You have found the perfect commercial property investment. Conditions are right for a stable, profitable return on investment, there is just one problem: you just can’t seem to fill the vacancies in your commercial, retail and office properties.
Tenants are a vital aspect to any commercial real estate or industrial space. Income from tenants not only contributes to a property’s earning potential, but will also assist in covering common area maintenance expenses (CAM) such as property management, taxes and insurance. Vacancies can cause investors financial strain and can even sour a ripe investment.
Here are 6 marketing tips commercial investors can follow to consistently secure tenants and fill vacancies quickly:
- Word-of-Mouth
This is an invaluable resource for investors to generate a buzz on their commercial property. Not only is it highly effective, but it is also affordable. Investors can use existing and prior tenants to circulate information and availability of the property to friends, family and co-workers who may be potential tenants. Investors can choose to offer incentives to agents/tenants generating word-of-mouth. Social media can also be an effective means for generating word-of-mouth through your own networks.
- Sign-advertising
It may seem like an out-dated or perhaps inefficient marketing strategy for filling vacancies, but sign-advertising remains a strong, lead-generating marketing strategy for investors looking to find tenants. A well-placed “For Rent” sign can serve as a consistent means of generating awareness of those who frequent your properties locale. If your property is not in sight of any major thoroughfares, a sign could lead potential tenants to your property
- Online Classifieds
Online classifieds can serve as a good, supplemental marketing source for filling vacancies. Reputable online classified services like Craigslist and Zillow receive a lot of search traffic from potential tenants and they are an easy and affordable option for investors to list their properties. With Craigslist, however, make sure you are updating the listing every few days or the listing quickly falls to the bottom of the database.
- Online Newspaper Ads
Newspapers still remain a source of local information and with many converting to an online presence, running an ad in newspaper classifieds has become an easy and effective marketing strategy for commercial investors. Investors can rent ad space for a set amount of time and there is always the option to extend an ad for a longer date. This relieves some pressure on investors to update or refresh online classified listings
- Real Estate Offices and Property Management Companies
Though, not always the cheapest option for investors looking to fill vacancies, soliciting the aid of a real estate office or property management firm to market your rental properties remains a highly effective marketing strategy to find tenants.
- Teaser-rate Incentives
Adding a teaser-rate incentive for the first year on a multi-year lease can be strong strategy for filling vacancies and will make your property more appealing to tenants in a crowded market. Though most opt to offer free months on their leases when trying to offer enticing incentives for prospective tenants, providing a good first-year rate may be more attractive to tenants and could be more cost-effective for investors.
