When you own a commercial building, you know that empty space is wasted opportunity. And the longer that tenant space remains vacant, the more your losses accrue. Yet it’s a competitive commercial property landscape out there, and finding quality tenants can be tough. So what’s a commercial real estate owner to do? Here are four steps to filing vacancies in your building.
Follow these steps to fill CRE vacancies with quality tenants.
Conduct market research
Knowing what your building needs to attract and retain tenants is essential to keeping those vacancies filled long-term. So if you don’t have an in-depth understanding of your market, you could come up short. By performing market research, you can strengthen your position when the market cools. As a part of that, you’ll have better understanding of prospect priorities in your region and how you can respond to make your commercial real estate building a contender.
Stay on top of necessary improvements and appropriate amenities
Neglect your building and you’ll make it harder on yourself to attract tenants long-term. So do your best to not only stay on top of maintenance and landscaping needs, but also address necessary improvements and attractive amenities your market research has highlighted. Whether it’s improving the exterior of your building, upping the indoor appearance or installing high speed Wi-Fi and other tech, by leveraging the data you gather in your market research stage, you can ensure your building raises eyebrows for the right reasons.
Up your marketing efforts
It’s easy to think that if you have the right building with the right amenities, the tenants will come to you. But the truth is marketing may be your best friend when it comes to filling tenant vacancies. If potential tenants don’t know about your building, how will they ever find you?
Taking a comprehensive, targeted approach to your marketing strategy will often pay dividends. Consider first who you are trying to attract to your building. What does the ideal tenant do or sell? Now think about where your target market gets their information. Are they active on social media? Do they read the newspaper? Are they responsive to brochures and direct mail? Do they subscribe to industry publications or local magazines? And what are they searching for online? By working with a marketing professional, you can increase the likelihood that your message will get in front of the types of tenants you want.
Reward existing tenants for quality referrals
Your current tenants offer the best opportunity for word-of-mouth. So be sure to keep your existing tenants happy, and when you have highly satisfied tenants, reward them for spreading the word to their friends — and your future tenants. Qualified referrals can be as good as money, so reward tenants for their role with gifts of value. Consider a break on rent, gift cards or other items or opportunities your tenants will love. And remind them often about your referral rewards program.
Filing vacancies in CRE: follow these tipsFilling vacancies in commercial real estate with quality tenants can seem like a never-ending job. But by staying on top of needed improvements, understanding your market, leveraging your marketing budget and creating a referrals program, you can trust that the pipeline of prospects will be constant. Follow these tips for filling vacancies in your commercial building, and you’re more likely to not only attract the right tenants, but retain the quality tenants you have.