Purchasing commercial property is often a good investment. Since most commercial property leases last for years, commercial property tenants can provide a consistent, long-term source of income.
Finding good commercial property tenants may sometimes be difficult. While the market has had a rough few years, commercial property complexes are now starting to fill up in many areas, which means prospective tenants have many options when deciding where to locate.
Tenants cannot decide to rent from you if they do not know you are there. Word of mouth is one of the best ways to attract potential tenants to your properties.
Making and using your connections
If you are established in your community with many business connections, use these connections to get the word out about your property. Good networking can provide you with many options for tenants and allow you to spread the word about your property.
Attend business functions or events focused on commercial real estate owners to build up your connections if you are new to the community or this is your first time venturing into the commercial real estate business.
Invest in a good marketing campaign. Ideally, your marketing campaign should consist of a blend of real-life and online advertising.
Developing your advertising campaign
Large physical signs or billboards near your building are a great way to make your property’s presence known. Make sure to include information on how people can reach you and basic information about your property.
Use your online advertising to provide additional details about your property, such as photographs, square footage and amenities.
Do not limit your advertising to certain areas or populations. Having a wide variety of tenants to choose from means you can carefully review each applicant to determine if they are a good fit for your property.
When you have selected the tenants for your property, it is time to draft a commercial lease. Having good lease language can protect you against future legal disputes.