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When it comes to commercial property performance today, vacancies can be a real problem. This is particularly the case in older properties. The tenants of today are looking for the best quality of premises at the most reasonable of rent. Given that many property markets are saturated with vacancies and properties to lease, the tenants looking for alternatives of occupancy have a broad selection of properties to choose from.
When a landlord is looking to lease commercial, industrial or retail premises, the market conditions must be carefully considered so that the tenants that are looking to relocate can be attracted to the property.
Aggressive and high rents will kill any property enquiry today. Landlords have to be realistic when it comes to lease terms and rental structures. Gone are the days of waiting for a tenant to make an offer on a high asking rent. Where the rent is too aggressive the tenants will most likely avoid the property and look elsewhere.
Here are some ideas to help you market a vacant property for lease today.
Talk to nearby tenants in the same building. It is quite possible that other tenants in the same building may require alternative space for business adjustment. It is better for that to occur in the current building than see them move elsewhere.Contact all the businesses in 1 km radius of any vacant premises. It is a known fact that most businesses relocate locally to preserve staff and customer convenience.
Internet listing of vacant premises is useful although you will be competing with many other properties in the same location. The drafting of the advertisement for the property should incorporate key words from the search engines. In this way the search engines will see the property advert more frequently.
A signboard on the property or the tenancy will always be of high value. When the signboard goes up on the property, talk to all the surrounding businesses in the street. It is remarkable how many local property leads you will get from that process.
Direct mail is always useful in our industry. It is actually more effective than email as a marketing tool. If you send out a letter, follow it up personally with a telephone call.
Database contact should be ongoing with every prospect and business person that you have identified. Every person in your database should be called at least once every 90 days. In this way you build relevance and personal branding.
In this property market it takes more effort to secure a tenant and create a lease. The deals that are to be done for a vacant premises, take longer to put together. As a commercial property leasing expert, create your plan of prospecting and marketing so you can talk to more people every day and find out exactly what property challenges they face.
John Highman is a leading commercial real estate coach who has helped thousands of commercial salespeople and agents promote and grow their real estate business. You will find many more helpful commercial real estate tips and strategies at http://www.commercial-realestate-training.com/
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