As a commercial property owner, you must avoid vacancy to run your rental property business and meet your operational costs. Unfortunately, finding and retaining good commercial tenants can be challenging, especially during times of economic uncertainty.
To match with the right tenants, you must improve your commercial property with cost-effective enhancements, expand your market reach, and adopt sound screening methods. Let’s take a look at some tips that can help.
Maintain Your Property
If demand is low, then you may overlook maintenance concerns to reduce expenditures. However, the best way to attract quality tenants is to maintain the inside and outside of your property. For the outside, make sure that your parking lots, entrances, and greenery are in tip-top condition.
For the inside, pay attention to all maintenance and repairs, from your floors to your walls. An excellent option is to have your concrete floors polished by a reliable local company like Commercial Concrete Polishing in your area.
Not only does polished concrete look gorgeous, but it’s also more cost-effective than other floor enhancements. In addition, a polished concrete floor can last several decades with minimal upkeep, protects your floor, and enhances the air quality in your building by resisting moisture.
Offer Incentives
The right incentives can drive more high-quality commercial tenants to your property:
- Internet Connectivity: Whether your property is a plaza, building, or mall, you can add high-speed Internet to the building to attract high-tech clients. Your tenants will appreciate the superior connectivity, especially if they must engage with clients remotely
- Health: Consider adding hand sanitizer stations at relevant spots throughout the building.
- Sustainability: Invest in energy-efficient enhancements to your building to attract modern businesses that value eco-friendly practices. For example, you can install energy-efficient light bulbs, cooling and heating systems, window treatments, etc., to help reduce your tenants’ energy bills.
- Convert Unused Spaces:Convert unused spaces in your commercial property, such as the basement, into an exercise facility for renters. Likewise, convert unused rooms into conference rooms or daycare centers.
- Upgrade the Food Court: With more food vendors closing nowadays, you can give them an opportunity to serve commercial tenants right inside the building in an upgraded food court.
- Boost Security: Enhancesecurity measures with a front desk concierge, cameras, and other security systems.
- Upgrade Parking: Upgrade parking facilities by renovating the lot, adding security measures, and giving greater access to your tenants.
Use the Right Marketing Channels
Avoid using outdated marketing channels like sections in newspapers, magazines, and other publications. Likewise, your ‘for rent’ signs are unlikely to pay dividends. Your best option is to use high-traffic online rental property channels. An excellent real estate agent can also help you find a good renter.
Remember to conduct background checks before you accept a renter. Check their business credit score, ask for references, and ensure that their business is a good fit for your location. For example, a dental clinic is unlikely in the warehouse district.
To meet the challenges of finding a good commercial tenant during an uncertain economic climate, you must offer incentives, use the right professional help, and move out of your comfort zone.
