As a commercial property owner, you no doubt want to do all you can to ensure you have tenants for as much of the year as possible. The question you may have — especially if you are relatively new to commercial property ownership — is how to optimise the effort.
While there's no hard and fast way to ensure ongoing success to attract and retain commercial tenants, the following tips should help:
Not every business has the same needs when it comes to the property they occupy. Commercial Real Estate Training notes that you need to identify your prospective occupants and market to them. What's perfect for 7 out of 10 businesses still leaves those other three wanting, and vice versa, so knowing your potential audience and talking to them directly is probably wiser than casting a wide net.
Whenever you have a commercial space for rent, you can't just rely on a "For lease" sign in the front window to garner the interest you want. Instead, it's important to be proactive, advertising on social media and using your contacts to drum up a number of potential tenants. Simply put, you want to attract as much interest as possible so you can make the best choice for yourself.
In some cases, it may be beneficial to obtain testimonials from past tenants who left under amicable or good conditions, according to OpenWorks. If you and your past tenants can show what kind of value you provide for tenants above and beyond what a typical commercial property owner provides, that's going to be valuable to potential new tenants.
If your property hasn't been upgraded – in ways big and small – for some time, now is the time to fix that. Putting in new fixtures, upgrading the HVAC system and so on could all be big selling points that increase interest and future revenues simultaneously.
When you're looking to expand your commercial real estate portfolio, it helps to have experts on your side. At Ray White Surfers Paradise, we can help you find the exact property purchase that will meet your needs, and guide you through every step of the process. Get in touch with us today to learn more.