Of all the avenues you can go down when it comes to investing in property, buying commercial needs to be at the top if making money is your priority. Why else does one buy a commercial space if not to make as much dollar as possible? Of course, getting the most out of your tenants is not as simple as financing your purchase, sticking a sign out the front and waiting for a queue to form (if only right?).
To get the rate you want (you no doubt have a figure in the back of your mind), what you need to do instead is some homework. You need to know what is going to be attractive to tenants, what is going to add value to their business and what will have them signing a long lease deal.
So, without further ado, here are some things you can be doing before you make your space available to potential tenants:
1. Know The Terms You Need
There is only one thing more time-consuming and costly than underpricing your space and that is overpricing it. Both of these can do your profits a serious amount of damage because no matter which you choose you’re losing money. To make sure you avoid falling into either of these pitfalls, find out what the going rate is for other spaces like yours, how their leases are structured and what the lease covers. What’s you know this, you will know how to make yours more competitive and attractive.
2. Added Extras Always Win
The more you can offer your potential tenants the more you will be able to ask for. Of course, that means knowing what your tenant’s value in a property, things that everyone will want. That could mean adding security services to the package, janitorial services, covering the utility expenses in the lease and offering little things like quarterly window cleaning. It could also mean offering short or long-term leases, which is something that may differ from business to business.
3. Time To Make It Look Great
Nothing is going to get prospective clients on your side more than a good-looking location, which is why you should invest a little in the appearance of your property. If you are proud of the building you are offering then, chances are, your tenants will be proud of it being their business location. It could be a lick of paint, new lighting fixtures, having a landscape gardener to keep appearances up, carpeting the place. Of course, it may not be worth agreeing to these changes unless a tenant agrees to a two-year-plus lease deal.
4. Use A Professional Service
Nothing is going to make your process simpler than working alongside a professional. But it isn’t just about ease of management, it is also about money. They will be able to speed up the leasing process, vet potential tenants, maintain relationships, appease and negotiate better rates, all while taking the stress away from yourself. These people make it their business to maximize your income, remember that.