In today’s real estate market, it has become a challenge for retail property owners to constantly attract and retain new tenants. However, it is still possible to locate new businesses to occupy your commercial spaces using more creative and proactive hiring and leasing strategies.
Today it is no longer effective to wait for potential tenants to approach you. Instead, there is a growing need to sourcing tenants more aggressively through research and contacting prospects.
One method traditionally used by leasing agents is to target tenants in competing shopping centers. This technique has become even more popular in recent years, as startups looking for commercial spaces are harder to find. However, the downside to this method is that it makes it difficult to retain tenants as other leasing agents are likely to use the same methods, perhaps against you in the future.
Similarly, consider persuading your existing tenants to open second locations at different outlets. This can be a particularly effective technique because a business relationship has already been established between you and your tenant, making the tenant more likely to be willing to enter into a second lease with you.
Use new and creative list-building media
In the past, property listing information was disclosed to the broker community and the amount of information available to the general public was strictly controlled. Today, this type of information has become less proprietary and listing data is available to a wider range of people.
Consider using a variety of online databases to post information about your retail property, such as SpaceList, LoopNet, and Tweetlister, a Twitter-connected product. If you are considering trying the online auction, consider listing the property on eBay, which contains a category dedicated to commercial real estate.
Hold events
Another great way to draw attention to your retail property is to hold broker open houses. While it is common to offer refreshments at these types of events, some companies even include promotional gifts. However, it’s important to check your local brokerage laws to make sure your gift doesn’t violate any of them.
In the past, it was considered unorthodox to hold open houses when it came to commercial properties, but many brokerage firms have had success with this method. They can invite buyers and local residents who are considering starting a business or moving from another location to view the property. To advertise this type of open house, try sending press releases to nearby commercial real estate news outlets and local newspaper publishers, and post the event in the appropriate online forums.
When you need to bring more tenants into your retail property, don’t be afraid to be pushy and try a few new methods. Implementing a new strategy could lead to the long-term success of your commercial real estate investment.
