Marketing to new tenants for retail development

[Jason Mak]

Hi folks,

Just wanted to get some input on how developers market vacant space to potential retailers.  I've managed homes and apartments and that's pretty straightforward and easy.  I know this is a very open-ended but please work with me.  Just curious of what the norms are with most commercial developers and owners.

I know you can simply put up a sign or put the property on loopnet but just curious if there are any more proactive approaches.  

Some websites for larger retailers list the tenant reps or company contact for their real estate but I feel like getting any attention from them at all is difficult due to the amount of requests they must deal with. And you are not likely to ever get a response.

I've reached out to some tenant rep brokers, outside of leveraging their network/experience/relationships/working the phones, what type proactive steps do they take to bring in tenants?   

Finally, what is standard fee for these brokers?  3%-5% on primary term?

I'm just not too interested in signing an exclusive listing agreement with a tenant broker yet.

Thanks for your input

Jason

[Martin Z.]

2.5-3 is the standard for tenant rep brokers in the area, you need to represent yourself. loopnet, costar, craigslist. the retail tenant rep broker contact info is pretty good, they do go through it, if the location is great, they will be the one hunting you down.  you may also want to send out flyers to brokers in the area. every day a property remains vacant, the landlord is losing money, so they shouldn't worry too much about postage/printing costs. larger retail developments lock in the tenants after plans have been drawn, instead of building then waiting for tenants to lease.