The other day I was talking to a fellow landlord in my market.
We were speaking about a topic and I mentioned another landlord, to which he replied, “I don’t know that person; they’re another landlord.”
I didn’t question him, but I assumed his thinking was, “Since I’m not a tenant rep broker, what use would I have for a fellow landlord?”
I am 1000% against that line of thinking.
In fact, one of my highest ROI deals is 100% due to a relationship I had with a neighboring landlord and the information that we exchanged periodically in our market. The market information she provided justified the acquisition price of a deal that has done very well for us.
I tell my leasing agents to have coffee twice a year with their neighborhood leasing agents—that’s what I call the leasing agents who are your “competition”.
At the end of the day, if you have the relationship with your neighborhood leasing agents, and the day comes when they have an exclusive on a space and a good prospect won’t fit in their center, they will know you have space available and refer the prospect to you. And vice versa.
It’s a win-win for all the leasing agents because even if you don’t sign the deal at your center, you are still providing value to the prospect (which could lead to future deals), and greatly inflating your social credibility with your neighborhood leasing agents.
Remember, what goes around always comes around.