How to attract tenants to your commercial property
Do you want to lease out your commercial property but don't know exactly how to do that? As you look around the Gold Coast, you've likely noticed that you have a fair amount of competition, as migration flows remain strong.
With so many potential tenants, you might have a hard time choosing the right one. Here's how – and remember, talk to the Ray White Surfers Paradise Commercial team if you need any help along the way.
Consider the type of tenant
Before you even begin to develop the piece of property, you need to consider who is going to work there. In order to make the building an enjoyable environment for all, you want to make sure the various types of businesses are going to complement each other. If you're interested in a vibey young professionals workspace, you have to stick to that demographic as this might clash with a something like a prestigious law firm.
It is a also a good rule of thumb to try to get tenants who can benefit from each other's businesses. For example, a public relations firm could help market the business of a dentists office, while the on-site dentist's office provides a place for the PR professionals to get routine cleanings. The important part to remember here is that while it is nice that they can help each other, their business is providing them revenue which is paying your rental fees.
Make a unique offering
When you're trying to rent out commercial space in a booming area like the Gold Coast, you have make your property stand out from the rest. So, once you've narrowed the type of tenants you want in your building you need to provide them with a unique offering. This often time includes on-site amenities like a parking garage for easy commuting, or cafes and coffee shops as well as a communal dining hall area so they don't have to venture far for food.
Again, you will want to consider what type of shop your tenants will like. Corporate businesses might be okay with large brands like a Starbucks, but startup businesses with young employees might prefer a local shop instead. After all this, you can start advertising.
How to advertise for tenants
As soon as development begins – or even before if you want to be really proactive – property managers need to start advertising their rental space. General advertising techniques apply here. As the building is being redone, developers will post signs about what is to come in front of the building. But that isn't always enough, so be sure to post your ads online and even in the paper.
Once applications start coming in, you will need to have a strict vetting process to make sure you get the demographic correct. This includes background checks to ensure the tenants have a history of paying their bills on time. That said, sometimes, it takes a while to get tenants. However, that doesn't mean that your bills so it is a good idea to invest in some insurance to protect you from irresponsible tenants.
If you need help with any stage of the rental process – from finding a suitable piece of commercial property to finding the right tenants – contact your team here at Ray White Surfers Paradise.