In retail property, some of the rents are large, and the leases are of high value. On that basis, it is a good leasing segment to work in and with from a brokerage perspective. You can be a specialist in retail property performance and growth or change.
What can you do in the segment? There are plenty of single retail sites and shopping centres to lease in all towns or cities. That is why specialisation is a good thing.
Changing Face of Retail Property Performance
Look around you. Certainly, the shopping centre and retail property markets are changing, and that is why a tenant mix focus should be part of any new lease strategy and decision. Get deeply involved in the local property market and know where all good retail sites are and what landlords require when it comes to leasing changes, and tenant selections.
Understand the impact of online shopping impacting retail shopping centres and then review the best tenants that are suited for success in this ‘online world’.
Retail Satisfaction in Brokerage Work
There is a good degree of satisfaction in working in the retail property industry from a leasing perspective. These are the things that you can do:
- Talking to tenants each day – the way to do this is to drop in your business card at any retail shops in your location. Talk to the business owner if they are in, however, leave the business card in all cases if you cannot talk to the business owner. In many cases, and certainly in the situation of franchise type tenants, you should ask for names and or numbers that you can call to talk to the right person.
- Serving landlords – local landlords are always on the lookout for vacancy solutions. Some tenants are better than others, and on that basis, the tenant mix in a shopping centre will be changing. Package your rents, lease information, and vacancy reports for a location and then ask landlords to list their vacancies with you. Openly listed vacancies are OK if you believe you can do something with the vacancy.
- Solving vacancies before they arise – work with landlords to solve vacancy issues before they happen. That will usually involve getting a copy of the tenancy schedule from the landlord and or centre manager and targeting new tenants for vacancies that you know are coming up.
- Working the franchise brands – franchise tenants require particular locations and or properties to trade from; they have a checklist of requirements. Choose to work with some of the best local franchise groups that you know need more sites in your town or city. Get the franchise tenants to appoint you as their leasing agent. On that basis, you can be identifying better properties and locations. Tenant advocacy services like this are a valuable part of leasing services today.
There is plenty of satisfaction and opportunity to be had in retail shopping centre leasing and sales. Property management is also a unique part of the industry. Work with the segments that you understand and go deeper in your services to retail property owners, landlords and tenants.