Attracting and retaining the best commercial tenants in today’s market can be challenging. With so many options available, businesses are selective about where they choose to set up shop. To compete effectively, landlords and property managers must offer more than just a prime location and favorable lease terms. Here are some tips on attracting and keeping commercial tenants in 2024 and beyond.
Utilize Creative Marketing Techniques
When marketing your commercial property, you need a strategy that makes a lasting impression and distinguishes your brand from the competition. Having a toolkit of creative strategies can help you close more deals and establish recognition for your company name in the marketplace.
Digital Advertising and Listing Platforms
Leveraging digital advertising and commercial real estate (CRE) listing platforms can be an excellent way to buy, sell, and lease commercial properties. These platforms allow you to list properties online with searchable listings and powerful marketing tools. Additionally, using social media platforms, like a Facebook business account, can further expand your marketing reach.
Take Perfect Pictures
First impressions are crucial, and that includes real estate. Captivate potential tenants with high-quality, attractive photos that spark interest in your property. Investing in a good camera or hiring a professional photographer can help you capture images that draw in potential clients.
Make Captivating Videos
Tap into your creative side by creating an engaging video tour of your property. Videos allow you to showcase specific angles and features that might not translate as well in photos, such as a stunning lobby. You can also enhance your videos with music or a voiceover to entice clients to visit your building in person.
Another great option is using a drone to capture aerial footage of the property and surrounding area. This technique provides various perspectives, helping potential tenants visualize their future neighborhood.
Maximize Efficiency With Technology
Technology can significantly enhance the visibility and efficiency of your property listings. It’s a valuable tool in real estate, enabling online listings, virtual tours, tenant request monitoring, electronic advertising, and more.
Virtual Reality
Virtual reality (VR) is a 3D computer-generated environment that allows for virtual property tours. This technology lets clients view multiple options without needing to travel and enables you to market and pre-lease properties before they’re built. According to industry experts, photos and 2D videos may soon be complemented or replaced by virtual and augmented reality.
E-closing
The closing process, traditionally time-consuming and paper-heavy, can now be handled electronically. With eClosing, all documents are filled out and signed online, with the closing made official through a video chat with an online notary. There are two eClosing options: remote online notarization (RON), where the entire process is digital, or hybrid eClosing, where part of the process is conducted digitally.
Offer Business Tenants Unique Amenities
Offering unique amenities can help your property stand out and become more attractive to commercial tenants. Quality amenities encourage employees to return to the office, attract reputable businesses, and boost tenant satisfaction, which can be crucial when lease renewal time comes around.
Give Them a Space They Can’t Refuse
As tenants return to the office, they’ll spend a significant portion of their day in their workspace. Providing them with a great location helps both you and them. Many businesses are looking for prime locations to impress clients and reduce employee turnover. Depending on the type of business, you can strategically place tenants on floors with complementary businesses or offer confidential spaces with less foot traffic, such as a law office.
Turn a Vacant Unit Into a Shared Amenity
Offering additional amenities is a great way to attract and retain tenants. If you have vacant spaces that aren’t leasing, consider turning them into shared amenities like a conference room, cafeteria, gym, or bike storage room. This not only encourages networking among tenants but also becomes a valuable feature that tenants consider when renewing their leases.
Sponsor Your Tenant’s Housewarming Party
Sponsoring a housewarming event for your tenants is a great way to network and showcase your property management skills. It gives potential tenants an opportunity to see how you can meet their needs and allows them to discuss directly with you what they’re looking for. Consider adding promotional displays, raffles, or branded welcome gifts to make a lasting impression.
Tips To Keep Commercial Tenants Satisfied
Maintaining your tenants’ satisfaction with your building is crucial for tenant retention. Unhappy tenants are less likely to renew their leases. Fortunately, there are many ways to keep your tenants happy, some of which don’t require significant financial investment.
Understand Property Market Trends
The real estate market is constantly evolving, so understanding market trends is key to keeping your property competitive. Market trends are influenced by factors such as location, economy, supply and demand, taxation, and legislation. Regularly collecting and analyzing data on these factors will provide the insights needed to make timely and effective adjustments.
Offer Flexible Lease Terms and Conditions
Flexible lease terms can be a smart choice for both you and your tenants, helping maintain high occupancy rates and consistent cash flow. Consider offering flexibility in areas such as space expansion, relocation within the building, or move-in/out dates. While flexibility can differentiate you from competitors, it’s important to establish clear policies in the lease to protect your interests.
Anticipate Tenant Needs
Tenants expect landlords to anticipate their needs, and they’ll notice quickly if you do or don’t. While you can’t foresee every need, focus on what you would want from a building: security, amenities, and a prompt response to maintenance requests and repairs. If you’re unsure whether you’re meeting your tenants’ expectations, consider conducting annual or semi-annual surveys to gather their suggestions and opinions.
Invest in Maintenance and Upgrades
Proactively planning and executing renovations, repairs, and updates ensures your property remains attractive to tenants and potential buyers. Regular maintenance of the building’s mechanical systems, adherence to regulations, and upkeep of common areas like sidewalks and parking can reduce accidents and potentially lower insurance premiums.
Build Relationships Through Communication
Effective communication with your tenants is essential for making them feel welcome and secure in your building. It’s also crucial for promptly addressing emergencies, such as a water leak or system malfunction. Consider hiring a property management team or investing in a tenant portal to ensure that all requests are received and addressed promptly.
Attracting and Keeping Commercial Renters in 2024
As we move through 2024, commercial real estate remains in demand for businesses of all sizes. To attract and retain quality tenants, property owners and managers must create an appealing environment with competitive pricing while aligning with their long-term investment goals. Customer service should be a top priority, with prompt responses to maintenance requests and adherence to safety regulations. With these strategies in place, commercial landlords can attract and retain good tenants for years to come.
For more insights and tools to enhance your commercial property management, visit VidTech.
