Revenue Generation: part one of a five part series on Property Management core areas of focus. Upcoming articles will include:
- Maintaining the properties to the highest and best standards
- Tenant Relations
- Cost Efficiency
- “Getting Rent Faster”
REITS operating open air shopping centers have various ways of managing specialty / ancillary income programs. Some organizations have a specialty leasing team, while others handle revenue generation through their leasing department or Marketing Director.
Weingarten Realty uses our Property Management department to contribute to revenue generation through any specialty and/or ancillary income such as fees from monument/pylon signs, occupancy agreements and license agreements to mention a few. Weingarten Realty has one of the most successful Ancillary Income generation programs for open air retail centers in its peer group.
The following are some Specialty Leasing comments for Weingarten:
- Estimated to generate an average of $19,000+ per open air center in specialty leasing revenue in 2013
- As of today, Weingarten has seen a 26% increase in same store specialty leasing revenue in 2013 vs. 2012
Some major areas of specialty leasing, in no particular order, include:
- Occupancy Agreements (Short Term “as-is” Retail & Office use i.e. Halloween, etc.)
- License Agreements (Tent Sales, Seasonal Events, Promotional Events, etc.)
- Cell Towers
The Weingarten Property Managers successfully generate income for their assigned properties because of their knowledge of local markets, close work with the leasing team and understanding of the opportunities at their properties. The Property Managers market opportunities, foster relationships with temporary leasing tenants and have the ability to quickly produce an agreement to meet the timely needs of short-term tenants.
We are currently working on rolling out a new vehicle for revenue generation in the form of Wi-Fi landing pages at several of our lifestyle/specialty centers. By the end of the year, advertisers will have new opportunities to leave impressions on patrons of our centers.