We’ve all seen them, right?
Shopping centers in which vacancies appear to linger forever. And sadly, when empty shop spaces hang around, vacancies seem more apt to increase, rather than the other way around.
And if you’re a shopping center landlord, this is an all too familiar, not to mention frustrating scenario. Especially when you’ve hired a leasing broker to fill your property’s vacancies.
It’s also a sign…
That it may be time for some “new blood.” In the retail real estate industry, this phrase means it’s time to bring in a new leasing agent with fresh perspective and potentially a new bag of tricks to get your center leased.
The fact that new blood me be in order doesn’t diminish your current agent or their efforts to lease your property. Truthfully, your agent is likely perfectly competent. But for whatever reasons, their undertakings have fallen short.
And in this situation, a new agent is often preferable to letting your center remain vacant. Because for a landlord, there’s nothing more anguishing than watching your profits evaporate, while fretting that other tenants may be contemplating jumping ship, too.
And lingering vacancy is not the only sign it’s time for some new blood. Other agent habits also indicate the need for a change.
Toward that end, here are three signs that it’s time to hire a new leasing agent…
A dedicated agent regularly updates landlords. Your leasing agent is your conduit to what’s happening with your property. As such, your leasing agent should be reporting to you at least once a week. Even if the update is: “nothing new to report.” In the absence of regular updates, you’re left completely in the dark and wondering what’s happening with your property???
Moreover, you’re paying for your leasing agents services. You shouldn’t have to chase them for information. Instead, keeping you informed should be your agent’s #1 priority!
Undocumented Leasing Efforts
Even is a leasing agent quickly leases a vacancy, as a landlord, you can’t help but wonder: “What are these guys REALLY doing for me???”
It’s easy to take your leasing agents efforts for granted. But a dedicated agent, however, is hard at work sourcing a quality tenant for your property.
And such agents documents their efforts with progress log. This log includes all…
== > Incoming tenant inquires (whether from sign calls, LoopNet or web-search, referrals, etc…)
== > Tenants contacts (dedicated agents maintain active tenant lists and promote new listings to those tenants)
== > Tenant rep brokers contacts (dedicated agents cultivate strong relationships with active tenant rep brokers and promote relevant new listings to those brokers)
== > Corporate real estate reps the agent has shared the vacancy with (listings in exceptional locations may interest corporate tenants. And savvy agents have avenues by which to reach corporate real estate reps and promote relevant listings to those reps)
Poor Follow Through
If you’re like many landlords, you’ve probably received a call from a prospective tenant that sounds something like this…
“I left 17 messages for the listing agent, and they haven’t returned any of my calls!? I REALLY want to lease your space! PLEASE CALL ME.”
The “17 messages” claim is likely an exaggeration. And of course, leasing agents have their own tenant vetting process. But a tenant that’s motivated enough to seek out a landlord’s contact info and reach out directly is at least worth a callback.
Never mind that your agent should follow up on all tenant inquiries. And report the outcome to you, whether the lead pans out or not.
Need Some New Blood to Lease Your Shopping Center?
If, in addition to lingering vacancy, the other points outlined above resonate with you, it may be time to consider bringing in some “new blood” to lease your shopping center.
And if you’re in the market for new leasing services, CBM can help! Since 1987, we’ve served hundreds of landlord’s, leasing thousands of retail spaces throughout Southern California.
For more information, visit cbm1.com/services.