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.
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 Replacing old furnishings or outdated technology should be first on your priority list.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.