Renting out a commercial property is one of the best ways to make passive income in real estate. However, finding tenants for commercial property can be challenging. And, if your building or space goes vacant for too long, it can start eating into your profits.
So, how do you find tenants for your commercial property? Here are five steps that you should take.
1. Use Online Commercial Property Listings
People use the internet for almost everything they need for everyday life. And finding commercial and industrial buildings for rent is no exception.
There are multiple online listing sites that you can use to list your property, such as LoopNet and CoStar. You can also use search engines, like Google, which will lead potential tenants to your website.
To ensure your property comes up in user searches, include key information, such as the type of space you are offering and the amenities that are included. For example, if you have a medical office space for rent, you will want to include keywords like “medical office for rent” in your listing.
2. Put Up Good-Quality Signage
While the world has become increasingly digital, there is still something to be said for good old-fashioned signage. In fact, physical signs and banners are still some of the best tools commercial property owners and managers use to attract prospective tenants directly.
When placing signage, make sure it’s highly visible from the street and that it includes your website address or contact information. This will make it easy for people who are driving by to get in touch with you about renting your space.
And again, you should be specific about the type of space you offer. For example, if you’re leasing out warehouses, you should also state “warehouse buildings for lease.” On the other hand, if you are offering office space, you should put up a sign that says “office space for lease.”
3. Seek Help from Real Estate Brokers
A real estate broker doesn’t only help those who are looking for properties—they’re also very good at finding tenants for commercial property owners.
These professionals will be able to market your property to their extensive network of potential tenants. They will also be able to negotiate on your behalf and help you get the best possible lease terms.
4. Advertise on Social Media
This would be the most convenient way to reach a large number of people quickly and easily.
For this step, you should post engaging content that will capture people’s attention. You could post photos or videos of your property, write blog posts about why your space would be perfect for a particular business or run social media ads.
5. Reach Out to Local Businesses
Make a list of local businesses that might need more space. Reach out to them directly and let them know about your property. Then, you can offer them a personal tour of your property and explain why it would be a good fit for their business.
Work With Us Today!
If you find the process of finding tenants for commercial properties overwhelming or if you simply don’t have the time to do it, then why not work with us? Levi Smith at PA Commercial, LLC is a tenant representation expert who has successfully helped many business owners and entrepreneurs find the perfect space for their businesses. Speak with us today to learn more about how we can help you!