There are several things you’ll want to do when preparing your commercial property for rent. Of course, you’ll want to make sure that your property is up to date and that it looks good. Consider what a tenant might think upon first seeing your property. What impression will they be left with? Does the layout appeal to a majority of potential tenants or do you need to make updates? What about the landscaping, carpets and interior design?
1. Focus on the appearance
To make the interior of your building more attractive, give it a fresh coat of paint. Preferably a neutral color that appeals to a wide range of people. New flooring can also go a long way to improve the look of the property. If you have an entryway, you can liven it up with a few potted plants. The exterior should also look good since this will be the first thing your potential tenants see. Well-maintained landscaping or flower beds can give the exterior of your building a needed update. Beyond looks, there are some other perks you can offer to attract potential tenants.
2. Give tenants a way to save and make eco-friendly updates
Everyone likes to save money. You can help close the deal by offering ways for your tenants to save. For example, you may want to include high-speed internet in their rental package. Another way to save your potential tenants some money is by making energy-efficient upgrades such as updating the windows or installing a new HVAC system. If you do this, make sure to include this information in your marketing campaigns. Green initiatives also appeal to millennials, as climate change is a growing concern for many in this age group. If you’d like to take additional eco-friendly steps, consider offering a recycling program.
3. Offer extra perks in the form of amenities
Use any added benefits of your property to target potential tenants. For example, if you have more than one rental space or a large open area, consider including that information in your marketing. You might even want to convert this extra floor space to a coffee bar, eatery, fitness center or meeting room. Extras like these can go a long way in making your property stand out from the competition.
4. Consider your security
When tenants look at properties they don’t just observe the condition and layout of your building, they also consider security. Of course, the level of security you need depends on the location of your property. If you’re in a well-lit business park that’s regularly patrolled by local law enforcement, there’s less to worry about. If you’re in an industrial park on a bad side of town, you might need to install gated access, security guards and keycard access systems. The important thing here is to help your tenants feel safe and secure.
5. Do your research
If you’re not sure what your tenants would like, make sure to do some research. Find out more about your target demographic and what they’re looking for. Investigate your competitors and find out what they’re offering. Doing this research can help you focus on making the right updates so you get a better return on your investment.
6. Choose the right tenants
When it comes to choosing tenants to rent to, tread carefully. It could be tempting to rent to the first applicant you receive. However, you should screen tenants and choose them wisely. You want to find tenants who will make rent payments on time and stick around for a longer commitment. If you do find a tenant that really appeals to you and you’re concerned that they might choose to rent a different property, consider throwing in a perk, such as a discount on the first month’s rent.
7. Make connections that will benefit your tenants
Another thing you can do to set your property apart is to make connections with other businesses in the area. For example, you could contact fellow business owners and market your property and services together. Not only will this drive customers to both of you, but it may also provide unique and creative ways to market the services you offer.
As you figure out how to lease your commercial property, don’t forget the importance of pricing. You need to find the right amount to list it for because asking too much or too little could end up hurting you in the long run. Thankfully, PMI is here to help.
We can help you with all aspects of your commercial property, including marketing, listeing price, screening tenants and more. Partnering with a property management company is an excellent way to save time and money, while lowering stress. If you’re ready to get started, get in touch today. You can also visit our website here: https://www.flintpropertymanagementinc.com/to learn more about our experience and offerings. We look forward to serving you and your property’s needs!
