Finding and keeping great tenants is one of the most challenging parts of commercial property ownership. Your tenants are your source of income and a tenant that will look after the property, pay their rent on time and stay over the long term is worth their weight in gold.
While there’s no magic formula to getting great tenants, there are a few things you can do to make your property more appealing to the kind of tenants you want. Here are a few suggestions that might help you attract, and keep tenants for your commercial property.
- Make it look appealing. Looks do count when it comes to commercial property. Your tenants will be looking for a place that makes their business looks good so if you can present an aesthetically pleasing, well maintained property you’ll have a lot more success appealing to them.
- Beef up security. A secure building can be more attractive than one where anyone can wander in and out. Your tenants will feel safer in a secure building. Make sure there is security lighting around, trim back bushes and plants and consider implementing security access.
- Upgrade or add parking. If you have the space, parking can be a great incentive for tenants. Not only will having on site parking be convenient for your tenants, it’s something they can offer to their customers. Make sure any parking areas are well maintained and secure with good lighting for your tenants who might be using them after hours.
- Create a referral program. If you have great tenants, there’s a good chance they may have friends and family members who are equally as awesome. Consider encouraging them to refer other tenants by giving them an incentive. This can be a really good way to find quality tenants although make sure you don’t skimp on reference checks no matter how glowing the recommendation might be.
- Make your building energy efficient. An energy efficient building will not only appeal to environmentally conscious tenants, it will help your tenants keep their costs down. This will make them more likely to stay for longer.
If you can make your building more appealing you’re more likely to attract quality tenants. While it might require a bit of an initial outlay to upgrade parking or create a more appealing exterior it can really pay off in reduced tenant turnover and lower vacancy rates.