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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Commercial leasing and property management specialist Cristobal Gomez in front of the Independence Business Park on East Street South, one of many properties managed by Island Living Real Estate. While this plaza is thriving, Gomez turned another one around, taking it from nearly 50% occupancy to nearly 90% and increasing rental revenue by 100% in 10 months. (Photo by Kovah Duncombe for DPA.)
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Nassau, Bahamas -
Ten months ago, a two-story commercial building near a high traffic intersection in Nassau was in trouble -- the solidly built 15-unit plaza had four vacant units and three tenants moving out at the end of the month.
Cristobal Gomez, an energetic agent who specializes in commercial leasing and property management at Island Living Real Estate, was brought in. His task was clear: turn the plaza’s occupancy around. That was in January. He hit the ground running, did a comprehensive market analysis and knew immediately what had to be done – lower price per square foot and raise the marketing.
“In real estate, the old adage is three things matter – location, location, location. But in commercial leasing, it’s pricing, pricing and pricing. The right pricing for the location and marketing.”
In the case of the 15-unit complex, turning it around was a matter of adjustment.
“The list prices were too high and nobody knew there was space to rent in the plaza,” said Gomez. “The building had great potential and ample parking. It was just priced incorrectly for where it was.” Once re-priced and marketed, the turnaround was almost instant.
Today instead of facing just over 50% occupancy, the building is close to 90% full, with only two units remaining, and rental revenue has increased over 100%.
The agent came by property management naturally. He learned the basics from his father who managed several properties in the downtown area.
“Many real estate professionals focus on the residential market but I’ve always been drawn to commercial properties,” he said. “I saw firsthand the value well-run commercial properties have.” He is so convinced of the potential of commercial property, he believes it should be part of every investor’s portfolio who can afford it. “Well-managed commercial properties can enhance an investor’s portfolio, but properties don’t manage themselves so that’s where a qualified property manager comes into play.”
A graduate of the University of Tampa, Gomez dove into commercial property management in 2009 and joined Island Living in 2012 when he decided to go into real estate because of the firm’s personal approach.
“Island Living agents focus primarily on the residential market up between $300,000 and $1 million,” he said. “They handle everything with a very personal approach. I really liked that and thought if I could do the same with commercial property, it could be a good fit.”
The half-deserted plaza that is now nearly full is only part of the story -- Island Living also manages the Independence Drive Business Park on East Street South and has leased several spaces in the past few months.
Island Living is headquartered in a restored historic cottage on East Bay Street near Luciano’s and Bay Street Marina.
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