If you are a newer landlord who has recently invested in a commercial space or even an established landlord, you may be struggling to locate and keep high-quality tenants. It’s often easier said than done, but it is a crucial part of maximizing your investment. So, if you are wondering how to rent out commercial property quickly, while also attracting the right tenants, you’ve come to the right place. In this article, we will outline several strategies to help you get the word out and find the high-quality tenants you desperately need.
How to Rent Out Commercial Property
Minimizing costly vacancies and attracting high-quality tenants are a few of the common problems facing landlords. Here are a few solutions.
Preparing the Space
In order to attract the right tenants, you need to ensure your commercial space is as desirable as possible. It’s important to think like a potential tenant. What makes this property a better option than another? So, before you try to fill any vacancies, consider the following.
- Clean each room thoroughly
- Check to make sure everything is in working order
- Hire professionals to check the electrical, heating/cooling, and plumbing
- Fix any known problems
- Upgrade the space to bring it inline with similar properties
- Make aesthetic updates to the interior (fresh paint, new carpets, window treatments, etc.) to make the space more appealing
- Landscape to give potential tenants a good first impression
Photography & Virtual Staging
Your vacancies will fill faster if your space is well-photographed. This allows potential tenants to view the space virtually on listing sites and in advertisements (more on this later) before ever physically setting foot in the space.
You can also consider virtually staging the unit. Virtual staging is a special computer-assisted design (CAD) process where virtually-designed furniture is added to photographs to show tenants the versatility and potential of a space. This is a process similar to home staging, but it’s fully virtual.
Advertising in the Right Places
When it comes to getting the word out about your commercial space, advertising is the name of the game. And in this day and age, there are a lot of options. So what makes the most sense for you? The method or methods you choose will depend on your intended audience and, perhaps more importantly, your advertising budget. However, it is important to remember the “rule of 7,” which states that a prospect must see or hear something seven times before they make a purchase. So, it can be incredibly beneficial to be present across multiple advertising platforms. Still, determining which platforms make the most sense can be difficult.
To learn more, check out our blog, “Where to Advertise Commercial Real Estate.”
Hire a Landlord Rep
Figuring out how to rent out commercial property is only part of the struggle. You also have to vet potential tenants, negotiate favorable lease agreements, and keep your rental space filled. But you don’t have time for all of that. Fortunately, this is where a landlord rep can help. Optimizing your financial position in today’s market requires much more than merely filling a vacancy. An experienced landlord rep goes beyond the transaction by:
- Evaluating the current real estate market conditions that affect your property.
- Strategize, develop, and implement a multi-disciplined strategy to attract qualified tenants and/or buyers.
- Negotiating offers based upon your defined objectives.
- Maximizing your profits through cost reduction strategies.
- And so much more!
If you want to enjoy your commercial real estate investment to its fullest, you need an experienced landlord rep in your corner working to maximize your return on investment (ROI) and minimize your stress.
United Development Realty – We Know How to Rent Out Commercial Property Quickly
If you’re struggling to understand how to rent our commercial space and feel overwhelmed and are in a position where the ROI of your commercial property is threatened, United Development Realty can help. We will assist you through a tailored package of services designed to make your job a whole lot easier. We have a thorough understanding of tenant demographics, occupancy rates, leasing rates, and industry trends.
Let us help you make the most out of your commercial property investment. Call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with an experienced commercial landlord broker today.