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Attracting better tenants can be a snap

By Greg Bell

How do you attract quality tenants that sign on at a good net rent and stay for repeated lease renewals? Other than having a prime location and a competitive rent, here is how to bring in and keep the best possible tenants for your commercial property.

Who is your ideal tenant?

First, identify your target tenant demographic. Are you looking for seniors who need easy access to nearby medical centres and will pay a premium, or is your property located in a university district with lots of students? Is your commercial space suited for retail, or offices? Make sure you build a profile of your ideal tenant, so you can figure out what their idea of an ideal lease situation and property looks like.

Create a great listing

You'll need to develop a listing that both tells and shows. Don't skimp on professional photographs of the space, and consider fitting out a room or two to show how inviting it can be. Make sure to include all of the data a tenant might want to know, including square metres for office or retail, bedrooms and bathrooms for residential investment properties, available lease terms, whether or not pets are allowed, what amenities are available, and so on. Don't forget to also include several ways for potential tenants to reach you.

Keep up the property

Do preemptive maintenance to keep everything running smoothly. Tenants currently in place do talk to prospects seeking to rent, and the last thing you want them saying is that there are ongoing issues with maintenance. Instead, make sure they sing your praises in that area by being prompt to respond when needed and by taking good care of your property year-round to prevent issues.

Talk up amenities

Add amenities like storage space, built in shelving, updated bathrooms, in-building coffee service, laundry service, bike rental, and so on. The more things you can offer to get tenants to sign on and stay, the happier everyone will be and the more desirable your property will become. You can increase your rental yield and swiftly make back any investment. Also be prepared to talk up area amenities to make the neighborhood seem most desirable.

Make communication easy

Being reachable by your tenants and prospects and communicating key points of the expectations for tenants as well as your responsibilities to them will make you more trustworthy as a prospective landlord. You'll want to nurture your relationships to keep tenants in place for the long term.

Use these tips to keep your commercial property completely rented. If you're looking for commercial property to invest in, contact Ray White Commercial Gold Coast today.

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