Just a few of the value-add items we tackle at purchase -- make the property more appealing to customers, which drives business for the tenants, which drives rents!
*Landscaping: low-cost, HUGE bang for your buck
*Paint: moves the needle, incredible how folks skip this
*Parking: Parking can make or break the property -- look at ways you can increase parking by maximizing compact spaces and making sure neighbors aren't parking in your lot. If they are, leave a warning note, and then tow if they ignore it.
*Stucco -- incredible what some
stucco will do to a strip mall.
*Signage -- require all new tenants to install individual channel letters instead of big box signage, and pay to replace the current tenant signage
*Monument -- add a monument sign if one does not already exist
*Patio -- provide an outdoor patio
for your successful food tenant
*Elbow: create a seating area/architectural feature
*Lighting -- makes a huge difference. Many customers won't visit a property if it's too dark at night
*Parking lot - reseal and re-strip the parking lot. Not too expensive,
and gives your site that new-car feel
*Trash -- if the property always looks like a mess, increase the number of times your vendor goes out there
Many more items to tackle, but these are a few of the low-hanging fruit that will make a huge difference right off the bat
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My mentor barely finished high school and built a huge real estate empire which started with him selling shoes at the flea market to help support his family as a child.
He’s got the most brilliant real estate mind I’ve ever come across.
Here are some of his habits:
*He refreshes every listing website at least 100 times a day
*He calls probably 50 brokers a day, in multiple markets
*He knows if a deal is good or not within seconds
*He goes non-refundable day one as often as he can
*He answers his phone 99.9 percent or the time
*He never drops a deal
*He calls people again and again relentlessly if they don’t answer
*He won’t let anyone else get the deal - fights tooth and nail
*He has a great reputation
*He doesn’t talk about money
*He never gets angry
*He never talks bad
I stopped by one of our old strip malls not too long ago, and just sat in my car a bit and reflected.
I recalled what an intense redevelopment project it was for us 10 years ago, and how much time and effort we spent transforming the property from a tired eyesore into the...
vibrant jewel I was staring at that afternoon.
There were families enjoying a nice day on the outdoor patio we spent countless hours planning and negotiating with the tenants over. Both restaurants were packed, and I recalled all the back and forth over who was going...
to pay for the grease traps and whether they would be shared among the tenants or if each would have its own.
The place was now running on all cylinders only because of the many months we spent working with the utility company to design and upgrade the power capacity so we...
Many landlords prefer national chain tenants over a local mom-and-pop business. This can be a huge oversight, a Thread 🧵👇
First – we have made deals with countless national tenants, and in many cases they are a great fit for us. Each situation needs to be examined on a
case-by-case basis, but I think it’s important to shed light on all the great benefits of working with mom-and-pop (family-owned) businesses.
Much of the American economy ticks because of the family-owned businesses that put their heart and soul into making darn sure their
endeavors succeed. Here is why we prefer to go with a solid mom-and-pop over a national in many cases:
1)Dedication:
Family-owned business: A mom-and-pop business represents a family’s entire livelihood. The business puts food on the table, pays the mortgage, and puts