And Why Are They So Profitable in Any Market.
I’m very much a glass half full person, but there’s no denying that I held out longer than most before saying out loud (or on my blog) that happy days are here again for retail real estaters. Why? Because pain is a heck of a motivator – I actually like down markets. They ignite our creativity and move us to action…and when we act, we become very efficient and productive. And successful. And then the market grows stronger… and then what happens? Click here to learn why some shopping centers that survived the downtimes will stumble as the market grows stronger… and what you can do to make sure that you don’t become one of them.
Just in case you’re not familiar with me, my name is Beth Azor (this is my blog). My friends and colleagues refer to me as ‘The Retail Leasing Queen’ (lovingly, I hope). My track record in retail real estate spans nearly 30 years (gulp). I’ve bought, sold, leased, developed, re-developed, consulted on, and managed shopping centers of all shapes, sizes and importance…including quite a few of my own. Yes, I have some skin in this game. And yes, ok I will admit it – times are better now. But don’t take that as my permission to coast. Or worse, fall back on some bad habits. Why?
Because in the next five years, times are gonna get even better. Much better. In fact, I believe that in the next few years we will be presented with some of the largest sales, income and growth opportunities we have ever witnessed. So I ask you, are you positioned to take full advantage of those opportunities. Will you even recognize them? And more importantly, will you be ready to act upon them when you do?
I really hope you are. I know I am…And I know this because I’ve experienced great success and had my share of a few clunkers. I’ve been hands-on in nearly every phase and facet of this business. I’ve also coached and hopefully influenced hundreds of retail real estaters – from rookies to rockstars to C-level superstars. And in doing so, I know that there is no ‘secret’ to success.
There are, however, certain behaviors that when practiced consistently (in any market) will consistently yield results that outperform in any market. All centers that beat the averages do these five things.
- They cultivate good day-to-day habits and emphasize best practices and fundamentals…in good times and bad. They won’t get complacent and suddenly forget how to sell because the phones are ringing again– and they don’t get frustrated when they’re not. They have developed and actually use reliable and replicable marketing systems. They track their numbers, and they can just as easily anticipate needs and opportunities as they can pinpoint and fix flaws.
- They are strategic business partners to their tenants and prospects – they identify the needs of their prospects…and create ‘programs’ that match their centers’ benefits with their prospects’ needs. They seek mutually rewarding outcomes.
- They never stop canvassing. The right way. 10 hours per week. minimum. No matter what.
- They are always building their ‘bench’ and their intelligence. They are committed to ongoing education and training. They share information, provide great support and cultivate a curiosity in their staff. They look to other industries for great ideas…and great people.
- They stay nimble and responsive to change. Successful centers – and the people who run them – are tireless revisers, which means they are always learning and are capable of adjusting in real time to changes and opportunities.
Bonus behavior: They seek and emphasize value over price in every analysis and in every deal.
The successful people in our business aren’t lucky – they’re busy. And if you’d like to learn more about what they’re busy doing and more specifically, how they’re doing it, please give me a call. I’m happy to talk to you about what’s happening in your market and what I’m doing right now in mine to:
Build My Bench (and my clients benches), Build My (and my partners, staff, tenants and prospects) Intelligence, Build My Pipeline and my Property’s Value (rents up 40% in past 12 months), Attract National Retailers (20 deals in past 12 months).