I have a client that owns a lot of commercial and residential real estate and gave me a piece of his business and asked me to lease out one of his commercial units.

The unit is 1200 SF and located on a very busy street, it's been on the market for 6 months with two offers that feel through due to my client wanting 3 months deposit in advance.

What can I do you rent out the unit? Any tips, tricks of the trade or feedback would help me a lot, I want to get this deal done a.s.a.p.

1) What am I doing wrong?

2) Is there anything else I can do other than just advertise the listing?

3) How have some of you successfully leased out commercial units in the past?

Am I assuming correctly this is a retail location? Sometimes a very busy street does nothing. There's a very busy street near where I live, and non of the retailers do very well...and there's also a higher than average vacancy rate there as well. One of the main reasons is lack of parking, tight access, and the speed at which the traffic flows. I've seen some of the top firms in the region with listings on this street and they just sit. So with all this said, there may be nothing you are doing wrong, it's difficult to know with knowing more about the property and how you are marketing it.

Questions for you:
1. Do you have it on Loopnet?
2. Do you put it on Craigslist every week?
3. Are you actively cold calling retailers? If you haven't you need to analyze to see what retail categories are missing from the street, find local retailers in those categories and go talk to them in person and call them on the phone.

Would you be open to sending me the address by private message? I would be interested in looking at a satellite shot of the location - perhaps it can shed some light on the situation.

Thanks

3 months deposit is very steep especially for a mom and pop type tenant.Will this suit a corporate tenant??

What will go in there in that space??

Determine what the highest and best use would be restaurant,office,etc.

Then look up franchises and their current locations.Submit the space to those franchise companies.Current owners looking to move or potential franchisees will know the space is available.

You can also take a flier out locally to show the property is available.If nobody else is wanting 3 months deposit your landlord will not get it unless they are right on the corner with ample parking and multiple in and out access points with a traffic light.

If it is close to the corner you could market it for a tear down and for a corp to buy the land and the building and build new.It just depends how much land is there.

I don't do leasing as I make so much more money on sales.This person is testing you to solve one of their problems.If you do it for them they might give you larger business.

If I had a big client like that I might do it to help them out as long as it didn't take too much time away from my core business.

If you have your listing on LoopNet, I'd be happy to take a quick peek and see if I can make any recommendations that might help. I would just need to know the listing id or the address.

I have worked at LoopNet for almost 7 years - maybe I could provide some tips.

1) What am I doing wrong?

you've already identified the problem. you probably need to convince the seller to be more flexible in that the three month deposit is unreasonable in the eyes of potential lessees.

Update: I spoke to my client, got a 1 year extension on the Brokerage Contract and had him reduce to deposit from 3 months to 2 months.

Also, I was able to shave $150.00 a month off of the asking price and am marketing the location as we speak!