Investing in a new property is an exciting venture that can yield a high profit if you go about the process correctly. But, attracting commercial tenants to your shopping center is the first step to a successful property, and it’s also a place where many landlords get stuck.
How Do You Start Attracting Commercial Tenants?
Whether you have a brand new shopping center you need to quickly fill or you have an older property investment you want to revamp with new tenants, these 6 tips will help put your commercial property on the map.
- Promote a strategically located property
- Offer good security
- Be an attentive manager
- Make exterior improvements
- Highlight cost-saving features
- Hire a property management company
1) Promote a Strategically Located Property
Shopping centers tend to cluster together because individual stores benefit off of each other’s traffic. For instance, someone leaving a movie theater might pop next door for an ice cream cone, and someone else might browse a shoe store while waiting on their movie to start. Show potential tenants that nearby stores will complement their own business and attract traffic without directly competing.
2) Offer Good Security
Businesses can handle thousands of dollars on any given day, so security is always a concern. Make sure your clients can feel confident in your security measures. Install and regularly maintain alarm systems, secure locks, and other measures to help both your clients’ peace of mind and your renting potential.
3) Be an Attentive Manager
Tenants need and want a property manager that will listen to their concerns and help them keep their business running smoothly. Prove yourself to your tenants by responding promptly to concerns and being available to help anytime you’re needed.
4) Make Exterior Improvements
The better your property looks, the more interested clients will be. Keep trash picked up, have the grass cut regularly and maintain the landscaping. You are more likely to attract commercial tenants to your shopping center when the exterior looks well-kept and inviting. Here are some facility management tips to consider:
- Hire a landscaping company to make the front property grounds look aesthetically pleasing.
- Power wash driveways, sidewalks, and the parking lot/garage.
- Update the exterior with a fresh coat of paint.
- Provide reserved parking spots for tenants.
- Switch out old, faded signs with new ones.
- Redo chipped or peeling window tint.
- Repair any damaged parts of the building.
5) Highlight Cost-Saving Features
How is your property better or different from a competitor’s property? Do you offer free, onsite parking while the competing shopping center down the street has paid garage parking? Make sure you highlight cost-saving features in your marketing and sales meetings. Consider offering these amenities that will save your tenants money:
- Provide access to a full kitchen so that workers have the option to bring, make, or cook their lunch versus buying it every day.
- Include energy efficient options when possible to save tenants money on electricity costs.
- Offer bike racks so that workers can save money biking versus driving to work.
6) Hire a Property Management Company
Investing in a shopping center property takes lots of time to maintain, attract tenants, and work hard to keep good tenants happy. Get professional Commercial Property Management Services from a nationally-recognized real estate firm who can leverage their tools and knowledge on your behalf.
Pro Tip: A shopping center specialist has the local market knowledge and major national retailer connections to attract the right tenant mix for your shopping center property.
The Right Tenant Mix For Your Property
Ultimately, prospective renters want a shopping center space that they can see themselves renewing and leasing for years to come. Moving offices is costly and time-consuming, so the longer they can stay at a property, the better. Give tenants what they want with competitive advantages, building improvements, and being an overall caring landlord.
Have a question about attracting commercial tenants? Leave us a comment.