Commercial real estate is a lucrative business to be in. That is because companies are always looking for new and improved office space, retail locations, and other commercial property types to lease. As a business owner or operator, you have the opportunity to provide that space for them. The competition is fierce, though. Here are 25 tips to become a successful commercial property lessor.
1. Do your research.
It’s essential to know the ins and outs of the commercial real estate market before you start leasing out property. That includes understanding zoning regulations, property taxes, and standard lease terms, among other things.
2. Know the law.
There are a lot of laws and regulations governing the commercial real estate industry, so you must know them inside and out. That includes fair housing laws, health, and safety codes, and zoning regulations.
3. Find the right location.
The success of your commercial leasing business will largely depend on the locations of your properties. You want to choose areas in high demand, have good visibility, and are accessible to potential tenants.
4. Invest in quality properties.
Another key to success is investing in quality commercial properties. That means well-built and well-maintained properties located in desirable areas.
5. Price your rentals competitively.
To attract tenants, you need to price your rentals competitively. That means knowing what similar properties are renting for in the market and pricing your own accordingly.
6. Offer perks and amenities.
Tenants are always looking for extras, so it’s vital to offer perks and amenities that will make your property more attractive than others. That could include on-site parking, a fitness center, or a conference room.
7. Promote your properties.
You can’t just sit back and wait for tenants to come to you — you need to promote your properties actively. Through online listings, print ads, open houses, or even word-of-mouth marketing, you can do this.
8. Have a website.
In today’s digital world, it’s essential to have a professional website for your business. That is a great way to showcase your properties, share information about your company, and attract new tenants.
9. Use Google AdWords.
Google AdWords is a great way to attract attention to your website and get more traffic from potential tenants. Using keywords related to your business can ensure that your website appears at the top of search results.
10. Use direct mail marketing.
Direct mail marketing is still an effective way to reach potential tenants and promote your business. You can generate leads and interest in your properties by sending out postcards or flyers.
11. Use referral programs.
Referral programs are a great way to generate new leads and promote your business. You can increase awareness and grow your client base by offering incentives to customers or clients who refer others to your business.
12. Use social media.
Social media is a great way to connect with potential tenants, promote your properties, and build your brand. Be sure to have an active presence on Twitter, Facebook, and LinkedIn.
13. Speak at industry events.
If you want to get involved in the commercial leasing industry, consider speaking at industry events. That is a great way to share your knowledge, connect with other professionals, and promote your business.
14. Advertise in trade publications.
There are many trade publications for the commercial real estate industry, such as Commercial Property Executive or GlobeSt.com. You can reach a large audience of potential tenants by advertising in these publications.
15. Attend trade shows.
Trade shows are another great way to connect with potential tenants and promote your business. These events bring together all types of companies in the commercial real estate industry, so it’s a great place to network and market your properties.
16. Have a solid lease agreement.
To protect yourself and your property, you must have a solid lease agreement. That should spell out things like the length of the lease, rent amount, and any rules or regulations regarding the property.
17. Be responsive to tenant needs.
If you want to keep tenants happy (and prevent them from moving), it’s essential to respond to their needs. That means addressing maintenance issues quickly, being flexible with leases, and offering excellent customer service.
18. Invest in property management.
If you don’t want to deal with the day-to-day tasks of being a landlord, you can always invest in property management, such as an office building management service. That will allow you to focus on acquiring new properties and leave the management to someone else.
19. Keep up with trends.
The commercial real estate market is constantly changing, so staying up-to-date with the latest trends is essential. That includes things like new construction projects, changes in the economy, and technology advancements.
20. Join professional organizations.
There are many professional organizations for commercial real estate professionals, such as the National Association of Industrial and Office Properties (NAIOP) or the International Council of Shopping Centers (ICSC). These organizations offer networking opportunities, educational resources, and industry news.
21. Get involved in your community.
Another great way to promote your commercial leasing business is to get involved in your community. That could include sponsoring local events, being active in the local Chamber of Commerce, or donating to local charities.
Commercial leasing can be a lucrative business, but it’s essential to stay up-to-date on the latest trends and best practices to be successful. By using the tips provided, you can increase your chances of success in this competitive industry.