My advice is for two groups: college students and professionals looking to transition into Commercial Real Estate. College students, EVERYONE wants to help you. Leverage that. Do research on firms in your town. Ask professors if they know any local professionals personally. Drop by the career center and ask if any of the firms recruit from your university. Once you know who you want to shadow, do your homework on…
We may be saying “NO” when: We don’t get out there and meet enough (or any) new people who can say “no” to us. (Hello, people are prospects!) Are you going to network events? How often? Do you meet new people at the events or do you “hang” with people you already know? Here’s a tip: go up to the person standing alone. There’s always someone standing alone. He or…
What’s more important: Knowing people or being known? Being known, 100% of the time. I attended the Western Deal Making ICSC event in Los Angeles last year. Since I am in southeast Florida, I was a relative unknown at this conference. Since I was at this disadvantage, I really dug in on my due diligence and pre-planning by analyzing the registration page (See my “ICSC Tips for Top Performers” Article)…
Retail real estate hinges on ICSC events. These events can make your year if you do it right… so DO IT RIGHT by preparing. Failing to prepare is preparing to fail. ICSC has a registration page that I am so thankful for. I highly recommend that you comb through this list and plan out your entire conference with meetings. Identify ten people who are your golden prospects. These are people who represent…
1. Panera working on many new customer-focused initiatives in store and will be redesigning most stores to accommodate - mobile to go, kiosk ordering, huge uptick in sales on mobile to go 2. 7-11 will have most if not all stores grab and go- no cashiers within 12 months 3. Social currency- when an influencer goes into a Brand (aka retailer) and pay for merchandise with the numbers of “shares”…
You have a vacancy problem. 100 prospects per day. No bites. Get creative. Ask your landlord for permission to allow a POP-UP SHOP in the vacancy, and determine a pop-up rent ahead of time. Determine the uses you are targeting (See my “Top 5 Uses” Article) and seek out retailers with multiple locations or hot new single-store operators who have EXCESS MERCHANDISE. This week, I visited a 15,000sf country western store with three…
When you take over a property’s leasing, always begin with the market study. The market study tells you the market rents, which you then use as a benchmark for your prospecting. Keep in mind that different spaces within the center require different rental rates. A second story in-line space will be a lower rent than the first floor end-cap, or else you’re getting fired! Next, list any exclusives from the…
The first step when tasked with leasing a shopping center is conducting an in-depth market study. Physically drive to the surrounding shopping centers and take notes on who leases the center, and figure out the vacancy, age, ingress/egress, tenants going out of business, tenants coming to the center, anchors, tenant mix, parking, visibility, functional obsolescence, external obsolescence, and any additional notes that may affect the value of the center. Contact…
Let's get 2019 moving. Here are two concepts from Grant Cardone that resonate with me on how to overcome obstacles that are slowing you and your business down: 1. When you’re asking a prospect a question, and they evade the answer, you have to push for the answer. For example, you are talking with a barber about leasing your space. You ask them how much it costs to build out a space…
I was on the phone with some of my clients yesterday. One young lady told me she is having a hard time getting nationals and regionals to come into a second-generation restaurant space in her shopping center in an ancillary market. The Nationals said the demographics of the market were not suitable. I told her to remove the objection. Remove the objection by changing the target from nationals to independents…
