There is nothing more important to owners of commercial spaces than to rent them out and make good money. Unfortunately, unless you put in a bit of effort, you are unlikely to find a great deal for your property.
No worries, though. With these three valuable tips, finding the right tenant at the right rate is going to be easy. Ready? Here we go:
Find the Right Lease Rate and Terms
Price is going to play a huge role in getting that commercial space rented out. You don’t want to put off possible tenants by coming up with an overinflated rent rate. The key is to find a good middle ground between over and under priced.
Start by doing a research on going on rates for spaces similar to yours. Compare rates on spaces that include services such as janitorial, waste disposal, electrical maintenance as opposed to those that don’t include additional services. Ask about how the rates are structured and how long is the rent duration.
Making your rental rates and lease terms attractive can make all the difference in getting your space occupied quickly—and bringing in money.
Make the Space Appealing
Keep in mind that people will pay extra for a good-looking location. Before putting out that “for rent” sign, check for areas you could make even more appealing. It may be as simple as adding a fresh paint, repairing a few broken hooks and hinges or as complicated as adding drawers, cabinets, carpets, etc. The important thing is that when a potential tenant looks at your space, they won’t find anything they can use to lower down your already established rent rate.
Work with a Pro
Now that you have the rental terms figured out and added a few touches to make the space even more appealing, the last thing you need is to advertise your space to find the perfect tenant.
It’s easy to just do it on your own but if you want to get the best deal, you’d want to work with a Pro. Look for property consultants and real estate partners such as FSouq or RECA to ensure you don’t lose money on a deal that puts you on the losing end.
They have years of experience working with clients like you so you can rest assured you’d be taken care of.
Give them a call or chat with a representative so you can have any questions answered right away.
You can make the whole process simpler by working with a professional.
“In some markets, simply posting signs will quickly lease a space,” Brian said. “However, in most markets, good commercial real estate agents have access to databases, tenant contacts and other agent relationships that are critical in getting spaces leased.”