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Retail specialists vital in today's market.

A generation ago, the family doctor treated ailments from Chicken Pox to arthritis, but medicine today is much more specialized. The best care is provided by a doctor who studied a particular area of medicine and is familiar with all the newest developments in that field.

Like medicine, the real estate industry has become more specialized over the years. Buyers and sellers demand a real estate professional who understands their needs and is familiar with the properties and pricing of a particular market. In today's demanding commercial real estate economy, a retail specialist ,provides the best service and advice on selling, leasing and purchasing retail space.

What exactly is a retail speecialist? A retail specialist spends much of the day on the telephone. He calls major and local chains to locate new-opportunities, makes appointments to show space, answers questions from potential buyers, calls for information on space that becomes available, and answers inquiries from other brokers. A successful real estate professional participates in 25-50 calls each day, and each conversation advances his knowledge of the current marketplace.

A good retail specialist understands the demographics of an area. He knows how to screen a phone call and determine the appropriate property to meet the customer's needs. Most importantly, he helps create the right marriage between the owner and tenant to reduce the possibility of problems in the future.

A retail specialist should have a. portfolio of 10 to 20 exclusive listings. Some property owners are unwilling to grant an exclusive but will cooperate with a broker, and the retail specialist should not ignore these owners, although the owner may be doing a disservice to himself.

In my opinion, an exclusive listing provides the best opportunities in the marketplace. A retail specialist will often move an inquiry from one property to another to satisfy the customer's needs. Individual property owners would never have the opportunity to contact these customers. In addition, a specialist's exclusive listings throughout the state generate a large volume of inquiries. Each exclusive listing benefits from the other listings, because an inquiry on another property might turn out to be the right tenant for his space.

As a retail specialist, I have negotiated transactions for A&P, Shop Rite, Walgreen's, Jack LaLanne, T.J. Max and many others. Each transaction advanced my negotiation skills, and this knowledge helps both property owners and tenants-to structure the right deal in any given situation. One of my beliefs has always been that when both the property owner and tenant are happy when they walk away from the signing of a contract, the retail specialist knows he structured the right deal.

Over the past four years, I've continued to hear about the terrible state of the retail economy. However, I'm happy to report that I have been closing transactions and other retail specialists I respect are also making deals.

Here at Weichert Commercial there are incentive trips for top earners. I just returned from my sixth trip (we sunned in Bermuda) and I am still firm in my belief that specialization is the key to success It not only benefits the client and property owner, but it also helps brokers to succeed through the roller coaster years that are inherent in the real estate industry.
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Title Annotation:Suburban Markets; for service and advice on sales, leasing and purchase of retail space
Author:Meyerson, Milton
Publication:Real Estate Weekly
Article Type:Column
Date:Oct 20, 1993
Previous Article:Strategies that lure tenants for long term.
Next Article:Improved lifestyles key to suburban revival.

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