How to Find Tenants for your Commerical Property (Part 2)
..Continued from Part 1 (How to Find Commercial Tenants)
Take out Advertisements
You can place advertisements in various local publications and on boards around town when you are considering how to find tenants. Of course, using a commercial real estate agent is one way of getting the word out that your property is available for lease. This is definately wise when you are trying to fill a large or multiple spaces.
The closer you are to capacity, the more profit you can make on the property. You can then turn the income into fixing up the units or you can pay off the mortgage on the building sooner. No matter which you choose, you are looking at making a greater percentage of profit over the life of the building if you keep it as close to capacity as possible.
Your advertisements should focus on the positive points of the building as well as any amenities you have. If you have a small shop, you could emphasise it’s advantages such as:
- Storage space for stock
- Bathroom facilities for Staff
- Kitchen facilities for Lunches and Coffee
- Customer space for browsing your goods
- Security features
- Locality Advantages (such as passing traffic)
- Signage Options
If you own an eatery or resturant space, you could emphasise advantages such as:
- Kitchen facilities
- Customer and staff bathroom facilities
- Air Conditioning
- Seating Options (such as outdoor al fresco)
- Customer Views (such as a deck overlooking a park or water view)
If you own office space, some advantages might be:
- Network Access Points (for internal computer network)
- Bright, Open spaces (for employee satsifcation)
- Access to local eateries and bars for employee lunch options
- Car Parking (especially important when street parking is unavailable or expensive)
- Public Transport Access
Commercial tenants are often responsible for renovations and upgrades to the commercial space which means, apart from providing necessities (such as bathrooms), you should not worry about decorating the space too much. It is likely a business will want to brand the space themselves and have an idea of how they want their business laid out.
This is an advantage for you as it means you do not have to spend much on these costs and you can focus more on the other advantages of the space such as location and facilities.
Whilst it can take time to find a quailty tenant for your commercial property, the long term benefits can be great when you come across a solid business that will pay you back over many years.