If you own a commercial building, you know how crucial it is to keep it occupied. You have invested a lot of money on your property and it's only fair that you reap the reward. Lack of tenants will cause you to lag behind in your loan repayment and steal your reward.
Here are a few tips on how to keep your building occupied.
Use Space Wisely
Consider having several tenants instead of just one or two big ones. If you only have one tenant, and they leave, you are in trouble. Focus on subdividing your space into smaller offices for more tenants.
Getting the right size is also important. Don't make the space so small that the tenants feel cramped. Also don't make it too big for their needs.
Keep your building well-maintained
A run-down building where things are falling apart will repel tenants. Maintain your building regularly. Also consider occasional remodeling/facelifts.
These will make your building stand out and justify any rent increase. Simple paintwork on your building's exterior will do wonders.
Offer Something Different
Find out what other buildings in your area are doing and offer something different. This could be shared facilities such as conference and seminar rooms, kitchenette and internet connectivity. It could also be a service such as training for small businesses etc.
Make the rent pocket friendly for tenants by providing common facilities that they can pay for only when they use them. These include conference and seminar rooms.
Give a little Extra
Consider offering extra services such as trash removal, cleaning services and maintenance. Tenants may be willing to pay a little more for such services.
Respond to Market
If the market demands smaller offices, then respond by offering the same.
Offer Flexible and Friendly Terms.
Make it friendly for tenants by offering flexible lease agreement terms, small office size and a conducive work environment.
It is not enough to have good commercial property. It is equally important to get the information out there. It is this aspect that will make the difference.
You may want to consider hiring the services of a good 24 hour realtor to do the job for you. They will know the area well and will have networks that will help them reach prospective tenants. Plus, they will be consistent and proactive about anticipating vacancies and finding the right tenants to keep spaces occupied.
You can absolutely escape the nightmare of having a vacant commercial building. The trick lies in using your space wisely, responding to market needs, offering flexible terms, offering more than your competitors and using professionals to market your business. Contact an agency, like 24 hour realty san diego, for more help.