Shopping Centre Management - How to keep tenants longer, more profitable

There has never been an important time to make your shopping center tenants have been kept as it is now. The loss of a main tenant is detrimental to the best of times, losing a major tenant in a recession could be disastrous.

From our years of experience in the management of shopping centers in all sizes nationwide, we have some general guidelines for tenant retention, which can be useful as you can manage your property.

Shopping Centre Management - How to keep tenants longer, more profitable

Guideline 1: Vet your potential tenants moreWith more attention than ever with qualified tenants increasingly rare these days, you could groped to relax the security checks a bit ', just to fill the available space. Our advice: DO NOT! The old adage says that even if a view already looks shaky on it will be even worse under the contract. The only difference is perhaps the owners can afford a bad tenant is less now than before. There are more obstacles to success in today's economy, not just on unnecessary risk toa lease to fill.

Instead, look at your potential client references and financial statements are stronger than ever. Down the road, you will not regret. There are good security checks (we make on behalf of all our customers) that give you a realistic, no holds barred assessment of the prospects are much more likely that he will be refused ... or with you for many years into the future and keep your business at a minimum.

Directive# 2: Understand what the tenants think

Vacancies accumulate when you start, it is very likely that someone has been in the system to communicate with tenants. A job listing should not be a surprise, and in many cases can also be avoided.

In the mall at the center, we have again and again that simply checks a substitute for going out and connect directly with your tenant. She (or, better yet, your business assets) should go out and invest considerablePersonal conversations with tenants to talk, listen, explore, analyze. This is the only way to understand where the residents are related to their happiness, their stability and the future of their relationship with you.

Ask questions to get work on the core of the existing problems. Determine what you like or dislike about the structure, management and owners. Find out if there are maintenance problems, concerns about traffic rules, the tenants problems with neighbors, parking or roadTransportation problems, or anything you worry about potential tenants.

Guideline 3: A Pro-Active landlord

Do not sit around assuming everything goes well with your tenants. Insist that your property managers are in touch regularly tour. In a typical neighborhood shopping center tenants are most often not mom and pop businesses. And usually even extend, their leases 3 to 5 years. This is a relatively long time, and financial situation may change,Their properties for tenants.

Make the job of your property manager to find out what these changes might be, and whether to maintain or lease of the effects of termination. Remember that if your premises are empty, your ability to go to meet their financial obligations below. We train our property manager on the financial stability of tenants to stay, so you do not get caught empty handed on the street. This posture requires a completely pro-active. TheirManagers must be involved, always available, and 100% of what happened at any time.

Guideline 4: Analyze all.

Not enough for a good property manager is out and interface with tenants and suppliers regularly. It has an experienced analyst and conscientious, as well.

A good starting point for analysis is with the basics:

current rent roll or

or tenant roster

location or date

renewal or tenants'Options

or rent escalation Next

height or the rent current.

Then analyze the stability of the mall, as it refers to:

breakage or renting space to collect more

or condition of the property

or changing conditions / business climate in the vicinity of the center

o The ability to disinfect and the feasibility of this option

complete facelift and renovation vs.

o The ability to bring new (and national) tenants

Keep the medium orPower and market standards

options to renew the lease or to protect their owners

With all these data in hand, now you can realistically is true with real estate prospects for the future, taking into account the unforeseen events that can not be analyzed by the data. Bottom line: The more you know your properties, tenants, property managers and local economic conditions that are better prepared to deal with what is on the road.

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