Landlords gain by helping new retail tenants open earlier, sell more

ST. PETERSBURG, Fla. --- Retail property landlords who “partner” with their new tenants reap substantial benefits, says Rachel Elias Wein, AIA, the real estate consultant who heads WeinPlus Real Estate Advisory Services in St. Petersburg.

Wein, a former development manager with the Sembler Company in St. Petersburg who served as senior associate with Ernst & Young’s Construction and Real Estate Advisory Service, said landlords should begin monitoring tenant progress even before the lease is signed.

“It a landlord can accelerate the tenant’s opening by 90 days that’s three months worth of additional revenues for the landlord and three months worth of tenant sales,” Wein said.

Typically, Wein said, gains of 30 to 60 days are more common.

“If you are the landlord, the tenant is your customer,” Wein said. “Landlords who focus on partnering with their tenants can accelerate a tenant’s success, and that generates new revenues for the landlord,” Wein said.

“Landlords can provide the greatest assistance in the area of tenant improvements, site signage and marketing, Wein said.

“Landlords need to set tenants up for success,” Wein said.

“After the lease is signed, landlords can’t just forget about the tenant until the first rent check comes due. The sooner the tenant opens, the sooner the landlord gets paid,” she said.

Landlords should consider hiring a tenant consultant or a tenant coordinator who can help kick-start tenants’ marketing efforts to drive sales from the beginning.

“Don’t wait until that tenant owes rent to offer help,” Wein warned, “By then, it may be too late; set them up for success from the beginning,” she added.