“10 Ways To Look For Commercial Tenants Who Could Rent Office” written by Mike Marko.
Having troubles filling the vacancies of your rent office space?
Finding tenants that would rent office spaces is not as simple and straightforward as looking for the typical residential tenants.
Even if you find a commercial tenant, there’s no assurance that the tenant will stay for a long time. Therefore having to looking for new commercial tenants is inevitable.
There are factors you’ll need to consider in order to fill in your office space rentals. Factors can be the location of your property or the amenities you’re offering.
With the factors in mind, there are ways to help you find the right tenants for your rent office space.
In today’s article, we will talk about the tips you need to consider when looking for commercial tenants for your rent office.
Looking For Commercial Tenants Who Could Rent Office
The demand for office spaces is currently increasing. In fact, many real estate owners are starting to capitalize on this trend and making their office buildings available for individual offices for rent.
Empty spaces in buildings can be turned into office spaces which can provide more money for property managers and commercial property owners. If you have unused spaces in your commercial properties or buildings then now is the time for you to make use of that space and convert it to office spaces for rent.
The demand for office space is ever increasing, and interested businesses and commercial tenants wishing to rent an office space are scattered everywhere.
However, when running a commercial property management business you need to be able to find qualified businesses and tenants to fill unoccupied office space in your commercial properties.
Finding qualified business tenants for office space rentals is not always the easiest task. Often commercial property managers have no luck or resources to find qualified tenants for the office rental business.
This is a common problem for commercial property managers. Depending on what your set qualifications are for a commercial business to rent office space in your properties it is often difficult to find people or businesses who could qualify as good tenants. Sometimes you find a qualified renter but they are not willing to rent because of factors needed for their business to occupy an office space.
Nevertheless, before we delve on these issues of how to make your commercial properties ready for office space rentals, let’s first talk about the kind of commercial tenants who would look to rent the unused spaces in your property.
What Are Commercial Tenants
Commercial tenants are the tenants who use the rented property for their business. Commercial tenants run a business that has a need to locate their business in a professional and clean office or building. Normally, commercial tenants have fewer rights compared to the residential tenants. Often they are required to sign longer lease agreements and require less supervision or oversight than residential tenants.
Commercial property managers and landowners can make more profits from commercial tenants because they can charge higher rents, require longer lease contracts, and negotiate lease agreements to regularly review and raise rents.
Most commercial tenants require professional clean office buildings or properties to conduct their business. Due to this requirement and the costs to provide these type of facilities you can charge a higher amount of rents. Often rents are negotiated and based on the commercial tenant’s business’ profitability.
When negotiating commercial lease agreements it’s important to negotiate clauses that rents be reviewed regularly and based on business profitability and demand for office space in the area be negotiated with the possibility of an increase in the amount of rent charged…
How To Look For Commercial Tenant Who Could Rent Office
The key to making any commercial property business profitable is keeping your properties and building full of qualified paying tenants. A rental property building or business would not be successful if it doesn’t have any tenants.
One of the main responsibilities as a commercial property manager is to find qualified businesses or tenants to fill the vacant units at the property.
Finding tenants to rent to is only half the challenge.
The major challenge is finding qualified tenants who can pay rents and like renting the property for longer terms. As a commercial property manager you have to make sure that you choose the right tenants for your property otherwise your rental property will decline or worse it will fail.
The best types of commercial tenants are businesses that can pay rents timely and thus offer a steady source of income for your rental property business.
Keep in mind that to be successful in a commercial property business you should focus on finding the right tenants for your property. Because in the long run qualified paying tenants become one of your most important assets for your business success.
To help finding qualified businesses or commercial tenants we have compiled 10 tips to help you find the right tenants for your rental property…
1. Determine The Important Business Types In Your Area
When choosing commercial tenants it is important to include their business type as part of your factors in choosing the types of tenants best suited to locate their business in your commercial property or building.
The type of business your tenants operate is an important aspect as some business types are more active than others. Knowing what type of businesses you want to rent to will help you to determine whether they will suit your office space rentals or not.
When offering office rentals you should look for and choose the types of businesses best suited to locate their operations in a office rental type location. Finding businesses looking for office space types of rentals can be easy if you know and understand the types of properties and improvements that those types of businesses require…
2. Research Other Properties In Your Area
The best way to determine the best types of business clients to attract is to look at other like commercial buildings and properties and evaluate and know what types of businesses are renting those properties. To do this you need to find time to know and study the other buildings in your area.
Sometimes when looking at other buildings and evaluating the types of businesses that occupy them, you’ll find tenants that might choose to move or relocate to your commercial property once their business expands.
After determining the types of businesses to attract your next step is attracting and finding qualified tenants to rent your office space. When you find new tenants it is best to establish a good business relationship and trust with your tenants.
The more your tenants feel comfortable and established in your building the less likely they will be to move out of the office space they are renting. If your tenants choose to move out your local area knowledge will play a big role in finding new tenants to occupy their vacant office space.
We would highly recommend that you build a reputation for yourself as a property manager who’s recognized as the agent of choice when it comes to property leasing and relocation…
3. Research Tenants And Their Preferences
Knowing and understanding what type of things or demands your office space tenants will need is key in keeping those tenants happy while renting your commercial property. You should always try to understand things from a tenant’s point of view.
The best way to do this is to discuss issues and challenges with tenants and research tenant’s problems regarding their past occupancy or the reasons they moved their operations in the past.
Understanding all the things or challenges from your tenant’s point of view will help you solve and help your tenants be happy and satisfied in your office rental. This way you can always offer your tenants the solutions that they are looking for and keep them as long term tenants in your office space rentals.
4. Study Why Tenants Move Out
Businesses and tenants move from location to new locations regularly.
When you find a new tenant or have established tenants you should find out reasons or causes that could make those tenants want to move or change locations.
Knowing what these tenants need to stay at your location and helping them meet the demands to make them happy in your location, will help to keep them as a renter for your properties.
One of the common reasons why tenants leave is the slow improvement of the property.
To avoid constant tenants moving in and out you should act on tenants needs and requests quickly and efficiently to show the tenants that you care and are willing to work with them to make the property or their location for doing business the best possible…
As much as possible you should communicate with tenants, help to meet their needs, and thus avoid the common reasons why most tenants move out. Make sure you carefully study the reasons why tenants are deciding to move out. Knowing their reasons would help you plan your business strategies to help you find long term tenants and avoid tenants that tend to move out regularly…
Knowing the types of business tenants you want to attract will help you when advertising your properties for rent. When you are able to advertise your property correctly this helps greatly in attracting and finding tenants that are looking to rent office spaces.
Most advertising costs money so knowing the types of businesses and tenants you want to attract to your properties is key in running an efficient advertising campaign to fill office rental space.
When advertising office space for rent you should know and understand the amount you have budgeted and what is the best medium of advertisement to use. Always track the results that you are getting as this will help you spend your money wisely to target locations where you’re getting positive results.
6. Direct Mail Or Brochures
Traditional advertising can be costly and not be in your budget. If you don’t have enough cash for traditional ads or paper advertising you can consider using direct mail or brochures to advertise your commercial property.
You should not ignore this medium of advertising because of its low cost and ability to locate tenants. If you have a limited advertising budget then this may be the best option to use for advertising.
Distributing brochures and direct mails could help you attract local possible tenants easily. You should consider adding email contacts for inquiries to make the process move efficiently. When replying to email inquiries it is important to detail the listings that you have and the vacancies that are available for negotiation.
7. Through Suppliers, Manufacturers, And Wholesalers
Often the best way to find new business tenants is through referrals from other businesses like suppliers, manufacturers and wholesalers for the types of business tenants you want to rent to.
It’s best to build relationship with suppliers, manufacturers, and wholesalers so you can ask for these types of tenant referrals. Those businesses are often conveniently located near each other and know when one of their clients is unhappy with the office space they are currently renting.
Often when you get a referral tenant from one of their business partners there’s a possibility that they rent office space in one building so their operations would be faster, closer, and more efficient in doing business together. Finding tenants that are happy and satisfied in the location for doing their daily business can turn into a leasing opportunity could last for years.
8. Door Knocking
Door knocking is still an effective way to find tenants who would rent office spaces.
By door knocking, you would also get a better understanding of what the local businesses in your area are thinking and doing from a rental property perspective.
Start conversations with local business owners. This will help you better understand their needs. That way when you talk to them again, you’ll be able to better address their needs.
Door knocking will also help put your name out there: they may not be ready to rent, but they may know someone who will be in the near future.
9. Cold Calling
Another way to find tenants is by picking pick up the phone.
By calling and networking with businesses, you can develop a network in your area. This can help you find businesses that are planning to move to other property.
This will be also a good way to follow up interested applicants before you even offer to show them the property.
By cold calling, you can also have the unique ability to prescreen them. After asking if they are interesting in renting a property, you can also follow up for a bit information about them.
This will give you idea what kind of tenant will that person be, and if they’d be a good fit to rent your space.
10. Email Dispatches
When you’re still building your email list of potential tenants, you can research and sort the individuals that you want to talk to by group and location.
Sorting your possible tenants could help you choose your priorities and target audience.
You can also send specific emails based on what the tenant needs. This process works well if you do it regularly, and specifically (targeted).
Final Thoughts On Looking For Commercial Tenants Who Could Rent Office
In this blog post we talked about how to get commercial tenants for your rent office business. I outlined ten techniques you can apply to your rent office business right away.
We covered techniques such as doing your homework, advertising, flyers, and other techniques. A key point to remember is that before you start advertising your business, study the rent office market in your area first. Be very familiar with your target audience.
If you got questions about tenants looking to rent office space for their business, don’t hesitate to leave comments below.
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