He Lost $1M by Trusting the Seller's Leasing Agent | Episode 61: I Own a Shopping Center, Now What?
Description
Imagine buying my first shopping center for $3.5M… and letting $1M in potential value sit vacant. That’s exactly what happened—and it took a no-fluff wake-up call from Beth Azor to make me see the truth every investor needs to hear.
In this episode, I unpack my conversation with a doctor-turned-investor who bought a 10-tenant retail property but is frustrated by two vacancies. Despite keeping the seller’s leasing team, nothing’s getting filled—and here’s the kicker: I haven’t even visited the market. Beth walks me through how that hands-off approach is costing me big, both in annual rent and in property value.
This episode is a powerful case study in the cost of inaction—and what it really takes to build a successful portfolio of shopping centers.
👉 Plus: I give a special shoutout to the Women’s Real Estate Investment Summit and share how men can support the women in their lives to invest in commercial real estate too.
🔑 Key Takeaways
Vacancies cost more than you think. Two empty units could mean $1M in unrealized value—know your numbers.
You can’t manage what you don’t understand. If you’ve never visited the property, how do you know what’s really going on?
Leasing agents aren’t miracle workers. If they’re not performing, replace them—especially before giving them renewal business.
Understand your market firsthand. Rents might be $40 PSF today—not $30 like 3 years ago. Are your leasing assumptions outdated?
Absentee ownership isn’t passive—it’s risky. If you want to scale, you need to be proactive or bring in the right partners.
Set systems, not silos. Build relationships with tenant reps, vendors, and your tenants—even if it’s just a 3-day visit.
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