VTS Market provides that platform, enabling the real estate community to find and qualify spaces remotely. 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A repainting of the walls or installation of a water fixture can be used to accomplish this. There are many ways to attract quality tenants, such as promoting your space on social media, door-knocking, or providing a tenant improvement allowance. Alternatively, maybe the business owner seems in over his head with his plans and may be on track to fail. Unlocking the Potential of Your Commercial Property - LinkedIn When considering whether or not to hire a commercial real estate broker, be sure to factor in the cost of the commission. VR allows for virtual property tours, so clients can view several options without needing to travel. Also, they can help smooth out the leasing process with new tenants. From Drab to Fab: How to Transform Your Commercial Property to Attract Pro Tip: How can you improve your commercial propertys security? How to accomplish your goal Tenants are at the center of every CRE property. Maybe the renter has been rude and demanding in every conversation with you. Maintaining the building is extremely important to make sure that the buildings mechanical systems are up to date and that all rules and regulations are met. But by finding the right strategies for your business, you can minimize risk while still ensuring your properties have the requisite cash flow to continue to sustain themselves into economic recovery. With the COVID-19 pandemic limiting indoor shopping and e-commerce becoming increasingly dominant, retail property management businesses are in a tough position. Suite 2100 4 ways landlords can attract new tenants to their commercial property, How to Make a Commercial Building More Energy Efficient, Looking to Rent Gym Space? 14 Ways to Gain and Retain Quality Tenants - aspectrep.com At some point, the dam breaks, investors get back to work, and the cycle begins anew. HOW TO ATTRACT COMMERCIAL PROPERTY TENANTS(WHAT ARE THE RENTAL INCENTIVES MAKE TENANTS HAPPY)RELATED VIDEOSHow to attract tenants,How to attract tenants for . If youre a property owner with an unoccupied commercial space on your hands, there are various strategies you can employ to ensure it wont stand empty for too long. You can also use email to keep in touch with current tenants and ask them for referrals. Utilize Creative Marketing Techniques When it comes to marketing your commercial property, you need a plan that will truly make an impression and set your brand apart from the competition. At Upstream Property, our team of experts can negotiate these terms and incentives to help landlords create mutually beneficial arrangements that attract and retain quality tenants. Location is one of the primary concerns of commercial tenants. How to Attract High-Quality Tenants to Your Commercial Property Communication is also necessary if any emergencies need to be addressed immediately, such as a water leak or systems malfunction. How to Attract and Retain High-Quality Tenants in Commercial Properties One of the easiest ways to catch the attention of tenants is to improve the looks of your property. The following tactics can help you bring in and retain high-quality commercial real estate tenants. See how leading CRE organizations put VTS to work to digitize their operations, accelerate deals, and capture demand. PREIT's Crown Jewel, Cherry Hill Mall, Continues to Attract Best-in Make it worth the extra dollars. And in that same vein, brand recognition helps to attract new, high-quality tenants, digital tools that allow tenants to engage with you and their colleagues. Commercial Property Owners: 9 Smart Ways on How to Attract Long-Term The most popular amenity choices we are seeing right now in Dallas include demonstration kitchens, game rooms with golf simulators, Wi-Fi business centers with private co-working spaces and conference rooms, indoor and outdoor common areas, expansive fitness studios, private dog parks with a pet spa, on-site car wash, speakeasy lounge and bar areas, resort-style pools with surrounding grilling areas and fire pits and zen courtyards, to name a few. Many businesses are searching for a prime location to impress their clients and reduce employee turnover. One way to find out what your tenants want and need is by surveying them. Redevelopment of former Gulf Greyhound Park signs first retail tenants Investing in quality marketing materials can help you attract quality tenants. To lease shuttered restaurants, seek out entities that provide shared kitchens or delivery-only restaurants. How to Attract Tenants to Your Commercial Property - Clagett Responding promptly to maintenance requests, addressing concerns, and offering excellent customer service can help you build a positive reputation in the industry. 1. One platform, systems can even be sold to local municipalities, How Owners Can Activate Their Buildings to Maximize Summer Engagement, We brought VTS Rise to Apartmentalize 2023, Embracing Change: Navigating the Future of Work and Office Space, An Executives Guide to Evaluating PropTech, Forward-looking market data to inform your asset & investment strategy, Online marketing & listings marketplace to fill your spaces quicker, Software to manage your deals, leases and tenant relationships. Implementing mobile access is a win-winit frees tenants from pesky keycards and fobs and protects them from germs at the same time. This could include businesses that require large equipment, such as manufacturing or production companies, or those that need extra storage space, such as logistics or distribution companies. To conserve cash, consider barter opportunities and partnerships as well as enticing tenants at a different property to provide free or reduced-cost gift cards. First tower in massive Exchange Raleigh development tops out (Gallery) 750 North St.Paul St. say they are planning to increase the role of digital programming in their workplace strategy via, Attracting & Retaining the Best Tenants for Commercial Properties, Priority number one for CRE landlords is to build tenant loyalty by investing in the end users, or tenants, experience. This is true even in multifamily, which, unlike other asset classes like office and retail, continues to be supported by relentless tenant demand. With eClosing, all contracts are filled out and signed online, while the closing is made official through a video chat with an online notary. How can we get you in?". If youre willing to put in the work, your tenants and buildings will thank you. Some good business networking events to attend include Chamber of Commerce mixers, business association meetings, and trade shows. You can stretch a limited marketing budget further by conducting market research. There are many ways to do this, such as hosting events, sponsoring local teams or organizations, or participating in community service projects. Additionally, social media sites like a Facebook business account may also be used to expand your marketing reach. This will improve your property occupancy and attract new tenants. The way you position your offer is also critical. If it's particularly challenging filling vacancies because your retail property is in a poor location or other factors, it's important to be strategic and creative. You should also make any necessary repairs in a timely manner. Installing new lighting or HVAC systems. Be sure to include plenty of photos and detailed information about your property. By implementing a tenant experience platform like VTS Activate, you can meet professionals where theyre at by providing seamless online processes for every touchpoint imaginablefrom the room and amenity booking to touchless, keyless entryall accessible from a mobile device. The power created from these systems can even be sold to local municipalitiespresenting a potential new source of revenue for owners. For example, activate your building or office community with industry-leading order-ahead, delivery, and convenience services. From smart home features that give renters the ability to access lighting, lock systems or thermostats through the comfort of an app, to other offerings that help avoid the nuisance of maintenance and repairs, we should use this innovative technology to the advantage of our residents and tenants. Staying connected and in constant communication with professionals in your building has never been easier. How to attract commercial tenants Consider sponsored posts and targeted advertising on social media If you are looking to increase the visibility of a property and reach a wider audience, sponsored and targeted posts are the ideal solution. How to Attract Top Quality Tenants in a Tough Real Estate Market. Click here to read more: 6 When you are marketing your commercial space, it is important to follow up quickly with potential tenants. And you may not think you have a lot of control over who rents from you. Simply put, your building must provide a better experience to win workers away from the comforts of home. For additional information, check out our previous blog entry: How to Make a Commercial Building More Energy Efficient.. Use the information from your surveys and any follow-up to determine what the best incentives would be. Finding the best tenants for commercial properties requires a lot of work from CRE leaders. This renting trend also makes developers like us excited to look into new territories to invest in DFW (and around the country). Stephanie is a Content Marketing Manager at VTS. Doing a video tour lets you show off certain angles that may not translate as well over pictures, such as a dazzling lobby. ", Centralize your tech with the most connected tenant experience solution for office portfolios, See the industry-leading technology providers that integrate with our multifamily resident experience solution. Does your commercial office building ready to start welcoming new tenants? #1 Offer them an irresistible location. You want to find the best tenants for commercial properties that are both high-quality and long-lasting. If you do this, a commercial tenant is more likely to renew their lease when it expires. Be sure to create a website for your commercial space and list it on online directories. It may slow down in a broader economic downturn, but some major structural factors will keep this market healthy and growing in the long term. In todays world, potential tenants are searching for commercial space online. June 26, 2023 11:34 AM. Every asset. Smart Break Room Appliances. You might not think that cold calling will work in todays high-tech world, but it can still be an effective way to reach potential tenants. Smart-home technologyincluding locks, thermostats and lightingis an especially attractive feature in higher-end rental properties, and installation requirements are often minimal. Highlighting the unique features of your property can make it more attractive to potential tenants. But there are a few signs you can watch out for. Platforms like VTS Activate allow guests to receive and accept mobile invitations and confirm their identities before entry, creating a more secure and controlled environment for your tenants. As the workforce becomes younger and more tech-driven, property managers need to consider how to modernize the office experience to meet the expectations of a new generation of employees. Were there guaranteed security deposits? They also need a space where they can actually sell. How to Attract Tenants in a Tough Rental Market - Kerr Properties, Inc. You should also be prepared to answer any questions that the potential tenant may have. Not only does this make the office experience more enjoyable for employees, but it also removes unnecessary administrative burdens on management stafffreeing up time for work that matters. This adaptability not only future-proofs your investment but also positions you to attract a diverse range of tenants, ensuring consistent cash flow and maximising returns over the long term. Consider adding a promotional display or raffle or offering branded welcome gifts to stand out. According to BOMA, photos and 2D videos may soon be replaced by virtual and augmented reality. If the property could use a few improvements or renovations, dont delay the projects for too long. If you have one or a few vacant spaces that just arent moving, you could turn them into a conference room, cafeteria, gym, bike storage room, etc. Technology is a valuable tool for real estate, such as online listings, virtual tours, tenant request monitoring, electronic advertising and more.