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Gary Morris

How do you market a retail lease?

By: Gary Morris
Thursday, December 06, 2007 8:45 PM

I've recently moved to a different brokerage...much more professional than my last one. The new brokerage has built their business first as property managers for small to medium size multi family units, then they moved into retail and commercial leasing. They are just now expanding into residential sales (after 23 years in the business).

They are giving me an opportunity to work into the retail and commercial leasing part of the business. They have almost handed me a couple of strip centers to see what I can do with them. I have made special pages on my web sites for this part of the business and also put ads up on Craigs List and Backpage. I have set up a PPC with Google trying to drive traffic to my sites.

This question is to all who have had success with retail, strip mall leasing.. What is the best way to find tenants for these properties? What more can I do to advertise these centers? This is my first attempt at any real estate outside of residential. I am sure my broker will guide me, but I woould like to see what you all have to say.

Thanks in advance and Happy Holidays, Merry Christmas, Happy Hanukah, Felize Navidad to all.

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Comments

Cyd  Weeks
Member Since '05

Cyd Weeks said:

I'm anxiously awaiting replies too!   I am representing a newly built retail/boutique/restaurant 2 story project.  While I'm having some inquiries, I sure would like to actually bring more people in.

December 8, 2007 9:01 AM
Gary Morris
Member Since '07

Gary Morris said:

Hi Cyd, I'm surprised nobody had responded. I can tell you that I am using CraigsList, Backpage and have a CPC campaign on Google. I am getting a fair amount of traffic to my sites but so far no inquires. The borker already uses Loopnet.com.

December 8, 2007 10:02 AM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

Loopnet and Co Star are both really good for commercial leasing!

Also, market directly to the commercial specialists in your area.

http://www.realtor.org/commercial/index.html

And market directly to the businesses within a radius of the site.

December 8, 2007 10:46 AM
Gary Morris
Member Since '07

Gary Morris said:

Thanks Candice.

December 8, 2007 5:17 PM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

Also, Gary,  I'd suggest either taking some classes in commercial leasing and/or reading up on how to negotiate leases. There will be things you need to know that are different from residential leases.

http://tinyurl.com/2rcnd8

This book is one of many that will give you the fundamentals so you can comfortably handle the prospects your advertising draws.

http://www.tdogs.com/

Top Dogs has good commercial resources.

December 8, 2007 7:52 PM
Gary Morris
Member Since '07

Gary Morris said:

Thanks again Candice, the book is ordered and I will study it diligently. I think I will wait and see how things go before I invest with Top Dogs; see how much mentoring I get from my broker.

December 10, 2007 4:28 PM

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Gary Morris
Valenti Real Estate Services, Inc.

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