Commercial Agent Success Strategies retweetledi
Tenant interviews are the most important part of any CRE acquisition, yet the majority of buyer's don't do this.
For corporate users, speak with a manager - one guy told my client sales were terrible and he was quitting - someone else bought the property because they didn't do this.
When acquiring a strip center, you are buying a small nuanced community - there tends to be an unofficial "mayor" and quarrels amonst the tenants / landlord the broker and seller would never reveal.
Basic questions include:
-Tell me about your business - start the relationships before you close - you need to have a mole per se.
-How are sales?
-What are some things you would like to see done here?
Tenants are extremely fearful of new landlords and will pause capital improvements or undermine a new landlord if they don't give out the right vibes. The best ice breaker is to remind them that their contracts are secure and you are prepared to spend money to improve signage, paint, etc. Completely disarms them. On the other extreme, a landlord bought a strip center did no interviews and sent letters raising rents - the tenants colluded and all ignored the letters for over a year.
Having interviewed hundreds of tenants and strip center villages, the things you will discover would shock you. Happy to provide further insight this into acquisitions folks are making - AMA.
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