Three tips to help you find tenants for a commercial space
If you’re the owner of a commercial space that you aren’t planning to use yourself, then you need to find tenants.
Ideally you’ll find tenants who will be happy to stay for years, giving you a reliable, consistent income. And saving you the headache of finding new tenants.
That said, finding the perfect tenants isn’t always easy. You can’t just sit and wait for them to find you. Instead you need to take positive action to ensure your property gets in front of the right people at the right time, and they know how to get in touch with you to enquire.
So, to help you find tenants for your commercial property, here are three tips.
1) Find a broker that uses online resources
A commercial real estate broker has a ready-made network through which they can sell your space – plus they’ll help to smooth the transaction process
However, not all realtors are equal. Some old school realtors rely on their existing local network to market your property, limiting the sales potential.
So find a broker who makes full use of online resources like listing your property on an online marketplace. They’ll handle all inquiries on the platform, and be able to reach a much larger pool of potential tenants.
2) Add a contact form to your website
If your building doesn’t have a website, then it’s a good idea to create one. It doesn’t have to be spectacular or cost thousands; a nice-looking website that outlines what your space is all about is more than enough.
Your website will also function as a listing in and of itself, as you’ll be able to post pictures of the space and any information a prospective tenant is looking for.
So, once you have a website, it’s crucial to add contact information, so you can deal with any inquiries. Whether they found you from your website first or not, any commercial space website needs contact information.
Anyone who goes to the effort of finding your contact information and emailing you is more likely to be a serious, motivated potential tenant, and not just a tyre kicker. So don’t miss this opportunity for interested people to be able to get in touch with you.
3) List your property yourself
Many online marketplaces for commercial space will let you list your space yourself without the help of a broker. A broker will still be useful for the sale itself, but by listing your property on your own, you’ll only need to pay them to draft up documents and ensuring the process goes smoothly.
Any major marketplace that has thousands of listings is a good place to list your property as it’s likely that they get serious traffic, and someone will find your space.
Ready to rent your commercial space?
Every month your space lays dormant is a month you’re losing rent and having to pay your own costs associated with the building. Empty space should be seen as lost revenue on top of those expenses, so do everything in your power to find tenants as quickly as possible.
All of these tips can be acted upon at the same time, so there’s no reason not to take advantage of all three!
Photo by Usman Khan