A realtor has reversed the fortunes of a 15-unit commercial plaza within 10 months, taking occupancy levels from 50 per cent to 90 per cent.

The two-storey commercial building near a high traffic intersection in Nassau was previously in trouble, with four vacant units and three tenants moving out at the end of the month.

Cristobal Gomez, an agent who specialises in commercial leasing and property management at Island Living Real Estate, was brought in back in January to turn the plaza’s occupancy around. That was in January. He did a comprehensive market analysis and knew immediately what had to be done – lower pricing per square foot and improved 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,” Mr Gomez said.

“The list prices were too high and nobody knew there was space to rent in the plaza. 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 per cent occupancy, the building is close to 90 per cent full, with only two units remaining. Rental revenue has increased by more than 100 per cent.

Mr Gomez 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 first-hand 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, Mr 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 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.