Managers Real State Property - Create a Tenant Retention Plan - Part 1
To manage or lease goods at retail, the frustration of existing and future vacancies in the commercial mix will always be a problem. The planning process should include a plan to take hold of the tenants. The plan will also be of great help to the owner of the property in the stabilization of rental income and expenses of the property.
Before a tenant retention plan at a retail property, it is wise to understand the following factors:
1. How long does the owner want to own the property and on what basis will be sold in the future? If the landlord intends to sell the property as an investment in the coming years, the retention program will be necessary to accommodate the best rents and lowest vacancy to assist the sales process and the resulting price. An income being negotiated today will have an impact on the value until the next review.
2. If the property is a new property development or affected by the renovation, which will also be a factor considered in the retention program. In this case, the movement of leases around the property during the remodeling or renovation must be considered in the retention program.
3. The changes that are known or expected that the local customer demographics buyer should always be supervised. That will be changes in the population, types of customers, customer spending, integration into the business community, and spending patterns. Changes in demographics rather than changes in the types of tenants that require the mixing of the lease. A successful retail property is one that is tightly integrated with the local community and customer buying trends.
4. The physical operation of the property and the movement of customers through the property will have relevance to the retention program. Some places in and around the property will be critical for customer access and customer spending. The best tenants and the best marketing strategies should be included in those areas.
5. Sales and business numbers of the leases will give you an idea of successful places for businesses and business types that are better than others. A successful mall is a good balance of tenure types and location of lease. The principles of the group within the mix of rental allow you to extend the spending patterns of purchasers in the same room or area. You can do this by placing additional stores adjacent to each other.
6. In moderate-sized shopping centers and higher, you should consider leasing and clients on a regular basis to understand the needs of both. At a minimum, surveys should be conducted over a period of two weeks and at least twice a year. Having due regard to the different days of the week that the change in buying patterns.
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