Commercial vacancy doesn’t do your bottom line any good. Anybody who owns a commercial building or rental property knows that the goal is to have that space leased out, always. If you are a commercial rental property owner who is struggling with drawing in high-quality tenants or long-term leases, you could use some new direction. Now that the end of the year is near, perhaps it is time to set your sights on increasing your commercial building or rental property vacancies for 2022.
Continue reading to learn some real estate tips that may help spark more interest in the local market and attract more tenants to your rental property.
Rental Property Leasing Tips for Landlords and Commercial Building Owners
If you want to fill up your vacant rental property space as fast as possible, try implementing these tricks of the trade! You can reduce your 2022 rental property vacancy and finish the year with a higher level of success than ever before!
Remember That Price Accuracy is Essential
It is important to price your rental property just right. Although you do not want to attract bad commercial tenants, pricing your rental too high can narrow your potential market substantially. By pricing it too low, not only do you risk a series of unreliable applicants and/or tenants, but you also pose the risk of not covering your overhead costs, which can be even worse.
Do not guesstimate your rental price. You can better value your rental property by doing a little research. Examine the local, comparative market to assess the square footage-to-price ratios, inclusive amenities, and rental histories. Your final rental price should be competitive enough to attract the right pool of tenants, whether commercial or residential.
Refresh Your Listing’s Visual Appeal
Technology is fast-evolving, and photography is no different. If you have not taken recent pictures of your rental property, consider re-doing them with a better degree of photogenic appeal. Take new pictures of your property with enhanced photography services and editing. This approach can make your space look more attractive and modern, and therefore, increase market interest. Adding in a 60-degree virtual tour of your rental space is a wise choice, as this feature is a top-amenity for both commercial and residential applicants.
Do you already have recent pictures on your rental space listing or brochures? Perhaps you need to take new ones to showcase different angles and areas of your rental space. Do not forget to take pictures of any outdoor areas. This approach can help to attract new applicants by providing a different perspective.
Advertise a Leasing Incentive
Many rental properties, both commercial offices and residential, offer an incentive for anyone who signs a long-term lease. Consider adding such incentives to attract, not only more applicants, but the right kind. Incentives that have proven effective for other rental property companies and landlords include:
▷ 1 Month Free Rent
▷ Free Internet or Cable for 1 Year
▷ $100 Gift Cards (Restaurants, Gas, Amazon, etc.)
▷ Free Television Set
▷ Free Reserved Parking for 1 Year
Remodel or Renovate Your Rental Space
You can attract more tenants to your rental property through strategic commercial remodeling. Update the curb appeal, function, flow, and technology of your rental, plus incorporate new additions like outdoor gathering spaces and enhanced security. Additional renovations or additions that are suggested to increase tenant interest in rental properties include more parking space, more natural lighting, pet areas, touchless technologies, renewable energy applications, communal spaces, on-site dining, elevators, escalators, fitness centers, and swimming pools. A seasoned Indiana commercial general contracting company can help you achieve these goals.
Have you decided that a commercial renovation or remodel is the right move for attracting new tenants to your Indiana rental property? Contact BAF Corporation at 317-253-0531 for superior commercial general contracting services for tenant improvements in Indianapolis, Indiana. We serve commercial clients all throughout the state.
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