Stephanie Smith’s Motto — Value for relationship and success of her tenants
Originally Posted on Stephsmithreal.com
According to Stephanie, the industry is judged on who holds power rather than who holds a license. She argues that several women hold realtor’s license, but very few women are present in industrial development.
Located in Central Los Angeles with easy freeway access, Sunny Days Commissary is a 4-acre food truck facility entirely powered by LA’s sunshine. Smith, a committed environmentalist, and economic advocate envisioned more than just a food truck facility. As her vision for Sunny Days evolved, so did the list of must-haves.
This observation gave her the opportunity to seek suitable buildings for growing marijuana to suitable buildings for processing, then looking for land for outdoor greenhouses and outdoor cultivators. Her dealings with cannabis tenants made her realize that these were desirable tenants because they were willing to pay top dollar rents and they were low maintenance people who wanted to do their business without a lot of drama. Steph maintains that she is only a landlord who rent her buildings to marijuana growers and is not involved in the activities that take place in these businesses.
Another challenge women face in the industry is access to capital. According to Steph, access to capital is mainly reserved for the asset owning class unless one already has assets or borrows heavily from family. The system does not favor women and people of color in regards to access to capital.
Steph values relationships. As a result, unlike other real estate owners, she is not after a bigger dollar sign. She chooses tenants she feels will most likely succeed in the space. Value for relationship and success of her tenants is always her motto in the real estate and cannabis industry.
Without reliable tenants, properties fall apart and neighborhoods deteriorate.
