Renting multiple shops on one parcel of land?

[depolo]

Hey all,

Firstly, am new to the whole realtor market, and would just like some pointers and general advice!

I have purchased a plot of land which is 1056 m2, with the intention of putting togetner a simple yet small shopping precinct. The plan is to have 6 retail units which I'd like to rent out individually.

I know a similar thing can be done with an apartment block, but can this actually be done with shops?  If so, how?  I have been reading up on the forums, and in the manual I got with my hippoRENT package, but can't seem to find the answer I am looking for.

Anyways, all help and guidance is greatly appreciated.

 

Matt DePolo

[Venus Petrov]

I believe the best way to accomplish this is to divide the parcel into six parcels so that you and the merchants can control the prims you allocate to them, ban riff-raff, and, generally, have some modicum of control of their shops.  This will free you as landlord to focus on other things.

[depolo]

Hi,

Thanks for that.

Next question, how do you go about splitting the land?

 

Cheers,

Matt

[depolo]

Found it!

[Cinnamon Lohner]

Yes, renting multiple shops on a single parcel is very doable.  Its a matter of prim and group management. Giving you step-by-step instructions here would be too time consuming and frankly there are paid consultants who wouldn't like me much if I did    But here's a quick list of the things you will need to do and consider:

1. You will need a land group and a special Role in the group for your renters so that you can grant them the ability to rez objects, etc
2. If you run the group with closed enrollment, you will have to provide a good way to get new renters into it.  People will walk away from renting a shop if they have to wait too long for someone to give them a group tag so they can pay the rental box.
3. Once your shops are built, you will have to decide how many prim per shop you will allow and how much the rental will be.  Then you need to manage the prim allotment on an ongoing basis for each of your renters.  While hippoRENT and other packages offer tools for prim management, you can also do it yourself in the About Land dialog.  Letting your rental systems automatically toss your renters off the property when they fail to pay their due or they exceed their prim allotment is not always the best approach.
4. You will want a clear simple rental contract.  No one reads them until there's a dispute so make it simple and concise.
5. Teleport landing points can be an issue for some renters who insist that their customers have to be able to teleport to their shop directly via a landmark.  You will need to set the land options up accordingly if you want to support that option

--Cinn

[Smoothie Perl]

Renting even a small mall, like your plan, it's a great rensposibility and a lot of trouble.

Just wonder if worth it,  in 1056 sq.m. parcel.

Is it?

It is only, if you have your parcel close to a greater value land (for example LL welcome land or a very successive open space mall)

of course that's  from my point of view

[Sassy Romano]

I think what Smoothie is getting at is how you market your space to a merchant. as a merchant I want:- appropriate traffic qualified shoppers with money visibility If I rent in the middle of nowhere, no matter how many prims I get for a great low price, how do I get people to see my efforts of labour? on the other hand, if I rent half the prims at double the rate at a themed location populated by my target market, you'd probably expect me to rent that one and you'd be right

[Smoothie Perl]

Renting has two fundamental issues.

1. Rate (weekly or monthly) and that should be lowest as possible, to be attractive for your renters.

2. Prims that allowed to every renter and that should be highest as possible for your renters.

For small parcels and I mean 1/4 or 1/2 region (believe me, those are small parcels for real estate’s) it's very unlikely to be competitive in those sectors.

So you have to choose wisely and to have a lot of luck if you want to make your effort profitable.

 

P.S. That doesn't mean you can't try your plan at all  ofcourse.