Looking to increase the number of tenants in your property? Keeping a property fully-occupied with tenants not only maximizes the amount of income you can generate, but it also plays a large role in helping you secure the best possible loan when it comes time to refinance. Commercial property owners are affected by vacancies in different ways. Consider the investor who enjoys a passive income stream from a single family rental they own in another state. If the property’s tenant moves out, that income stream will disappear immediately. Owners of mixed-use properties have separate tenant issues. The type of business occupying the commercial component of the property can make it more difficult to find potential tenants for the living space. On the other hand, business owners may be weary of setting up shop in an area known for housing unruly residential tenants. Of course, re-tenanting any type of commercial property is easier said than done. But there are a few tactics you can employ to help market your property and increase the revenue you generate each month. Here are some of the first steps you can take to spread the word.
Take advantage of technology
Are you taking advantage of online resources, or are you simply relying on word-of-mouth marketing tactics. Using online resources and social media channels to market your property can make a real difference with prospective tenants – especially those who want to learn as much as possible about an opportunity before actually taking a visit. Even if you do promote your property on real estate listing websites and social channels like Facebook, there are still opportunities for improvement. For example, if you currently post images of your properties interior/exterior and post them online, try experimenting with video. You could create a virtual walk-through that allows potential tenants to get a much clearer view of your property.
Create more benefits for tenants
Perhaps there are some improvements you can make to your property that will create value in the eyes of potential tenants. If your property is located in the middle of a bustling city, perhaps you could improve the parking situation for your tenants. You may not have any options when it comes to creating additional space, but there could be an opportunity to create a safer, more well-lit environment that improves the attractiveness of the property overall. If you own an office building, you might have an opportunity to add in-house food options or shared working spaces that add value for businesses. You might even create a sense of community between tenants that others find inviting. Believe it or not, relatively minor freebies can make a difference for business owners as well. Think about offering free Wi-Fi, waived fees, or even a gift card for an office supply store. These types of benefits add value and show potential tenants that you are working to provide a great environment their business.
Use all the communication tools at your disposal
As mentioned earlier, the internet is a great tool for broadcasting your message. But if you ignore all other forms of communication, you’ll miss out on other opportunities to get noticed. If your property is in the middle of a highly-trafficked area, perhaps there are signage opportunities you can utilize. You can also take out ads in the local paper, join chambers of commerce, and even partner with a property management office with a proven track record. The key is to be smart with your spending. By not getting tied up with long contracts or hefty expenditures, you’ll be flexible enough to drop the tactics that fail to produce results and focus only on those that are moving the needle for your business.
At the end of the day, word of mouth is key
While it can be difficult to quantify, word-of-mouth marketing is one of the most powerful tools at your disposal. If you work to create a great experience for current tenants, prospective ones will hear about it over time. However, if time is not on your side, you can accelerate the process by creating a referral program for existing tenants. That can provide the motivation necessary for them to bring you new opportunities. Unfortunately, there is no one tactic that is guaranteed to net you more clients for your commercial property. But by maintaining the flexibility to pivot away from the tactics that don’t work and focusing on those that do, you can improve your ability re-tenant and generate more income.
Salomon Wancier is a creative and innovative Marketing Executive and Business Coach with 19+ year record of achievement managing marketing teams, forming strategic alliances, developing and directing marketing initiatives and using multiple vehicles/channels in continuously changing environments to increase sales and profits.