Today the retail part of the property market has challenges particularly for tenants in the levels of sales and turnover. That then has flow through for landlords we act for by way of rent, vacancy threat, and tenancy mix. When Landlords own a retail shopping centre there are some issues to balance here. If you manage or lease a shopping centre, the task of making the landlord and the tenant happy can be a difficult balance to achieve. Professional skills as an agent in retail property now become really important.
A good retail specialist agent will know how to handle the tough stuff. By that I mean:
- How to encourage more retail sales for the tenant mix in the shopping centre
- How to move and position tenants to better locations in the property
- How to analyse the trade and customer demographics for the shopping centre
- How to replace tenants if vacancies occur
- How to work with landlords in times of rental and retail sales difficulties
- Negotiate a deal with tenants that still allows them to trade and continue to occupy premises
As a specialist Retail Real Estate Agent for many years, I have seen a lot of situations like this and appreciate the balance that needs to be achieved. Sometimes the landlords can be too focused on rent and return without the due regard for tenant viability and property performance. The basic facts of the situation always come back to the ability of the tenant to trade. If the landlord does not help boost the trade in the shopping centre for the tenants, then the property performance equation starts to shut down. Ultimately the property underperforms as tenants fail and leave.
In this property market any vacancies can be a real challenge and hard or slow to lease. Retail tenants are feeling trade slowdown and are reluctant to take risks in relocation or expansion. The status quo remains.
The message is for you to improve your retail skills to help the shopping centre landlords achieve the best available property performance in this market.
My name is John Highman and that’s what I think. If you want any more help on this topic, visit my website at http://www.commercial-realestate-training.com/
To your success as a real estate agent.
Commercial Real Estate Online 