Before you start…
1. Complete the “Top 5 Uses” form. When you do, pick a particular center and try to match uses to the square footage that you have available. Be as specific as you possibly can, and consider the following:
• Retail in the surrounding area, especially those uses that produce strong revenue
• Any 2nd Generation opportunities you may have (include former restaurant spaces, salon spaces and medical facilities with valuable infrastructure)
• Where in the center the vacancies are
• Whether the vacant space is better for destination (elbows) or impulse (end caps and good visibility) retailers
• Consumer demographics
• Exclusives and restrictions (e.g., I can’t have pool supply companies in one of my centers because the city prohibits the storage of chlorine)
2. Tell everyone who will listen to what you’re looking for! I found and leased space to the best burger joint just from a casual conversation that I had with a friend. A week after we had spoken, my friend texted me while in the middle of eating a burger from this fabulous little spot about 15 miles from my center. In fact, some of my best leads have come from my friends, my kids’ friends, parents, and random people I meet. Your vacancies are not trade secrets (unless you’re under some sort of non-disclosure, then they are).
3. Make flyers (see also #7).
4. Phone a friend. Go with a colleague, someone from your office or even with a competitor. Canvassing is WAY more fun in pairs, and it should be FUN! Canvassing with a colleague also keeps you accountable. If you set up a date with a peer (especially if that peer is a competitor), I doubt you’ll cancel… at least I know you’ll think twice before you do.
5. Use Yelp for a little reconnaissance. It’s great for picking canvassing destinations for next-generation restaurant space, salons, nail salons, etc. That said, don’t worry about prior planning. It’s more important to just get out there and do it!
When you get there…
6. When you’re canvassing, get the owner’s business card (yes, I know that’s obvious); but now turn it over. More often than not, if a store has multiple locations, the other store addresses will be listed on the back of the business card.
Ideally, you’re going to try to get said business card (and turn it over) before you speak to the owner, perhaps while they’re engaged with another customer. The reason is that the number of store locations will affect how you speak to the owner. Obviously, if you’re talking with someone about the 9th location it’s a very different discussion than with someone who’s just considering their second. Going from 1 to 2 spaces is hard; 2–3 is easier, and once they have 4, they’re in the real estate business like you are.
7. BRING the right flyers. If, for example, you have multiple spaces/centers, create at least one flyer that SHOWS (not just lists) all of your centers—perhaps with a map!
If you have a built-out 2nd generation space (like a restaurant or hair salon) and you’re target canvassing for that particular use, your fliers should have PICTURES OF THE BUILT OUT SPACE and a list of the important stats on that space. For example, a flyer for a restaurant space should include the size of the grease trap, size of the hood, AC tonnage, electrical amps, etc.
Oh, last thing on flyers: don’t forget to give them to whomever you meet while you’re still talking to them. Don’t hold onto them like they’re some top secret document that only a select few have clearance to see.
If, for some reason, the store is closed (and door locked), take a Sharpie pen (always have one with you). I prefer red, but any bright color will do. Write a personal note on your flyer and slip it under the door.
Finally…
8. Get Lost! Ditch the GPS! Any tool, device or “GPS system” that prevents you from interacting with your surroundings should at least be occasionally discarded. Period. Exclamation point!
For more tips like this one, read my book Don’t Say No For The Prospect.
Learn More:
Why You Should Have Flyers of Your Properties
How to Find Spaces That Are Not Yet on the Market
New Trends of Expanding Retailers