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The process is different than renting out residential properties. The prospects are pickier. And given it likely matters their business, they take their time to factor all the various aspects.
So, if you’re looking for tenants for your commercial property, you have to work a little harder… at least, if you’re looking for the maximum returns.
Here are five tips that will help you here:
Nobody would want the property if it’s in bad shape. So, even before you set out to find good-paying tenants, make sure the space is well-renovated and in good condition. Fix those cracks on the roof; re-paint the walls in appealing color; clean the dirt off the floor; ensure proper bathroom arrangements.
In short, offer a space that prospects genuinely like and don’t have to compromise with. This way, you can demand more rent.
Is it really good for food business when there are literally hundreds of food joints nearby? Is turning the space into the warehouse a nice idea when starting a clothing business there promises more returns?
Know the potential of your commercial property. What kind of business would flourish there? Do a bit of research on it. And then target the prospects accordingly.
Your “friends” and friends of friends would usually ask for concessions. Unless you don’t want to maximize the returns from the property, this is a bad idea. So, if possible, don’t rent out the space to people who you know. It might not be a good deal for you.
Find a good commercial rental property listings website and then list your property for rent. Upload enough clear images of the space, as well as the surrounding area. Add all the asked details, right from its size to the transportation links nearby. The more detailed you are, the more qualified the inquiry you will get.
Admittedly, this is quite a vague tip. But it’s important nonetheless. Instead of just answering prospects’ questions and letting them in the space, you must sell.
Talk about the property. Tell them how the property is an ideal fit for their needs, how it has all that they need, how it can help their business grow. Talk like a good salesperson – convincing, a bit pushy, but at the same time quite empathetic to their needs and budget.
These are five tips that will help you find tenants for your commercial property.
Again, it won’t be easy. If you’re looking for optimum rent, you’re going to have to talk to many interested parties, have the same conversations over and again. But in the end, if you’re consistent in your efforts, you will eventually find a good tenant who would be ready to pay the right amount for your commercial property.