Top Tips For Attracting Commercial Tenants That Are Right For You
You’ve searched for the perfect commercial investment space, gone through the necessary steps to purchase it, and suffered through lengthy renovations and building improvements. After months of hard work and stress, it can be tempting to fill your building with the first tenants that come along, but that could be a costly mistake.
When tenants sign a lease with you, you’re agreeing to an ongoing mutual relationship that will hopefully last for many years. Tenants that are responsible and profitable will be the key to your success, but it’s also important to find tenants that are a good fit for your space so that the arrangement is in the best interest of everyone involved.
Keep these 6 tips in mind as you begin to fill your commercial space with tenants, and you’ll have a better chance of smooth leases and great tenants for years to come:
- Highlight the positives. Whether you are leasing retail space, offices, or are on the hunt for warehouse tenants, it’s important to emphasize the best characteristics that will appeal to your perfect tenant. Don’t hide any negatives but be sure to highlight the positives in any listing or other marketing materials. For example, convenient parking and foot traffic would be appealing for a new boutique, while building improvements or ample parking for employees may be important to a larger business looking for office or warehouse space.
- Appeal to prospective tenants. Finding tenants that pay their rent on time should be your priority but having tenants that are a good fit for your space can make your life easier. Consider offering incentives to seal the deal when you find the ideal match. You can offer a rent-free period or allocated budget for improvements but also think creatively. For example, you could offer catering from a local restaurant to all new tenants for a grand opening party or employee lunch.
- Do your research. Before you begin advertising your space, make sure you have a good understanding of what tenants in your area are looking for and what competitors are offering so you can make your space stand out in your marketing.
- Look around. Keep your eyes peeled for long-standing neighboring tenants that may need to move. If their business is booming and they need more space or they’re looking for something new, and you just remodeled, it could be a perfect fit for both parties.
- Don’t be afraid to say no. We understand that it can be challenging to say no to a tenant that is offering you money to lease vacant space but being selective up front can save you time and money in the future. If you’re skeptical of a new startup that seems to be taking on too much, or the business owner is throwing up red flags that they are demanding and difficult, you can decide against renting to them. You’ll be thankful later when you have secured long-term leases with successful and pleasant tenants.
- Hire a commercial agent. Local experienced agents are well-connected throughout the community and have an extensive network of possible tenants. By sitting down to discuss your space, they will be able to help bring potential tenants to you while you focus on other aspects of your business and life. Get in touch with us if you need help filling your commercial space with quality tenants.