Commercial properties are a great investment that can generate money for many years to come. However, this can only be done if you have enough tenants. Unlike residential tenants, commercial tenants are going to have specific requirements and needs that you should accommodate in order to retain them. Once you take the right steps you will notice that more and more tenants will flock to your property.
This is also a great way to keep many stable tenants in the long run. In order to take the right steps towards achieving this, you have to understand what it is that commercial tenants are looking for in the first place. Here are the best ways to attract and retain good commercial real estate tenants.
Choose a location that cannot be refused
One of the biggest reasons why some commercial properties fail is because the location is extremely inconvenient. This is perhaps less important for residential properties, however a business that is trying to rent a place is going to want to maximize their traffic based on their location. No one wants to visit an extremely remote shopping mall or a store. Apart from this, it is also important to provide a location that is going to be strategically relevant.
For instance, a pizza place is not going to benefit much from being located next to an existing Italian restaurant, however a sportswear store next to a local sports center might benefit immensely. That is why it is important to learn about your target market first and then research the local area so that it can best suit your potential tenants’ needs.
Provide good internet connection
Businesses have to communicate and offer their services online. That is why it is extremely important to implement a fast and reliable internet connection. An enterprise level plan might suit your demands most optimally. This will usually offer high speed WI-FI along with fiber optics for the fastest connection available. Along with this you will get non-stop support and customer service.
This allows your tenants to be more worry-free while renting out your property. Investing into a good internet connection plan is going to provide you with enough resources to split your network for both the businesses and their visitors. In addition, if you set up the network properly it will be secure enough for everyone to use it.
Make good use of empty spaces
In developed countries like Australia people are quite used to seeing shared amenities and benefits that come with rental properties. This is simply a big part of the modern real estate business strategy that attracts many people. No one likes to see a vacant lifeless place in a commercial property that is supposed to be full of activity and traffic. You can easily make use of empty spaces in your property and transform them into effective shared environments to be offered as amenities.
You can choose to offer these places for work such as conference rooms or for fun networking opportunities and rest such as cafeterias. If this is the case you will want to pay extra attention to the interior and make it charming. You can give your cafeteria a unique look by getting some of the finest bentwood chairs from Melbourne that will instantly transform any plain looking space into a cozy environment full of life. This will allow you to attract more new amazing people by allowing them to network in a welcoming stylish place.
Ensure a high level of security
Since businesses are susceptible to robberies and other incidents it is important to offer security in large commercial environments. This will allow you to attract new tenants by simply making your establishment safe and trustworthy. You can do this by investing in security cameras, card access, secure storage areas, good lighting for optimal visibility, and security guards. This is going to especially resonate with tenants that keep their businesses open until late hours.
Use digital marketing
Once you have all these incredible features to offer, it is important to understand that the majority of your tenants that you will ever have, are going to come in contact with you using online media. Digital marketing is an absolutely necessary step for putting your property out there.
Make sure to create a webpage and leave your contact information. In addition, you can create a Google Business profile that is going to help people locate you easily on the map.
Final comments
There is a huge demand for convenient and high-traffic commercial properties. This is a great investment if you know how to attract and retain stable tenants. Luckily, there are a few steps you can take right now to make your property the ultimate choice for many new tenants. Choose a convenient and strategic location that is going to benefit everyone.
Provide excellent internet coverage to keep everyone connected. Transform vacant places and offer them as shared amenities. Keep a high level of security. Lastly, market your property online using a custom website and a Google Business profile.
By Mike Johnston