#1 Decide Who You Want
We developed a process to help our clients determine the BEST tenants for their commercial property. This starts with sorting out who they WANT. If you own a retail center, you don’t want to lease to the same types of tenants you have in place. You don’t want tenants who can’t afford the rent you need. And you certainly don’t want controversial, or types you don’t want. And because of the environment we are in now, you need tenants who are “Amazon proof” and “COVID-19 proof”. So, who DO you want?
#2 Find Out Who Wants You
Among the universe of potential tenants, there are those who want to be in your property, due to great location, anchor tenant, signage, and other amenities. How do you find them? We developed a methodical system to identify, find, and connect with, the tenants you want. We use applications like Retail Lease Trac, ProspectNow, FaceBook, and CoStar Tenant, to find the tenants you want
#3 Who Can Afford the Rent You Need
There are tenants you want, but some cannot afford the price point you need. Certain tenants carefully consider their RRR before locking in on a commercial space. This will vary by industry type, location, visibility, and numerous other factors. We help our clients understand which tenants can pay the rent they need so they keep their vacancy factor as low as possible.
We call this the “Three Rings” process of finding tenants who you want, those who also want you [your property], and tenants who can also pay the rent you need to achieve. Your ideal tenant bullseye is where these 3 rings intersect. We have developed a process to guide you to this point, where you lease your vacant space to the ideal tenants you want, so you can be assured the value of your commercial property is maximized.
If your marketing program consists of a FOR LEASE sign in the window of your vacant space, you are missing out on a lot of money you could otherwise have earned. Our leasing commissions usually cost less than 2-3 months rent. If your space remains vacant any longer than that, you have lost money.