How Pedal is not like ❌ old school brokerages: Part 4

✨ Welcome to a four part series we’re calling “What makes Pedal so unique and effective in the retail real estate industry.” Otherwise known as “Why we need our own TV show pronto.”  ✨

Today we’re discussing point #3: 

We will not start touring spaces with Pedal Retailers until they can actually transact.

Fact: Touring potential spaces is the most fun part of the entire leasing process. Hands down. No question. 100%.

I know that may come as a surprise to some of you thinking, “oh no, Sheila, certainly it’s when you sign an LOI!” Nope. You’ve lost that loving feeling by then. 

“What about when you actually sign the lease? That’s got to feel good." Yes, it does, but mostly in that deplaning after being stuck in an economy middle seat on a direct flight to Rome kinda way. 

Touring spaces is so exciting, so enjoyable, so joy-inducing because it is all still pretend. You walk into a new space and look around for the first time. You get to imagine your dream life – the one where you’re running your business and making money and wearing a cute outfit while doing it, natch. It’s a heady, hopey, dreamy experience.

This is exactly the reason why we will not start touring spaces with Pedal Retailers until they’re totally ready, and readiness is rooted in reality. 

Are we trying to punish Pedal Retailers into respecting our methods like it’s some weird hazing ritual? No. Obviously if we did hazing it would involve goats not tours. Are we holding back the fun as an endurance test of seriousness? Not entirely. 

Why do we wait to tour spaces? Because until a Pedal Retailer has three important things, touring spaces is (a) a waste of time and (b) bad for their reputation. These three are:

⚡️ A Powerhouse Business Plan that clearly articulates their real estate strategy

📚  Knowledge and understanding of the retail real estate system and leasing process

💰 All the funding they need in hand to complete a transaction


Touring is so much fun because it’s all promise. But what makes that promise really fun is knowing that when you find the right space, you can actually have it.

❓ So what makes our gatekeeping the space tours so different from how the rest of old school brokerage works? 

Old school brokers want tenants to know what they’re looking for, and they hope that the tenant has all the money needed to complete a transaction, but (remember our last two newsletters) because of the way the old school system works, brokers have neither time nor incentive to check your homework.

If they’re taking you out to see spaces, that means they’re assuming you’ve got what you need to actually make a deal (business plan, CRE knowledge and full funding), but they’re not in the business of holding your hand if you don’t.

First-time business owners need this metaphorical hand-holding not because they’re weak, but because they deserve power. That's the business we’re in.

As brokers representing only tenants, specifically indie and startup retailers, when Pedal shows up to tour spaces, everyone knows we’re not playing around. It’s our brand promise to the retail real estate industry that Pedal Retailers are prepared, educated, funded, AND excited to sign a lease.