Retail Malls and Shopping Centres – How to Make a Leasing Proposal Really Work
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Retail investment property is special when it comes to leasing. There are special elements to handle in the marketing package if you are a real estate agent.
When leasing and managing a shopping centre, the creation of a marketing package for leasing is a frequent event. What we can do here is help you with that lease process and marketing document.
To start off we should say that the leasing of retail premises is not just about the rent and the area to be leased. A retail property is an investment to not just the landlord but also the tenant. The tenant runs a business and the retail property has to help them do that.
This is where the marketing package has to really handle the opportunity for the tenant. A well designed marketing package can also be reflected in the design of a brochure or flyer that is distributed to your target market of tenants.
Here is a checklist to help you design a great marketing package for the retail property vacancy.
- Area of the premises together with plans
- Details of the permitted fit out designs and qualities of finishes and materials to be used
- Rental asked and a breakdown of expenditure or outgoings that are in addition to the rental
- Details of the term of lease sought and any available options for the tenants
- Site plan including car park detail, access roads, and public transport drop off points.
- Demographics of the local shopper that visits the centre and the surrounding area
- Definition of trade area where 80% of your trade is sourced
- Tenant Mix across the property including plans of and to those locations
- Customer counts on different days of the week
- Trade patterns by retailer type over 12 months
- Trade patterns by days of the week
- Details of services and amenities available to the tenants and the customers
- Details of changes and improvements to the property that are known or expected
- Details of the common area and usage patterns.
- Details of property promotion and marketing for the tenants
- Details of signage and tenancy design as it applies to the subject tenancy
- Details of the anchor tenant and their lease permanence.
Expect the potential tenant in a retail property to visit your property before they make a decision to lease. Any retailer knows that trade varies on different days of the week and they will want to check that themselves and with other tenants.
Given that tenants in a retail property always talk to each other, the high value of good tenant relations with the landlord and property manager cannot be understated. Unhappy tenants in a property can detract or derail your endeavours to lease any vacancy.
This marketing package for a retail lease vacancy is comprehensive and will answer many of the tenant’s questions before they raise them. It also shows you to be the professional retail leasing expert.