Getting the job done: sealing the deal on retail properties

During my rotation scheme I spent time in the retail agency department. This team advises on the disposal (for landlords) and acquisition (for retailers) of retail leases both in London and nationally. My most enjoyable and challenging project was a letting of a large restaurant unit in Putney. The project took about six months, during which I worked directly with our client, the owner of the space, to secure the best legally binding agreement between the landlord and retailer.

I had to negotiate the best deal for our client.

I started by researching the local market to establish the level of rent at which the property should be marketed. To do this I analysed recent rental deals of comparable standing in the area and also talked with local agents. I then prepared a target list of retailers and put together a marketing strategy that would appeal to these groups. A number of retailers showed interest, so I had to make sure they stayed keen and convert this interest into formal offers for the lease. I organised viewings of the property for the interested parties and kept them informed of legal developments. Finally, I had to negotiate the best deal for our client.

Communication crucial

The instruction was a varied and eventful task but it was not all plain sailing. Unforeseen problems (such as planning restrictions and difficulties with access and fixtures and fittings) meant that I had to find solutions quickly and communicate them to the retailer to keep the interest live. It was highly rewarding when everything came together and the deal was legally completed.

The key to this deal was knowledge – not only knowledge about the property but also the local and national market. On a practical level this helped me to market the property at the right level and have a more informed negotiating position. Being organised and motivated, and communicating effectively, also helped the seal the deal.

The dynamic nature of tenant, landlord and consumer demand makes it varied and fast paced. On any given day I could be out on inspections, writing research reports, preparing pitches, liaising with internal and external agents, working with designers on marketing material – and that’s just in the morning!

Imogen Ebbs studied property at Nottingham Trent University and now works as a graduate surveyor at DTZ.