When a tenant moves out and leaves a space looking rough, many landlords immediately think: Let’s vanilla shell it. But before you spend thousands fixing up a space, slow down and test the market first. My rule? Give it about 90 days. List the space exactly as it is and start showing it. If it’s a former Subway, call it a “former Subway.” Everyone knows what that looks like, and some prospects won’t care because they’re planning to gut it anyway. If a tenant is willing to take the space as-is, you may save yourself a lot of money. And if they want you to fix it? That’s a negotiation. You can always say, “If you want it cleaned up and renovated, the rent will be higher.” Now, if you’ve shown the space 15–20 times and every prospect complains about the condition, that’s your signal. At that point, investing in repairs or creating a vanilla shell might make sense to help the deal get across the finish line. This same strategy applies when you have multiple rough spaces. Don’t fix them all at once. If you have ten ugly vacancies, maybe you vanilla shell two—just enough to create spec spaces

Hiring a third-party leasing firm doesn’t mean you go hands-off. If you own a shopping center, you still need visibility into what’s happening at your property – and that starts with the right reporting. At a minimum, your listing agreement should require a monthly leasing activity report. That report should show every prospect, every tour, and – most importantly – how the lead was generated. Was it canvassing? A sign call? A tenant rep broker? Social media? This tells you whether your leasing agent is actually prospecting or just waiting for deals to fall in their lap. Now here’s the mistake many owners make: they schedule endless calls to review the report. Don’t do that. Your agent’s job is to be out in the market generating leads – not sitting on the phone with you every week. If you have questions, send an email and set up a call only when necessary. The same principle applies to property management. You should receive regular reporting like rent rolls, financials, delinquency reports, renewal timelines, HVAC reports, and a narrative summary of the property. These reports help you “see” the asset even if you’re not physically there. Rockstar Tip:Review the reports, visit the

One of the biggest mistakes I see shopping center owners make? Fixing things that the lease clearly says are the tenant’s responsibility. It might seem easier in the moment to just handle it – but that habit will cost you thousands over time. When I buy a shopping center, I pay close attention to tenant communication during due diligence. Are they constantly asking the landlord to fix things? Are previous owners giving in on repairs that belong to the tenant? If so, that pattern needs to stop immediately. For example, tenants often report roof leaks. We send our roofer out to inspect, but nine times out of ten the issue isn’t the roof – it’s their HVAC unit. When that happens, we give them the report and let them handle it with their contractor. The key is communication. If you choose to help a tenant with something that technically isn’t your responsibility – maybe to get them open faster – make sure you point to the lease and explain that you’re going above and beyond this time. Otherwise, you’re training them to call you every time something breaks. Rockstar Tip: Follow the lease. Be helpful when it makes strategic sense—but

It’s going to happen—your tenant calls and says, “Business is down. I need help.” First reaction? You’re not their partner. But don’t rush to “when are you moving out?”—especially if you’ve got vacancy. Here’s what a Rockstar landlord does: Start with a Rental Assessment Application: Just like you qualify a new tenant, re-qualify this one. Ask for sales history, credit check, P&L, and how they’d use the assistance. Most won’t even fill it out—problem solved. Still Interested in Helping? Make it performance-based. Offer help only if it’s tied to sales-driving actions. You’re not here to line their pockets—you’re investing in their recovery for the good of your center. Pay Vendors, Not Tenants: Cover their marketing consultant, FB ads, or billboard—but pay the vendor directly. Protect your investment. If They’re Leaving? Document the exit. Get the move-out date in writing, start marketing the space, and make their lease termination contingent so you’re protected with future tenants. Bottom line: Rent relief isn’t a gift. It’s a tool, and Rockstars know how to use it strategically.