Do you have an open space in your shopping center? Does your commercial office building ready to start welcoming new tenants? Take advantage of our proven methods for attracting tenants to your commercial or multifamily property.
Are you looking to fill some of your empty space? Start attracting potential tenants for your commercial property!
The tenants you choose will likely be renting from you for years to come, and their trustworthiness will significantly impact your income and the condition of your property. Don’t default to the first prospective tenants. Try these expert-approved methods to find and retain quality tenants for your commercial property.
Appealing to Prospective Tenants
What do tenants want from your property? While you don’t have to bend over backward, providing a few incentives will make your space seem more appealing to potential renters. Consider offering a rent-free period, pre-installed internet, upgraded security measures, or simply making your property more visually appealing. Maintain any yard space and decorate your property’s interior with artwork or flower vases. The more well-maintained a property looks, the better the impression you’ll leave on a potential tenant.
Prioritizing Building Improvements
If the property could use a few improvements or renovations, don’t delay the projects for too long. Replacing old furnishings or outdated technology should be first on your priority list. This goes beyond the simple decorative efforts of making your property look nicer. Show prospective commercial tenants that you can offer them a well-built, modern space with up-to-date technology and designs.
Pro Tip: How can you improve your commercial property’s security? Consider installing security cameras or hiring security guards to show your tenants you value their safety.
Difficult Tenants vs. Quality Tenants
It’s not always easy to predict whether a prospective renter is a good choice for you or not. But there are a few signs you can watch out for. Maybe the renter has been rude and demanding in every conversation with you. Alternatively, maybe the business owner seems in over his head with his plans and may be on track to fail. The red flags may vary. Just know that you are not required to rent to the tenant with the highest offer or the most vocal requests. Find someone who can not only pay you, but is also a good fit for your property and someone you’ll enjoy working with.
Commercial Property Management Can Help
Finding long-term tenants that you can form a good relationship with can be time-consuming. Plus, with the everchanging real estate market, it’s important for property owners like you to be equipped for the future. Our professional property managers are trained real estate agents who understand the different dynamics of a commercial property. Start investing your time where it counts by partnering with our team of professionals to help grow your occupancy.
The internet is quickly becoming the number one spot for marketing materials for every large industry. In the world of commercial real estate, the growth of the internet is garnering new buyers and potential clients. Discover how to use online marketing tools to boost your commercial real estate marketing plans.
Does your commercial property have an online presence or a winning marketing campaign? Learn how to boost your reach with these strategies!
Top Commercial Real Estate Marketing Ideas
The answer paragraph is bold. It gives a short, quick answer without a lot of detail. This is for the skimmers. It says, “Here is the answer, short and sweet.” It also helps win Google snippets. 3 to 4 sentences tops.
Narrowing down your target audience
Optimizing for search engines
Taking advantage of social media
1) Narrowing Down Your Target Audience
Who exactly are you hoping to attract to your property? Consider whether a restaurant, shop, office, or a different type of business would do best in that location. Once you know who you’d like to attract, target your marketing campaign specifically toward them. Don’t bother marketing to restaurants if your property would work best as a store! Focus on clients who have the most to gain by renting from you.
2) Optimizing for Search Engines
Your property website and contact information must be easy for potential customers to find if you want to stay competitive. To make your website more visible online, work on search engine optimization, or SEO. SEO is a very complex field of work, but for a quick boost in your online visibility, you can focus on a single aspect of SEO: keywords. What words or phrases are your potential customers typing into Google as they hunt for properties? Find the most common keywords and work them into your website’s text. This makes your site more visible to Google and tells your clients you have something directly relevant to them.
Pro Tip: SEO is very helpful to get your website in front of more people, but try not to overdo it! Too many keywords could make your website look like spam and earn you a ban from Google.
3) Taking Advantage of Social Media
Business owners use social media for their own marketing efforts–why shouldn’t you? Post pictures and detailed descriptions of your available property space on your business social media accounts, and if the platform allows it, pay a few extra dollars to boost the posts and reach a wider audience. Social media is a powerful communication tool likely to place your advertisements in front of many people.
How to Boost Your Marketing Efforts
Effective commercial real estate marketing doesn’t happen overnight. Understanding your market can may take some trial and error to ensure that you’re distributing the best information available. That’s one plus of having a property manager on your team. With experience in tenant relations and real estate tactics, your property will be advertised in the best way possible.
Connect with our team of commercial property managers to learn more about ramping up your marketing efforts.
Investing in a piece of real estate can be one of the greatest highlights of your life. Among the different types of properties available, owning commercial property can provide a number of financial advantages. In the same, there may also be more risks compared to owning a rental apartment or student housing development. Before you decide what type of property you should invest in, it’s wise to understand the pros and cons.
From retail businesses to restaurant establishments, the type of investment property you choose is a great way to jumpstart your portfolio. Depending on your location, owning a commercial property is a great way to get involved in your community. If you’re wondering you should buy a commercial real estate property, start by considering all of the factors.
Types of Commercial Real Estate
The first step of owning a successful commercial property is learning about the different types of properties on the market.
Office Spaces – Normally found in downtown cities as skyscrapers or in the suburbs as multi-tenanted buildings. Office spaces can house a range of different businesses.
Retail Properties– Includes both restaurants and retail stores, retail properties could be big box stores or apart of a shopping center.
Industrial Buildings– Usually found along major highways, industrial buildings might have multiple areas for warehouse, manufacturing, assembling, or administrative use.
Multifamily Properties– Describes any residential property that isn’t a typical single-family home. Multifamily properties might include apartments, condos, or townhomes.
Hotels or Resorts– Type of commercial properties that provide accommodations or meals to travelers for extended periods of time.
Reasons to Invest in Commercial Real Estate
When making an investment decision, there are certain nuances to consider. Compared to residential however, there are a number of reasons commercial real estate is more appealing, such as:
Greater income. Commercial properties have a higher annual return than single-family homes. Since commercial value is based on the property type, you have a better chance of making a profit.
Better tenants. Compared to residential real estate, your tenants are other business owners, who will want to keep interactions professional and respectful.
Fair purchase prices. The price of commercial properties doesn’t fluctuate based on the previous owner’s opinion. Instead, listings are entirely based on the surrounding area’s cap rate for that particular property type.
Drawbacks of Buying Commercial Real Estate
While there are a number of advantages to owning a commercial property, there are risks to consider as well, such as:
Time commitment. Investing in a property like a hotel or a highrise office building isn’t like an ordinary business. There might be certain situations that require around-the-clock care, especially in emergencies or maintenance issues.
Finding employees. A leader in any industry is only as strong as the team that’s involved in standard operating procedures. You can’t be everywhere at once, so it’s crucial that you hire employees you can count on.
Larger investment amount. Compared to residential properties, any commercial properties are large and require services at a higher capacity. With that being said, investing in commercial property will undoubtedly require more money at the closing table.
Pro Tip: Hire a dedicated property manager to help run the daily operations of your property. Both your tenants and your to-do list will thank you.
Choosing Your Investment Opportunity
Once you’re able to weigh the pros and cons, investing in a commercial property is ultimately up to your situation. Depending on the type of property you’re leaning towards, your new commercial property could be attained sooner than you think.
Renting a commercial property presents a different set of challenges in comparison to a residential space. Do you know how to advertise available spaces? Or, do you know how to screen potential tenants for a business space? The work may seem overwhelming if you try to handle it all yourself. Fortunately, a shopping center specialist is well-trained in this field and can provide professional help to get your space occupied and start making a profit.
Our team of property experts knows exactly how to handle different types of storefront properties, attract tenants, and more. With a shopping center specialist, you can expect plenty of professional input and assistance with the basics of retail property management:
Attracting quality tenants
Marketing an empty storefront property takes time, effort, knowledge, and applicable skills. Fortunately, your shopping center specialist’s job centers on these! They’ll handle your in-person and online advertising for your property and advocate to potential tenants. You won’t have to worry about hunting for renters–with the amount of excellent marketing your specialist will do, tenants will come looking for you!
2) Attracting Quality Tenants
Do you know how to vet the tenants that will inquire about your property? Even if you have a general idea, how can you distinguish between two similar renters vying for the same space? Your retail property manager will discuss this entire process with you and help you determine which candidate is a better choice for your business.
Pro Tip: Finding good tenants for your store-front property ensures proper maintenace and ownership of your property.
3) Leasing Services
Finally, property leasing involves a lot of legal complications that can make or break a deal. Worse, if you mess up, your tenant can sue you. Avoid these problems with the help of a shopping center specialist who knows exactly what to do and how to keep you in full legal compliance. Our experts will handle the complicated parts so you can reap the benefits.
Hiring a Specialist
Shopping center specialists are trained in property management with a specific emphasis on the work involved in running retail centers. With an extensive knowledge of market trends and potential tenant behavior, they’ll help you in any way you need to maintain your properties and enhance your investment.
Connect with us to learn more about what our team of experts can do for you.
As a property manager, you recognize how important it is to keep tabs on every building or multifamily property under your supervision. But the process starts long before anyone moves into your property. From the initial rental to the day a tenant moves out, take note of how to handle the entire process with this property management checklist.
As the backbone of the rental industry, tenants want an excellent property at a good price and with a reasonable landlord. Consequently, the majority of your job as a property manager will center around attracting new tenants and keeping current renters satisfied. The process of the tenant-renter relationship will generally progress as follows:
Attracting new tenants
1) Attracting New Tenants
Where and how do you advertise a vacant property? Hanging a “For Rent” sign in the window of an empty storefront or putting signs outside an apartment complex certainly catches a passerby’s attention, but won’t necessarily leave an impression. The vast majority of tenants begin their search online. Advertise your properties on the internet with high-quality photos of the interior and exterior of your space. A potential renter who finds your post interesting will reach out to you.
2) Tenant Screening
It’s a bad practice to rent a property to just anyone who asks. Basic screening with the use of rental applications and background checks will ensure the protection of your property. Can the interested party pay rent? Do they have a good history with previous landlords and employers? Most importantly, have they ever been evicted from previous rentals? Answering these questions will help you determine if renting to potential tenants is worthwhile.
Pro Tip: If you choose to check a potential renter’s credit history, don’t neglect to review the laws in your city and state There are often strict credit reporting guidelines that should be observed.
Once you’ve approved a tenant and they’ve moved in, it’s time to keep them happy in their new location and encourage them to stay. Keep the property maintained and appealing. More importantly, be sure to allow open communication between your management staff and the renters. If there is an issue, there should be clear expectations for the tenant and how you’ve agreed to respond. That being said, keep detailed records of every payment and agreement between you and your tenant. While you may never need it, it’s always better to have a paper trail of your communication.
4) Tenant Departure
Undoubtedly, no tenant will stay with your property forever. Store locations close or residents move. When a tenant approaches you about leaving, work with them to complete any and all necessary move-out paperwork or other lease agreements. Be sure to document the state of the property in its’ current state. Has any damage occurred beyond reasonable wear and tear? If so, your tenant should be aware if they should be held financially responsible. The sooner you know what work or cleaning needs to be done, the quicker you can finish everything and rent the space out to a new tenant.
Additionally, don’t forget to refund the tenant’s security deposit! Even deductions occurred for repairs or property maintenance, your tenant is entitled to the amount that was agreed upon. Obtain the tenant’s contact information to process their refund without any delays.
Maintaining a Good Relationship with Your Tenants
Ultimately, the burden of satisfying your tenants and encouraging them to stay rests on you as the property manager. If you demonstrate excellent communication skills and manage your properties effectively, many tenants will be happy with the services you provide and will gladly renew their leases. Keep this property management checklist close to ensure you’ve done everything you can to keep your tenants satisfied.
Connect with us to learn more about the process of managing properties and attracting prospective tenants.
At a job interview, most interviewers know what kind of questions they’ll be asking the candidate to gauge whether they’d be a good fit for the job. However, when the candidate is a company or group of people rather than an individual, things can get a little confusing. And nowhere is this more obvious than in the search for a good property management company. What kind of questions do you ask a property management company? How can you ascertain if they’re a good fit?
As with any interview, there are several standard questions to keep in mind as you consider a property management company. While you may add a few more specific questions depending on circumstances, the core questions to ask include:
How long have they been in business?
Do they manage other nearby properties, or have they done so before?
Do they outsource maintenance and emergency services?
How will you be getting reports or bank account access?
When will they visit your property?
Will they be handling insurance and legal matters?
How do they screen potential tenants?
1) How Long Have They Been in Business?
A well-established business is generally far more trustworthy and beneficial for your property than a startup. Though a property management group’s age isn’t necessarily a dealbreaker, it’s important for you to know and recognize how their years of experience (or lack thereof) will affect your property.
2) Do They Manage Other Nearby Properties, or Have They Done So Before?
A company that manages properties near your own has an established presence, likely meaning they have a good reputation in your neighborhood. Best of all, this gives you the chance to find out their management style. If they maintain a property close to yours, pay them a visit and ask the tenants a few questions. Do they seem to be doing a good job? Do you think your business vision is compatible with their management style?
3) Do They Outsource Maintenance and Emergency Services?
Sometimes, smaller property management companies will outsource maintenance work and emergency help. While there’s nothing wrong with this on its own, outsourcing such important services can end up costing more after additional fees. Make sure to ask about the vendors themselves as well. Are they trustworthy? Do they have a proven track record?
Pro Tip: You should be able to reach your property management company at any time of day or night for an emergency. Regardless of whether they outsource emergency help or not, make sure they’re still available for contact.
4) How Will You be Getting Reports or Bank Account Access?
Effective property management means you will, by necessity, regularly receive reports of about your property and tenants. How will these reports be given to you? How often will they come and how much information will they cover?
Additionally, how will they handle money and payments for maintenance? Is there a single account that each client can freely access, or will you have an account of your own?
5) When Will They Visit Your Property?
A property management company that doesn’t visit its property frequently isn’t worth much. Ask about how frequently you can expect visits from them, how long they’ll stay, and what they’ll do. It’s also important to know how close they’re located to your property. The further away they are, the farther removed they are from your property and the less likely they are to visit.
6) Will They be Handling Insurance and Legal Matters?
Insurance is absolutely essential in today’s world. Will your property managers be providing, at minimum, liability insurance and workers’ compensation? Will they keep up-to-date on their legal obligations for insurance and property management in general?
7) How Do They Screen Potential Tenants?
Finally, how does this company handle screening tenants? How rigorous and detailed are their background checks? Remember, these tenants will be occupying and using your property. It’s absolutely crucial to know that your choice of a property management company will choose trustworthy clients.
Finding the Right Property Managers
As you ask questions of a property management company during the interview process, remember the most important ones for your particular property and circumstances. What services or work could you not live without? What’s absolutely essential to a successful partnership? Don’t be afraid to ask very specific, pointed questions about what you can expect.
Connect with us to learn more about selecting a trustworthy property management company.