Have you ever driven down a street and thought to yourself, ‘that property has been available and vacant for a long time’? Has the signage perhaps faded from being exposed to the elements? Well, there is probably a reason why that is.
Many landlords and developers alike have a reputation either for having good product or for having space available that is subpar. Those that have the better product often do not have For Lease signs in the windows or on the front lawns of their buildings.
Here are 5 things that differentiate between real estate that successfully attracts tenants and properties that sit vacant more often than they are full.
Five things that successfully attracts tenants:
- Amenities… whether it be strong parking ratios, natural light, elevators, or up-to-date technology for an office user; high ceiling height, access, compound and dock, grade and drive-through loading for an industrial tenant; or strong visibility, parking, and residential rooftops in the area for a retail tenant, the more of these items on your checklist, the better your chances.
- Cleanliness… presentation and first impression go the distance in where your property ranks among others. In all markets, how a space “shows” determines where tenants want to spend the next several years operating their business.
- Deferred Maintenance… if something needs to be repaired, spend the money and do it before the property is viewed and several sets of eyes take a pass on it as a result of poor upkeep with items that should have been attended to left incomplete or in a shoddy state of repair. Failing to do so will immediately cause tenants to question whether this is a common theme with the landlord.
- Marketing… using as many online and social media platforms as you can simply increases your exposure to the public and covers off anywhere a tenant might try to find your property. Ensure as well that you are represented by a broker or agent who uses these platforms, and who also has the knowledge to answer all questions that may arise not only about this property, but about the market in general. Knowledge sells and cannot be replaced.
- Ongoing Care… your success as a landlord is often a result of your reputation throughout the term of a lease in regards to how you take care of tenants’ needs and how you are there for them. Do your best to handle small requests and manage things in a professional manner. Even if some of these asks cost you money, they may go along way to maintaining and keeping your tenant versus having to look for another one, which will likely have a more negative impact due to loss of income.
Attracting and keeping tenants takes work and attention to detail. These 5 points are essential in leasing success and keeping spaces full and cash flowing. Good luck!