Working in Real Estate

Tips for Attracting New Commercial Tenants

Finding the right tenant for your commercial property doesn’t have to be a stressful, dragged-out process. By focusing on the best ways to attract interest, you’ll fill the vacancy in no time.

As a landlord, vacancies are synonymous with lost revenue. Every month that your property doesn’t have a tenant is another month of rent that you can’t collect. But finding the right tenant can be a time-consuming and frustrating process. 

Putting up a For Rent sign on the window and taking out a classified ad in the local paper isn’t always enough to bring in the type of tenants that are a good fit for your space. Attract new tenants for your commercial properties with the following tips.

Target the Ideal Business for your Space

Determine what type of tenant would be interested in your vacancy. What are the demographics of the area? Who were the previous tenants? Was their business successful in that location? If your property housed a cafe with a fully functioning kitchen, it will probably interest another cafe, restaurant, diner, or pizzeria. 

Check out the neighboring businesses. If there’s a toy store adjacent to your property, it might do well with another kid-centric company, such as a children’s clothing store. On the other hand, if the area is primarily offices, target business offices looking to move.

Extol the Benefits

Advertise your space’s positive features and highlight its advantages over other commercial spaces in the area. If your property has private parking, security cameras, superior lighting, landscaping, or other unique features that would appeal to a business looking for a new location, advertise the positive characteristics.

Your property’s benefits include not just your building and property itself but also the area. When you describe your property, include the advantages of its location. Is it near public transportation? Are there eateries and a gym close by that would interest business employees? If it’s next to a popular business or attraction or is in a high foot-traffic area, that can be a big draw to prospective tenants.

Update and Maintain the Property

Businesses and retailers want the property to look good, not just for them and their workers but also for their customers and clients. Make a good impression by keeping your commercial property clean and appealing. 

  • Ensure the vacancy is clean and in excellent condition, both inside and outside. If the previous tenant complained of any leaks or issues with the space, fix it before showing the property to the next prospective tenant. 
  • A modern-looking professional unit may garner more interest. You can do a quick and inexpensive update to the empty location by giving it a new paint job, professionally cleaning the floors, and clearing out any debris. It’s crucial for the outside of the property to look neat and inviting. It’s the first impression it will make on the prospective tenants – and their customers or clients.
  • Research the rents of similar properties in the area to determine how many changes to make to the place. In the long run, it may be worthwhile to invest in some more significant upgrades if it will attract tenants willing to pay more for rent. For example, installing a kitchenette may not be advantageous in a shoe store, but it can be a big draw for an office suite. 
  • Consider becoming more green. Energy-conservation and environment-friendly features are a big plus to many prospective tenants, both to better the environment and lower their utility costs.

Spread the Word

Publicize the vacancy by taking advantage of a range of media. Email your contact list, post it online and on social media, and give people an incentive to help you find a tenant by offering a referral award.

Let your other tenants or neighboring businesses know you’re looking for a new tenant. If the other companies are doing well in the area, they may be happy to recommend other companies to your property.

In Summary

Finding the right tenant for your commercial property doesn’t have to be a stressful, dragged-out process. By focusing on the best ways to attract interest, you’ll fill the vacancy in no time. 

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