your retail property. The big items are where you start, and from that, you can create a detailed handover checklist that you can use over again with other retail properties. So what we did here was to split up the major focus factors of retail property performance such as those below.
- Financial history and current income potential
- Leasing threats and risk
- Lease documentation and the tenant mix
- Property design and function
- The maintenance of the asset
Then we have broken down the big issues into subsets, and you can go a long way into that depending on your property and the location. When you look at it that way, you can add to the subsets yourself and should do so considering the retail tenant mix and the property design. That is how you can create a checklist for yourself that will improve your retail handover strategy and your outcomes. Here is the video for you to review.