When it comes to managing retail property today, one of the most important elements of property performance remains the tenant mix and the tenants in the property. The tenants have to be supported in their business function by the landlord and in turn that underpins the rent for the property and lessens the impact of future vacancy. Retail property managers are part of that equation. So here is the retail centre management focus for today:
- Get to know your tenants
- Help your tenants remain in occupancy
- Help your tenants trade at better levels
- Communicate frequently to identify tenant pressures early
- Do not rule out rent adjustments to keep struggling tenants (it’s better than a vacancy)
Traditional retail property management and centre management has in the past had a high focus on income and expenditure control. Whilst these factors are still important today, the tenant mix and the tenant profile is now more important than ever before.
To the message today is times are tough for some tenants in the retail sector and in the shopping centres. Anything that underpins the levels of sale for the tenants should be encouraged. The landlord directly benefits from stable income and better property performance.
Make no mistake, real estate agents are out and looking around now to grab the tenants from other properties. Lease incentives are real and relevant to some of those tenants that are under pressure.
Centre Managers here is the drift; get to know your tenants very well and keep them as happy as economically possible. The landlord will appreciate the stability you create for the property.
You can some get more tips for retail property management and leasing at my website http://www.commercial-realestate-training.com/