Finding Tenants for Your Commercial Property
Have you invested in a new commercial property and are wondering how to find the perfect tenant?
It’s every landlord’s dream to find a tenant who’ll treat their property with respect and pay their rent on time.
Finding a reliable commercial tenant doesn’t have to be a difficult task. With the proper knowledge and a concrete plan, you can find a tenant for your vacant retail shop or office space.
You also need to ensure you give all the information a potential commercial tenant would need to know to make the right decision.
Below outlines the information tenants need to know before renting a commercial space:
Location: Tenants need to know the location of your commercial property will work for their business.
Size: Allows a commercial tenant to gauge if the property is big enough for their business.
Price and Discount Offers: Gives the tenant a budget to work with
Best Features: Gives tenants an idea of the amenities available at your commercial space.
Neighborhood: Helps prospective tenants get an idea of their potential future working environment.
Photos: Allows a tenant to visualize themselves in your space.
You’ll also give this information to your property managers to enter into their commercial property management software.
Let’s dive in and look into how you can find a commercial tenant.
How to Find Excellent Tenants for Your Commercial Property
#1: List Your Commercial Property Online
Several years ago, getting a commercial tenant entailed submitting your ad and phone number in the newspaper or via word of mouth.
Advanced technology lured the world to move online, and people now find it easier to conduct their search online. Strategic landlords post their available properties online to increase their chances of getting a tenant.
Perhaps you’re wondering, how do you start posting your property online? Here are the three best websites to list your commercial property.
- LoopNet: It tops the list as the most popular commercial real estate search engine. It has 5 million monthly visitors with an efficient system to make your property visible.
- CREXi: It has 6 million active users that include buyers, tenants, landlords, and brokers. It simplifies the process of advertising and getting a commercial tenant.
- Biproxi: The platform has advanced listing tools that help buyers, prospective tenants, landlords, and brokers to get in touch and strike a deal.
If you own several properties, you’ll benefit significantly from networking. Going to meetings and social gatherings for real estate groups in your area will help get your name and your available property out there. Your networks will probably pass the vacancy information via word of mouth.
Networking isn’t exclusively for the business world; you can have a variety of people in your networks that include:
- Other landlords
- Business owners
- Social club members
- Current tenants
Networking with other landlords and business owners also helps you discover property management software companies like Unitconnect that can help you manage your leased property.
#3: Hire a Commercial Real Estate Advisor
Have you been asked yourself what to do with vacant retail space or how to find tenants for office space? A commercial real estate advisor will help you find a solution by getting you a tenant.
Commercial real estate brokers dedicate their time to leasing and selling commercial property. They’re the best option for you if you’ve had a challenge finding a tenant.
Brokers are an added expense but landlords who hire them get better deals, increase their chances of filling the space and find premium tenants.
The brokerage fee is usually an agreed percentage of the total lease value. You can make this payment in two ways:
- Pay 50% upon lease execution after your tenant has paid the first rent and the security deposit. Then 50% after rent commencement.
- Pay an agreed percentage from the monthly rent until you clear their fee.
#4: Use High-Quality Signage
Do you want to impress your soon-to-be commercial tenant? Use signage that looks professional and appealing.
Signage acts as the first impression to your potential tenant.
Signage helps passersby see the vacant space available, and if they like the signage’s appearance and can read it, they’ll probably pass the information via word of mouth.
Some tips on how to put up the best signage are:
- Use short and clear wording
- Use contrasting colors
- Contact number should be the most prominent
- Place the signage on the window or close to the road on a pallet stand
Want a Software to Manage Your Leased Property
Landlords with multiple properties know there’s more work ahead once they get a commercial tenant. Managing leased property is a challenge without a proper structure.
Unitconnect has built a tool that manages commercial real estate property. Our commercial property management software helps to manage all your properties effectively.
Get in touch with us or schedule a demo and simplify your property management tasks.