If you’re a commercial property owner, figuring out how to find the right tenants should be one of your top priorities as a property investor or owner. After all, without tenants, you won’t have any income from your property. Finding ideal commercial tenants can be tough, but it is critical to the success of your properties, but it doesn’t have to be. Below I go over my top 25 effective ways to find the best tenants for your commercial property investment.
#1 List Your Commercial Space Online
The first step to finding tenants is to list your commercial property online. There are a number of different websites that allow you to list your property, including Loopnet, Crexi, Property Shark, Craigslist, and more. Be sure to include plenty of photos and detailed information about your property.
These websites allow users to search by a variety of different criteria, such as location, price, square footage, and more. By listing your property on these websites, you’ll ensure that it’s seen by a large number of potential tenants. Be sure to include all the relevant information about your property.
Include photos and detailed information about the property, such as:
- Square footage
- Type of business that would be a good fit for the space
- Include any special features or amenities
- Additional details about the property type
#2 Hire A Commercial Real Estate Brokerage Firm
If you’re not comfortable listing your property yourself, you can hire a commercial real estate broker. The broker will list your property on their website and on the major listing websites. They will also actively market your property to potential tenants.
Hiring commercial real estate brokers are a good option if you don’t have the time or knowledge to market your property yourself. They can also provide you with advice on how to market your property and what type of tenants you should be targeting. They also have a good idea how other properties in the area are being marketed and what type of tenants they are attracting.
However, it’s important to note that these firms typically charge a commission, which is typically a percentage of the lease value. When considering whether or not to hire a commercial real estate broker, be sure to factor in the cost of the commission.
Business networking is another great way to find tenants for your commercial property. If you have connections in the business community, be sure to let them know that you have space available for lease. You never know when someone might be looking for a new space for their business.
In addition to networking with people you already know, you can also attend local business events. These events are a great way to meet new people and make connections. You can also hand out business cards with information about your property.
Some good business networking events to attend include Chamber of Commerce mixers, business association meetings, and trade shows.
#4 Email Marketing
Email marketing is a great way to reach a large number of prospective tenants quickly. You can use an email marketing service, such as Active Campaign, or Mailchimp, to create and send professional-looking emails. Be sure to include information about your property, such as photos, square footage, and rental price.
You can also use email to keep in touch with current tenants and ask them for referrals. If you have a good relationship with your tenants, they may be willing to help you find new tenants.
In addition to emailing prospective tenants, you can also email local businesses that may be looking for a new space. Be sure to include information about your property and why it would be a good fit for their business.
#5 Place High-Quality Signage On The Property
If your commercial property investment is visible from the street, be sure to place high-quality large (4’x4′ if possible) signage on the property. This will help attract the attention of potential tenants who are driving by.
Your signage should reflect your professionalism. It should display your company logo and the words “For Lease.” You can also include your phone number and website address. If you have a broker, you can include their information as well.
#6 Direct mail or brochures
Another way to reach prospective tenants is through direct mail. You can send out postcards or flyers to businesses in the area, letting them know that you have space available for lease. Be sure to include information about your property, such as square footage, rental price, and any special features or amenities.
If you’re not comfortable designing your own materials, you can hire a graphic designer to create a professional-looking direct mail piece.
If you want to take things up a level, you can direct people to a landing page or make use of trackable phone numbers so that you can see exactly how many people are responding to your campaign. This will help you figure out the ROI on your advertising spend.
#7 Offer them an irresistible location
The way you position your offer is also critical. You should try to make it as irresistible as possible for prospective commercial tenants.
Some things you can do to make your offer more attractive include offering a free month of rent, discounted rent for the first year, or a mention included amenities like parking or storage.
You should also highlight any unique features of your property that make it stand out from other commercial spaces. For example, if you have a lot of natural light, high ceilings, or a prime location, be sure to mention those things in your marketing materials.
#8 Secure the premises
Oftentimes, potential tenants are looking for a space that is safe and secure. They want to know that their employees and customers will be safe when they are on the premises.
One way you can show potential tenants that your property is safe and secure is by investing in security features. These features can include security cameras, alarm systems, and security guards.
Other properties in the area may not have these features, which can make your property more attractive to the right tenant.
#9 Offer building-wide High-Speed Internet & Wifi
In today’s world, businesses need high-speed internet and wifi to function. Many potential tenants will not even consider a space that does not have these amenities.
If you want to attract tenants to your commercial space, be sure to offer building-wide high-speed internet and wifi. You can promote this amenity in your marketing materials and on your website.
#10 Offer Flexible Lease Terms
Another way to attract potential tenants is by offering flexible lease terms. Many businesses are looking for space that they can lease for a short period of time, such as six months or one year. This gives them the flexibility to move if their business grows or changes. By offering flexible lease terms, you will be able to attract a wider range of businesses.
#10 Provide shared amenities
Another way to make your commercial space more attractive to commercial tenants is by providing shared amenities. These amenities can include a conference room, kitchen, gym, or lounge area.
By offering these amenities, you will be able to attract businesses that are looking for a more complete package. If you do this, a commercial tenant is more likely to renew their lease when it expires.
#11 Provide parking
Another amenity that businesses are looking for is parking. If you have a parking lot or garage, be sure to promote it in your marketing materials. You can also offer discounts for local businesses that lease space in your commercial building.
By offering parking spaces, you will be able to attract businesses that are looking for a convenient and affordable place to park.
#12 Offer referral rewards
If you have happy tenants in your commercial space, be sure to let them know that you appreciate their business. One way you can do this is by offering referral rewards.
Referral rewards can include a discount on the tenant’s next month’s rent, a gift card, or a free month of rent. By offering referral rewards, you will be able to encourage your tenants to spread the word about your commercial space.
#13 Survey your tenants
One way to find out what your tenants want and need is by surveying them. You can use a paper survey or an online survey tool, such as SurveyMonkey.
Be sure to ask your tenants about their overall satisfaction with the commercial space, their likes and dislikes, and any suggestions they may have for improvements. The survey results can help you make changes that will attract new tenants.
If you hire a property management company, have them send out the surveys for you. This will save you time and ensure that the surveys are sent to all of your tenants.
#14 Enhance the interior and exterior
If you want to attract new tenants, it is important to keep your commercial space in good condition. Be sure to regularly clean and maintain the interior and exterior of the building. You should also make any necessary repairs in a timely manner. In addition, you may want to consider enhancing the interior and exterior of the building. The will be additional costs, but it could be worth it if it helps you attract an ideal prospective tenant.
#15 Be searchable online
In today’s world, potential tenants are searching for commercial space online. Be sure to create a website for your commercial space and list it on online directories. You should also create social media accounts for your commercial space and promote your listings on these platforms.
#16 Engage Tenants in Conservation Efforts
Engaging tenants in conservation efforts is a great way to reduce expenses and show that you care about the environment. There are many easy ways to engage tenants in conservation efforts, such as providing recycling bins, encouraging the use of energy-efficient equipment, and offering incentives for conserving electricity. Some potential tenants might be interested in leasing space in a commercial building that is taking steps to protect the environment.
#17 Leverage Your Anchor Tenant
If you have an anchor tenant in your commercial space, be sure to promote it. An anchor tenant is a large and well-known tenant that occupies a significant amount of space in a commercial building.
The presence of an anchor tenant can make your commercial space more attractive to potential tenants. The anchor tenant can also provide support and stability for smaller tenants in the building. Also, they can help smooth out the leasing process with new tenants.
#18 Facilitate Cost-Savings for
One way to attract tenants to your commercial space is by facilitating cost savings. There are many ways to do this, such as offering discounts on rent, providing energy-efficient equipment, or offering incentives for conserving electricity. Some potential tenants might be interested in leasing space in a commercial building that is taking steps to save them money.
#19 Understand Your Market
When you are marketing your commercial space, it is important to understand your target market. Who are you trying to attract? What do they need and want? What are their budget considerations? By understanding your target market, you will be able to create a more effective marketing strategy. You will also attract tenants that are a good fit for your commercial space long-term.
#20 Get Involved in the Community
One way to attract tenants to your commercial space is by getting involved in the community. There are many ways to do this, such as hosting events, sponsoring local teams or organizations, or participating in community service projects. Getting involved in the community can help you build a positive reputation for your commercial space. It can also help you attract potential tenants that are looking for a space in that community.
#21 Focus on Tenant Retention
Another important way to attract prospective tenants is by focusing on tenant retention. If you have a high turnover rate, potential tenants will be less likely to lease space in your commercial building. There are many ways to improve tenant retention, such as providing a good mix of amenities, offering competitive rates, and maintaining the property well. You can also focus on creating a community in your commercial space. This can help tenants feel more connected to the space and less likely to move out.
#22 Door knocking
Door knocking is a great way to get in front of potential tenants and promote your commercial space. When door-knocking, be sure to dress professionally and have information about your commercial space available. You should also be prepared to answer any questions that the potential tenant may have.
#23 Cold calling
You might not think that cold calling will work in today’s high-tech world, but it can still be an effective way to reach potential tenants. When cold-calling, be sure to have information about your commercial space and your elevator pitch ready. You should also be prepared to answer any questions that the potential tenant may have.
#24 Promote Your Commercial Space on Social Media
Social media is a great way to promote your commercial space. Be sure to create social media accounts for your commercial space and post regularly about your listings. You can also use social media to engage with potential tenants and learn about their needs.
#25 Provide a Tenant Improvement Allowance
Many businesses want a space that they can personalize to their liking. If you wish to attract these sorts of tenants, consider giving them a tenant improvement allowance (TIA). A tenant improvement allowance is money given to the renter by the landlord to assist them to customize the space. Painting, signage, and adding new flooring are all possibilities with this funding.
Bonus tips: Follow up quickly
I know far too many business owners and commercial investors who never return phone calls. When you are marketing your commercial space, it is important to follow up quickly with potential tenants. If you take too long to respond, they may move on to another space. You should also be transparent about the prices, amenities, and features of your commercial space. Be sure to include all of the important information in your marketing materials.
The Bottom Line
As property owners, attracting and retaining tenants for your commercial space is critical for the success of your business. There are many ways to attract quality tenants, such as promoting your space on social media, door-knocking, or providing a tenant improvement allowance. By following these tips, you can find the best tenants for your properties. This will improve your property occupancy and attract new tenants. By filling your space with quality tenants, you will not only improve your bottom line but will also contribute to the success of your community. If you need help you find commercial tenants for your commercial properties, please contact me. I have the experience and resources to help you find the right tenants for your space.