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Top 10 Steps to Being a Great Tenant

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In order to be a great Tenant keep these 10 things in mind. We all know human nature is this: As soon as you decide to open your retail store or purchase a franchise the first thing to do – and the only thing you really can do – is drive around and call all the numbers on all the signs in all the windows. WHOA there! Cool your jets turbo! You need a strategy, a plan of action.

Ready, Shoot, Aim, gets really expensive and just won’t work in the long term. If you look at the great tenants out there like WalMart, Kroger, AutoZone, they all have teams of professionals and experts. Sure, most of their people are employees, but you can get the same expertise without a real estate department. You will need a team and this list will get you headed in the right direction.

Top 10 Steps to Being a Great Tenant

1. Determine if you should even be in business. Look, not everyone is cut out to run a business. Don’t call the sign in the window and ask them what type of business would be good there.

2. Understand your concept. Know your customer profile (hint, it’s not just anyone with a buck in their pocket).

3. Research your competitors. Who does this now? Sell burgers? What does McDonald’s do?

4. What do you really need? How large is your space, where, who would be a good neighboring Tenant (where else does my customer shop)? Do you need a warehouse, patio, or drive through? What special zoning do you need? Alcohol sales? Health Department Permit? Sprinklers? Impact Fees?

5. Hire a Broker – more on this Here, Here and Here.

6. Ask Questions – require the your team to explain their specialty until you understand it well enough to spend your money on them.

7. Be Coachable. Understand that your team is there to help you make the best decisions possible. Engage them, open a dialogue and open your mind to the reality of the situation. Because you can afford a $10.00 rent doesn’t mean that is the market.

8. Consistent. Create a Strategy with your Team, and execute it to the best of your ability.

9. Prepare your financial statement in advance. Without exception this will be required at some point in the process.

10. Be Decisive. Make a decision, and feel confident that the team you’re working with helped you make that perfect decision.

Just because you haven’t heard from your broker in the last 2 hours, or over the weekend, does not mean they are not working for you. Be very candid and specific when you discuss your needs. If you don’t communicate your needs effectively, how can your team possibly meet them?

Being a Great Tenant, just like operating a business takes effort.

Original Source: John Orr, CCIM Blog

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Photo Credit: “Cartoon Businessman With Checklist Paper” by iosphere Source: freedigitalphotos.net

Oct 3, 2014John Orr, CCIM
4 years ago 2 Comments Best Practices#CRE, John Orr CCIM239
John Orr, CCIM

Hi, I'm John Orr, CCIM. I have over 25 years of experience in Commercial Real Estate. I have done or seen most everything from multiple perspectives - Landlord and Tenant, Buyer and Seller, Lender and Borrower, Developer, Manager and Contractor. Of all these roles, the most rewarding is that of Retail Strategist. I am the Vice President of Retail at Colliers International in Charleston SC. This role is so exciting to me because of the people. There is a great energy, international perspectives on local issues and a wealth of knowledge to draw from. In this capacity I manage the third party retail throughout the Coastal Region of South Carolina. My primary focus is Landlord (Owner / Seller) Services including Leasing, Sales, Property Management Services and Asset Strategies for individual properties, as well as Complete Portfolios. My other major responsibility is that of Tenant Representation (User / Buyer) Advocate for a select group of unique Retailers and Restaurants. If you have any questions about Commercial Real Estate please give me a call or drop me a note. I am always happy to help in any way I can. Visit my blog John Orr Commercial Real Estate and follow me on Twitter @JohnOrrCCIM.

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Comments: 2
  1. Customer Service
    4 years ago

    Thanks John we truly enjoy your point of view and these 10 points are vital for tenants, as well as brokers to be aware of!!

    ReplyCancel
  2. BCCommercial
    4 years ago

    John this is a great followup to your post “Top 10 steps to being a GREAT Tenant Rep broker”. From a commercial brokerage standpoint, gaining insight into whether this makes sense for the client is a tall order sometimes. Creating those “matches made in #retail heaven”, an even greater challenge. These are great points to keep top-of-mind from the broker’s perspective to that we can provide guidance to our client in the best course of action, not just get them signed up and locked in. Their success is your success. It all comes back around and reflects on your professionalism, knowledge and ability in vetting out a client for their best interest sake. Great post!

    ReplyCancel

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