As a commercial property owner, every month your property is vacant means you're not earning income and expenses are accruing. As such, you have to be highly proactive about listing your property, so that other business leaders are able to learn about its availability.
Marketing the vacancy correctly will be critically important to attracting interest, according to Million Acres. The things that might have worked in the past — such as posting listings in newspapers and on real estate websites — might not be enough to truly stand out from the crowd. Additional measures like social media promotion and improved signage may be the differentiating factors you're looking for.
For instance, it might not be enough to post that the property is available and leave a "for lease" sign in front of the building. You may need to make upgrades like adding modern amenities or making the facility more sustainable, and then make that central to your advertising pitch. That way, you're not only saying, "This property is available," but also highlighting what makes it such a great option for prospective tenants.
Once you have figured out the strategy of how you will advertise the listing, it's time to make that listing as outstanding as possible. As Property Only recommended, that starts with good photos and videos. Paying a little bit more to get a professional to come in and capture your property at its best, with high-quality equipment instead of just a smartphone, could be the kind of smart long-term investment that sets you apart.
In addition, if you own a number of investment properties, you might want to try boosting word of mouth with your current tenants by introducing a referral incentive program that rewards both tenured and brand-new tenants for helping you fill the vacancy. Something as simple as a short-term reduction on rent, or even a prize of some kind, could make all the difference.
When you want to get a better handle on renting, selling or managing a commercial property, turn to the experts at Ray White Surfers Paradise. We've truly seen it all in the commercial property space and would love to help you improve your approach to property management and sales as well. Get in touch with us today to learn more about what we can do for you.
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