Commercial properties can be profitable long as there are tenants. Whether you have an office space or a shopping center, you can’t survive without them. Unfortunately, one of the common challenges faced by property investors is attracting commercial tenants. This is because commercial tenants have a specific set of needs that are different from those of residential tenants. Here are a few ways to attract commercial real estate tenants and make sure they stay.
Secure the Property
Security is of prime importance to many commercial tenants. Hence, you should consider investing in security cameras, security guards, card access, and possibly more. Doing this provides peace of mind to your tenants, especially to those who work round the clock. For example, if your office building has tenants that work “odd hours”, you should consider hiring additional security.
Provide Shared Amenities
Are there spaces in your commercial property that you aren’t renting out? Consider turning them into shared spaces, such as conference rooms, or cafeterias. If most of your tenants (or your tenants’ employees) have children, you could turn your office building’s basement into a daycare center.
If you decide to provide on-site dining, be sure to offer your tenants plenty of options. You can tailor your menu according to the types of tenants that you have. For instance, if your entire office building is being rented by a call center, you should provide options for coffee.
Provide Parking
If possible, provide your commercial property tenants with parking spaces. If it’s impossible to provide each tenant with a parking space, you should at least provide easy access to parking. This is especially true if your property is in a highly-populated area. Not only will this attract tenants, but it will also encourage customers to come to your multi-unit commercial property. Be sure to select parking spots that are in well-lit areas if your tenants tend to work after-hours.
Offer Referral Rewards
Word-of-mouth is still one of the most effective marketing strategies. Encourage your existing tenants to refer you to their friends. In return for their successful referral, they’ll receive rewards such as rent discounts, restaurant perks, and so on. This, of course, only works when your tenants are satisfied with your services. So, before doing this step, you better start by performing a tenant satisfaction survey.
Survey Your Tenants
Are your tenants satisfied by your services? By conducting a tenant satisfaction survey, you can confirm if your commercial property management is a success. This is because there’s no one better to tell you how you’re doing than your tenants. This way, you can improve your services and increase your chances of having long-term commercial tenants.
Enhance the Interior and Exterior
Impress your prospective tenants by improving the appearance of your commercial property. This can be as simple as repainting the walls or adding a water fixture. If your commercial property doesn’t have landscaping at all, adding low-maintenance plants can be an excellent way to improve the facility’s appeal.
For more information regarding tenant improvements, contact MAC today!