(Originally Published February 02, 2018)
Attracting commercial tenants to your new or existing commercial property can be a challenge. Unexpected issues can arise such as a dip in the market or an increase in local competition. We have compiled a list of the top 10 most effective strategies for attracting commercial tenants so you won't have to search for long! One of the best ways to attract tenants is by having a presentable and clean space. Contact Kitchener Clean today to help get your commercial property ready for future tenants!
Don't miss out on these practical and effective strategies for attracting commercial tenants to your commercial lot! In order to avoid paying unnecessarily for empty and unused office space, it's important for landlords to fill up space in a timely manner. Following some or all of these strategies will help increase the chances of finding and keeping tenants. Looking for commercial space in the Kitchener-Waterloo area? Click here to see available listings from Realtor.ca!
Commercial lots in busy downtown or even crowded suburban areas sometimes have difficulty attracting potential tenants due to parking difficulty. Lack of parking space can be frustrating and discourage business owners from selecting your property.
If your property lacks appropriate parking space, see if you can create partnerships with any surrounding parking lots/vendors. Ensure parking on your lot or a vendor's parking lot is well lit - this will help ensure the safety and comfort of those leasing your property.
As mentioned above, potential tenants want to ensure their own safety and the safety of staff, customers, and anyone else who may frequent their business. Though you may think that your property is in a safe neighbourhood - and it may very well be - it is still a good idea to add some sort of security to the lot so tenants feel safe and comfortable. Adding security can be as simple as installing motion sensor lights to your property, or you could go as far as hiring a security team if you feel that is necessary.
A single "for lease" sign situated on your property is not going to cut it in most markets! In order to quickly and effectively attract tenants, you want to ensure your property is as easy to find as possible. That means posting any "for lease" signs in obvious locations, creating an ad for your local newspaper, and posting online on local ad sites or real estate groups. This is especially important if you are trying to lease a property in a busy or highly populated area, as there will be much more competition. Sometimes, tenants will go for whatever property they come across first.
When you post ads, whether online or written in a newspaper or other form of advertisement, make sure you include all relevant information. This includes information such as the size of the lot, the location with the address, price, and anything else you deem important. If relevant information is missing, potential tenants may skip over advertisements for lots that may actually be a perfect fit - how will they know it's perfect if you don't include information like price and size? Listing your lot on a reputable, local real estate website is also a great way to attract tenants as it adds legitimacy and usually provides easy-to-find, relevant information.
A great incentive for potential tenants is seeing that your building offers high-speed internet. This is especially true for businesses who will be spending most of the day on their computers. Some even suggest offering fiber-optic internet, as it's even faster. Offering high-quality, high-speed internet can help you stand above your competitors and attract tenants that may have otherwise looked your building over. Another benefit of installing internet before tenants arrive is the fact that tenants will save money on installation costs. They know you've got them covered!
When posting an ad for your commercial lot or meeting with a potential tenant, try to point out all the benefits that your specific location can offer. Is it close to a few nice restaurants where employees can gather for lunch meetings? Is there a bus stop or train station nearby for commuting workers to use? Is your location easy to bike or walk to? Is there a post-office, grocery store, or other basic amenities nearby? Letting people know about these amenities can help attract commercial tenants.
A little market research can go a long way. Each city and neighbourhood will have different preferences and values. It's important to know and understand these preferences and values in your prospective tenants! One example given by Atlantech Online shows that if you live in an up-and-coming neighbourhood with many young families, consider offering day care services on-site. Offering amenities relevant to your market can help attract the kind of tenants you're looking for as well as help you stand above your competition!
Sometimes word of mouth is the best way to gain new tenants. As we see with the growth of online reviews, people today truly value the opinion of their peers! You may want to consider offering rewards for referrals given by your current tenants. If you know that your current tenants are satisfied and you have a good relationship with them, give them a reason to share information about your empty space! You can choose from any sort of reward you feel is appropriate, from gift cards to rental discounts!
Improving the way your building looks is one of the easiest ways to increase curb appeal and attract prospective tenants to your property. Ensure the lawn is taken care of, the exterior of the building is tidy, and trim any overgrown foliage. Consider adding some flowers, new outdoor lights, or even hiring a landscaping crew to do all the work for you! The reality is that many tenants will partly base their decision on the look of your building - so ensure everything looks put-together! An inviting and tidy exterior will help attract potential clients.
Though potential clients will see the outside of your building first, you want to ensure they are wowed by the inside too! There are some quick and simple interior additions you can add to your building, such as beautiful indoor plants or a few new pieces of furniture. Another great way to attract potential renters is by ensuring your interior is clean and presentable. Consider hiring a reputable commercial cleaning company to make the inside of your building sparkle and shine! If you are currently working with a cleaning company you are unhappy with, click here to read tips for working through common issues!
Looking for and attracting the perfect commercial tenants can be a challenge. One of the best ways to show that your property is a great choice for business owners is by keeping it clean and well maintained.
Tenants will easily see the difference between a landlord who cares for their property and one who does not.
At Kitchener Clean, we care about your office, your staff, and the environment. That's why all of our cleaning products are non-toxic to ensure the safety of your staff or tenants.
Kitchener Clean always uses the highest quality EcoLogo or Green Seal certified products when possible in your office.
EcoLogo is North America’s largest, most respected environmental standard and certification mark.
EcoLogo provides customers with assurance that the products and services bearing the logo meet stringent standards of environmental leadership. Using green, non-toxic cleaning products means that everyone in your office can breathe easy without worrying about harsh chemicals or allergic sensitivities.
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