A commercial property’s worth is intrinsically tied up in its tenancy. Low occupancy or high turnover can turn it into a money pit rather than a revenue generator – so finding the right tenant for each property should be a top priority.
As you add more commercial properties to your portfolio, finding and retaining top-shelf tenants is crucial. It only takes a few vacancies to disrupt the earning potential of your entire enterprise. Before you shop for your next commercial property, ensure that each one you already own has the right tenant securely in place.
Market your commercial property as the ideal lease option for specific businesses in industries that are in demand in your area. By knowing the local community and figuring out what is missing, you can present your property as the ideal solution for a strong tenant capable of meeting that need.
Landlord issues, property issues, need for expansion, and a dozen other reasons could mean your ideal tenant is practically next door to your commercial property already. Keep your ear to the ground and watch for those seeking to relocate. A high-quality local tenant might be looking to make a change, and your commercial property could be their perfect solution.
Retailers, wholesalers and suppliers have a symbiotic relationship. If you have a commercial warehouse space in the center of a busy takeout district, find out if a supplier of disposable products they need is located in the area. If not, consider targeting these businesses and filling a hole in the community. This can result in plenty of business for a supplier, and reduced shipping costs for local restaurants.
Your direct mail list, email list, and social media contacts may have some overlap. Identify these “frequent flyers” and retarget them with specific messaging through a new medium. If they’ve interacted with you via email or phone, a direct mail brochure or targeted social ad could be just the right incentive to get them to make the commitment.
When you place the right tenant in the right property, you are creating the opportunity for long term stability and higher investment potential from the asset. The best tenant is one who boosts the value of the property, and becomes a dependable cornerstone of your investment strategy.
Get in touch with Ray White Surfers Paradise today to learn more about buying, selling, and leasing commercial properties.