As a commercial property owner, having an unoccupied unit is both inconvenient and costly. Landlords often find themselves in a time crunch, needing to fill their vacant locations with reliable, qualified tenants as quickly as possible. But, unfortunately, there is no one-size-fits-all strategy on how to find a tenant for commercial property. Instead, it takes a tailored, custom approach to fill business spaces with the right type of tenant.
As one of San Francisco’s most highly reviewed commercial real estate companies, I have seen plenty of desirable business units sit vacant, not because they are inadequate, but because the approach to occupying these units could have been stronger.
So, how do you improve your commercial real estate marketing game and find ideal tenants for your units? I’m glad you asked! Below are some techniques for avoiding tenantless commercial property in San Francisco!
How To Find a Tenant for Commercial Property
Tapping into your existing client list is one of the most advantageous ways to find potential tenants. By offering a reward to any of your current commercial tenants for any rental referrals is an easy way to motivate your closest connections to provide you with contact information and warm leads. Whether it’s a discount on their next month’s rent or a lump sum of cash, your tenants will be more inclined to recommend your commercial properties if they too can benefit from the transaction. Ask yourself: how can I build trust with my current tenants and inspire them to vouch for my business?
Remember, word of mouth still accounts for 13 percent of all consumer sales. People trust the opinions of the people they know well, and it could be the secret to keeping your commercial spaces occupied.
MAKE THE MOST OF MOVE-IN SPECIALS
Offering free upgrades or move-in packages to potential tenants sweetens the pot and increases the likelihood that they will choose your unit versus a competitor’s. Depending on the resources you have available to you, some ideas include:
- Free internet/Wi-Fi for a year
- First month rent-free
- Waived application fee
- A welcome gift basket
- Upgraded appliances at no cost
- Catering from a well-known restaurant (for a housewarming party)
- A gift card to a furniture store
- Security deposit discount
UP YOUR PARKING GAME
In metropolitan areas like San Francisco, parking is often more coveted than any other feature in a commercial property for lease or for sale. Business owners want to ensure that customers can easily and conveniently access their location, and may be deterred if adequate parking options aren’t available.
If you have a property that you are having trouble renting, you may want to consider how you can combat this deal-breaker. If there is available space to increase the amount of parking at your property, it would likely be a worthwhile investment to hire a paving company and make the space usable for your tenants. Another option may be to partner with a nearby parkade to offer discounted rates for your building occupants, or reaching out to other businesses in your neighbourhood to see if you can avail of their parking. If their business has different peak times than yours, they may be willing to share parking during their slower hours of the day.
STRENGTHEN YOUR SECURITY
Business owners want to know that they are operating in a location that is safe and secure for their clientele. Offering on-site security could be the difference that sets you apart from other available rental spaces. After all, in order to know how to find a tenant for commercial property, you must first know what their greatest needs are.
If security is something that a lot of commercial properties in your area offer, or if it is a feature that your target market is interested in, you may want to investigate your options. Whether it’s having a security staff person on site during certain hours of the day, offering 24/7 security services, or including additional security features to make your tenants feel secure, these changes could be the deciding factor that tips the scale in your favor.
GIVE VIRTUAL TOURS A TRY
Let’s face it – business owners are busy individuals. Finding the time to tour properties and meet with commercial real estate owners isn’t always a simple task. By making virtual tours available to potential tenants, you make the property search process significantly more convenient!
There are plenty of 360-degree virtual tour photographers in San Francisco, including Invision Studio and 360 Bay Tours. While filming virtual tours will undoubtedly be an investment in the beginning, ultimately it could secure you the long-term, reliable tenants you’ve been looking for.
Still not convinced? It has been proven that listings on Realtor.com receive 87 percent more views if they include a virtual tour. And the more your competitors invest in these modern marketing methods, the more difficult it will be to compete. Why not give them a try and monitor the results for yourself?
If you’re looking for commercial office space for rent or a commercial real estate landlord in San Francisco, contact us today!