Securing quality tenants for your commercial space is crucial to ensuring a steady and profitable income stream. In this article, we will delve into the top four strategies that property owners can implement to source and attract great tenants. Amy Calandrino, a commercial real estate expert, sheds light on these effective tactics in her latest video, “Beyond Your Space Needs.”
- Comprehensive Marketing Campaign:
The first step in attracting great tenants is to create a robust marketing campaign. Without visibility, potential tenants won’t be aware of your available space. Calandrino highlights various tactics that can be employed, such as:
a) Signs: Place prominent signs outside the property to catch the attention of passersby and locals. b) Online Listings: Utilize numerous online platforms to maximize exposure. Popular listing websites and social media channels are excellent choices. c) Marketing Material: Prepare attractive brochures and promotional material that showcase the property’s features and benefits. d) Video Content: Engage potential tenants with compelling videos highlighting the space’s unique attributes.
- Targeted Marketing:
Instead of waiting for tenants to approach you, take the initiative to identify and reach out to potential occupants that match your ideal tenant profile. Calandrino emphasizes the effectiveness of targeted marketing. Here’s how to do it:
a) Define Your Ideal Tenant: Visualize the type of business or industry that would thrive in your commercial space. b) Reach Out Directly: Implement canvassing and cold calling techniques to personally approach potential tenants. c) Personal Touch: Consider sending handwritten notes or making phone calls to express your interest in having them as tenants.
- Competitive Incentives:
If your property has experienced extended vacancies, offering competitive incentives can be a smart move. The longer the space remains unoccupied, the more revenue you miss out on. Calandrino advises considering reasonable deals to entice high-quality tenants:
a) Tailored Deals: Offer incentives that align with the needs of the potential tenants, such as rent discounts or lease flexibility. b) Quality Over Speed: While filling the space quickly is essential, ensure the tenant aligns with your requirements for a positive and long-term leasing experience.
- Engage Commercial Real Estate Experts:
Calandrino highlights the value of consulting local market and commercial real estate experts. Their expertise can alleviate the burden of tenant sourcing and management. Here’s why their assistance matters:
a) Extensive Network: Experienced advisors have a wide network of potential tenants and connections in the commercial real estate market. b) Time and Effort Saving: Delegating these tasks to experts allows property owners to focus on other aspects of their business while ensuring their space gets optimal exposure.
Attracting great tenants to your commercial space requires a multifaceted approach and dedicated effort. By implementing a comprehensive marketing campaign, engaging in targeted marketing, offering competitive incentives when necessary, and seeking professional advice, property owners can significantly increase their chances of finding high-quality occupants. Amy Calandrino’s insightful strategies provide valuable guidance for property owners looking to optimize their tenant acquisition process and maintain a thriving commercial property portfolio.