5 Simple Tips That Will Help You Fill Your Commercial Lease Vacancies
Whether you’re the proud new owner of a commercial investment or are looking to fill a spot left by a tenant that has moved on, filling vacancies can be a stressful and time-consuming process. Unlike residential units, which are easy to turn over quickly, commercial properties are more complex and can take months to fill even when you do everything right. These simple tips will help you find new tenants and get them settled as quickly as possible:
- Work with an experienced leasing agent. Enlisting the help of a professional will alleviate much of the legwork on your end and make the process as smooth as possible. Experienced commercial agents are in-tune with the market and can help you identify and reach out to potential long-term tenants. They will also handle the marketing, tours of the space, and all the details of the new lease agreement. Click here for tips on choosing an agent that’s right for you.
- Be Open to Improvements. We get it – you’re going to have to make changes to
the spacefor your new tenant that could be costly, but some updates now will pay off in the long run. Once you’ve hired an agent to help you, be sure to listen to what they have to say. They may suggest some changes to the spaceor upgrades to make it more appealing to potential tenants. Other suggestions could include updated professional photography for the listing or even just a thorough cleaning. Though these will require some investment on your part, if you can get someone in quicker, it will be better than the space sitting empty for a long time.
- Invest in Marketing. Although there are many free ways to advertise online, talk with your agent about paid advertising options that will get more eyes on your listing. The more local business owners and commercial leasing agents that see your availability, the better and often a paid service can get this done quicker. Depending on your space and the market in your area, this could range from online ads to sponsored social content.
- Word of Mouth. Though your agent will be handling the heavy marketing duties, you know your space better than anyone. Tap into your personal network of friends and colleagues to spread the word that your space is available. Facebook can be a great way to casually connect with anyone you don’t interact with frequently. If you’ve built a good rapport with your other tenants, it’s also a good idea to see if they have any leads.
- Keep your tenants happy. In the commercial world, tenants typically sign longer leases (3-5 years is typical) but often will stick around much longer as long as everything is going well. To keep yourself from having to endure this process too often, and maximize your profits, it’s essential to keep your tenants happy. Check out this blog post for ideas on making that happen.