Beth’s Blog

My first day in commercial real estate, my boss left me alone in the office with a pile of onboarding papers and zero training. I didn’t know a rent roll from a hole in the ground. I just knew I was supposed to prospect. So I called the only company I could think of with more than one location, a print shop I’d passed on my drive in that morning. I asked if they were looking to expand. They said yes. We signed them for their new corporate headquarters, and I went from rookie to Leasing Agent within weeks. I got that deal because I asked the question and stayed quiet long enough to hear the answer. I didn’t decide for that prospect that they weren’t interested. Most agents lose deals before they ever pick up the phone. They see an established business and assume the owner is happy. They see a struggling business and assume it can’t afford to expand. They see a national brand and assume it already has a broker. Every time, they’ve said no for a prospect who never got asked. Your job is to ask, not predict. Every business on your route is a lead

If you bought a shopping center with a short-term loan—bridge, mezzanine, or hard money—you probably have one mission: increase NOI fast so you can refinance. When that clock is ticking, your leasing strategy needs to change. The first mistake I see owners make is misreading the market. If the market rent is $15 but you’re holding out for $20 because an online report told you that number, you’re wasting precious months. When you have a deadline, you must know the real market—by walking properties, talking to leasing agents, and confirming vacancy levels yourself. If the market is soft or vacancy is high, sometimes the smartest move is to get aggressive early. For example, you might offer a discounted first-year rate that steps up over time—$8 in year one, $12 in year two, and market rent by year three. This helps you fill space quickly and grow NOI, which is what your lender cares about. You can also create urgency with your leasing team. Instead of the standard commission, offer short-term “bounty” bonuses for specific spaces that must be leased by a certain date. Large REITs use this tactic all the time to move stubborn vacancies. Finally, remember that timing matters.

Renovating a shopping center can increase value, improve visibility, and boost tenant sales – but if you’re not careful, it can also disrupt the very businesses that pay your rent. When I started a major renovation on one of my centers, one of the first things I focused on was who would actually be running the job day-to-day. Not just the general contractor – but the superintendent on site every day. This person will interact with your tenants constantly, so customer service matters just as much as construction experience. Remember: you’re renovating an operating business environment. Your tenants are open, serving customers, and trying to make money. The last thing they need is chaos. Here are a few Rockstar strategies I use during renovations: Renovations are also a great opportunity to renegotiate lease terms. If you’re helping tenants upgrade signage or improving the property, you may be able to trade for things like removing outdated options or improving lease terms. Rockstar Tip: A renovation should increase value for both you and your tenants. Plan every step around one goal: improve the property without hurting tenant business.

If you have vacant space heading into the holidays and you know it won’t lease before January, don’t let it sit empty. Use that time to test seasonal pop-ups. I’ve done this many times in my centers. The idea is simple: offer a retailer a short-term opportunity – typically November through December (sometimes longer) to test the market. I’ll often offer the space free for a few months, as long as the tenant covers utilities, provides a security deposit, and takes the space as-is. They bring their merchandise and staff, and we both see what happens. The best candidates for holiday pop-ups are destination retailers with merchandise: toy stores, sneaker shops, sports apparel, tennis gear, hobby stores, or seasonal concepts. These businesses can generate strong holiday sales and benefit from a temporary location with built-in traffic. Pop-ups aren’t just about filling empty space – they’re about testing future tenants. Two of my long-term tenants actually started as pop-ups. One expanded multiple times and now occupies thousands of square feet in my center. Even if the pop-up doesn’t become a permanent tenant, you still win. The space is activated, new customers are introduced to the center, and your property feels vibrant

If you own a shopping center but don’t live in that city, you still need to be deeply involved in the local community. Leasing isn’t just about brokers and listing platforms – it’s about relationships. When you own one, two, or even a handful of centers, I strongly recommend visiting them regularly. Ideally, monthly. Walk the property, drive the surrounding market, and make sure you’re visible in the community. If you truly can’t do that yourself, assign someone who can – your leasing agent, property manager, or a trusted local representative. One of the best things you can do is join the local Chamber of Commerce and get to know the economic development director in that city. These relationships can generate leads and help solve problems. I’ve had deals come directly from chamber meetings, and I’ve had permitting issues resolved quickly simply because I knew the right person to call. When you attend chamber events, don’t just say you have vacancies. Be specific. Instead of saying, “I have space available,” say, “I have a former hair salon space that would be perfect for a barber,” or “I’m looking for a small insurance or real estate office.” Specific requests stick in

One of the biggest mistakes landlords make is assuming a franchise tenant is automatically a strong tenant. If it’s a franchisee opening their first location, they’re essentially a startup—and you should treat them exactly like a mom-and-pop. That means doing full due diligence before agreeing to any deal. First, I require a credit check on both spouses (check your state laws, but in many states a guarantee may not hold if both spouses aren’t included). I also request a personal financial statement, bank statements, and a breakdown of startup costs. If someone tells me they have $30,000 in cash but their bank statement shows $6,000, that’s a red flag—and I’m going to ask questions. Next, I look at cash versus debt. If a tenant has minimal savings and significant credit card debt, that’s a warning sign. Starting a business is expensive, and I want to know they have the financial runway to survive the early months. If it’s a startup, I also ask for a simple one-page business plan showing projected revenue and expenses—rent, utilities, payroll, insurance, marketing. I want to see that they’ve thought through the economics of their business. And if they’re asking for tenant improvement money, I

Every shopping center has challenges. Maybe you have an elbow space with no visibility. Maybe a space has limited parking. Maybe prospects think your rent is too high. The mistake many landlords make is trying to convince the wrong tenants to accept those obstacles. Instead, I remove the objection entirely. If I have an elbow space with poor visibility, I don’t spend time pitching it to tenants who rely on impulse traffic. That’s a waste of time. Instead, I canvas businesses that are already operating in elbow spaces in other centers – things like tutoring centers, therapy practices, staffing agencies, or specialty service users. Those tenants already understand the trade-off and won’t see it as a deal breaker. The same strategy applies to parking constraints. I once had a space where handicap spots were directly in front of the entrance, meaning there was effectively no regular parking. Most retailers hated it. But an orthopedic shoe store loved it because many of their customers had handicap permits. The obstacle became an advantage. Rent objections work the same way. If my rents are $30 per square foot, I’m not canvassing centers where rents are $20. I focus on areas where tenants are

When you’re deciding between two tenants – a well-known franchise and a local operator – it’s easy to assume the bigger brand is the safer bet. But in my experience, that’s not always true. Many franchise rollouts look exciting at first. They have marketing budgets, strong branding, and lots of buzz. But a lot of those concepts are new, and not all of them survive. I’ve seen plenty of “hot” brands expand quickly, request large tenant improvement packages, and then struggle just a few years later. That’s why I always dig into the financial statements. Sometimes a franchisee with multiple locations looks impressive on the surface, but when you study the numbers closely, the picture changes. On the other hand, a local tenant with two or three successful locations may actually be the more stable operator. I once worked on a deal where the choice was between a major corporate restaurant and a local family-owned concept. My client – who happened to be a CPA and attorney – analyzed the financials and chose the local tenant. Twenty years later, that local restaurant is still operating successfully, while the corporate concept has closed many of its locations. Another factor is tenant