If You're Leasing Great Real Estate, don't bother reading this article!!!!!!!!!!!
If You're Leasing Great Real Estate, don't bother reading this article!!!!!!!!!!!
In case you haven't noticed, the economy and retail real estate are doing well, thank you very much and candidly, you don't have to be a great leasing professional to make fantastic deals in this market; all you need is a good location
However, for the rest of us not blessed with leasing great real estate, we have to "try harder" even
in a booming market
Even if you're leasing a "B" center, the harder you try, the better the deal. But for "C's" and less, the following "tips" make the difference between long or short term vacancies.
The same is true, even in this "hot" market if you're looking to sell.
The concept behind improving your leasing and sales results is simple; marketing.
If you can attract 4 tenants instead of one, to look at your space, not only are you more likely to close but will end up with higher rents. But besides "sweat" be prepared to spend some money to "spruce up" the center, even if you can't put the costs into CAM. Like the home owner wanting to sell their residence, a fresh pain job (at least in the more viable areas) will go a long way. Make sure the vacancy(s) is broom clean, no broken glass, dead birds or being used as a storage shed by maintance. Have the electric on in all the vacancies, going in with a flashlight is not the way to go. During spring and summer, spend a little more on foliage, sweep an extra day a week and in the winter, make sure the snow is removed quick. Management 101 but it works. Show the center off and it leases quicker and at higher rates. Marketing is the name of the game and here are a few tips to save you money and make your marketing efforts a lot more productive
First. Let's state the obvious; make sure you have the largest possible leasing sign up on the property and have signs up in every vacant store, stating the square footage available and the name of the leasing agent. Have a real live contacts. Place leasing flyers by the vacancies, showing a leasing plan, vacancies and phone and contact name to call
Placing "For Lease" signs on the pylon produces.. If you have a closed restaurant, advertise the vacancy in the local newspaper as a "Business Opportunity" since the space is already fitted out for that use. The same holds true for a hair salon, pet shop, etc.
Have a Home Page listing the center details and promote it's address everywhere. It pays to pay to be listed with Yahoo's and Google's local directories under retail real estate available for lease or sale
You should also do either an e-mail or broadcast fax blast or hardcopy mass mailing to all the local brokers and retailers. It doesn't have to be fancy, a jumbo, double sided postcard telling the pertinent information on the center and a small leasing plan is adequate, it reminds them to call you. You can gather their address either from the local yellow pages or buy a list from a mailing house. There's companies like *.* that will even handle the entire production process for you. You should always be building your own internal database of addresses and e-mails by collecting business cards from local brokers and retailers. Promote, promote, promote
Don't forget whenever a tenant signs a lease, opens or some other quasi-newsworthy event occurs to send press releases to the national and regional publications such as the New England Real Estate Journal and the local newspapers. It's free and more effective then paid advertising.
Of course, advertising in both the trade and consumer publications work but the local newspaper ads will bring you more brokers inquiries then actual retailers but that's part of the game
The laws have made it more difficult to do fax and mass e-mail mailing but if you follow all the rules, you can still do mass faxing to retailers.
If you're a member of the ICSC, you can use their membership directory to obtain fax and e-mail addresses of retailers and brokers.
There are numerous sites on the Internet such as this publication, LoopNet, CO-Star and Dealmakers.net that provide either free or paid listing areas for your press releases and listings of vacancies. Most of the responders to these listing services are also brokers but a deal is a deal.
In case you haven't noticed, the economy and retail real estate are doing well, thank you very much and candidly, you don't have to be a great leasing professional to make fantastic deals in this market; all you need is a good location
However, for the rest of us not blessed with leasing great real estate, we have to "try harder" even
in a booming market
Even if you're leasing a "B" center, the harder you try, the better the deal. But for "C's" and less, the following "tips" make the difference between long or short term vacancies.
The same is true, even in this "hot" market if you're looking to sell.
The concept behind improving your leasing and sales results is simple; marketing.
If you can attract 4 tenants instead of one, to look at your space, not only are you more likely to close but will end up with higher rents. But besides "sweat" be prepared to spend some money to "spruce up" the center, even if you can't put the costs into CAM. Like the home owner wanting to sell their residence, a fresh pain job (at least in the more viable areas) will go a long way. Make sure the vacancy(s) is broom clean, no broken glass, dead birds or being used as a storage shed by maintance. Have the electric on in all the vacancies, going in with a flashlight is not the way to go. During spring and summer, spend a little more on foliage, sweep an extra day a week and in the winter, make sure the snow is removed quick. Management 101 but it works. Show the center off and it leases quicker and at higher rates. Marketing is the name of the game and here are a few tips to save you money and make your marketing efforts a lot more productive
First. Let's state the obvious; make sure you have the largest possible leasing sign up on the property and have signs up in every vacant store, stating the square footage available and the name of the leasing agent. Have a real live contacts. Place leasing flyers by the vacancies, showing a leasing plan, vacancies and phone and contact name to call
Placing "For Lease" signs on the pylon produces.. If you have a closed restaurant, advertise the vacancy in the local newspaper as a "Business Opportunity" since the space is already fitted out for that use. The same holds true for a hair salon, pet shop, etc.
Have a Home Page listing the center details and promote it's address everywhere. It pays to pay to be listed with Yahoo's and Google's local directories under retail real estate available for lease or sale
You should also do either an e-mail or broadcast fax blast or hardcopy mass mailing to all the local brokers and retailers. It doesn't have to be fancy, a jumbo, double sided postcard telling the pertinent information on the center and a small leasing plan is adequate, it reminds them to call you. You can gather their address either from the local yellow pages or buy a list from a mailing house. There's companies like *.* that will even handle the entire production process for you. You should always be building your own internal database of addresses and e-mails by collecting business cards from local brokers and retailers. Promote, promote, promote
Don't forget whenever a tenant signs a lease, opens or some other quasi-newsworthy event occurs to send press releases to the national and regional publications such as the New England Real Estate Journal and the local newspapers. It's free and more effective then paid advertising.
Of course, advertising in both the trade and consumer publications work but the local newspaper ads will bring you more brokers inquiries then actual retailers but that's part of the game
The laws have made it more difficult to do fax and mass e-mail mailing but if you follow all the rules, you can still do mass faxing to retailers.
If you're a member of the ICSC, you can use their membership directory to obtain fax and e-mail addresses of retailers and brokers.
There are numerous sites on the Internet such as this publication, LoopNet, CO-Star and Dealmakers.net that provide either free or paid listing areas for your press releases and listings of vacancies. Most of the responders to these listing services are also brokers but a deal is a deal.
posted by tedkraus at 6:50 AM
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