Vacancy is the bane of every owner’s existence. While there are many things that can lead to high vacancy rates, there are specific steps you can take to reduce the vacancy rate of your commercial property. If you are wondering which steps these might be, you are in luck!
Reduce the Vacancy Rate of Your Commercial Property
Let’s get started…
1. Keep it Clean
This first step is pretty straightforward – nice tenants want to rent nice spaces. Think about first impressions. They matter right? If your property/rental space is unkempt, believe us when we say, this will be a deal breaker for your potential tenant. Similarly, if the common areas of your commercial property are disheveled, believe us when we say that it will turn your potential tenant away.
2. Make Timely Repairs
One of the most common reasons for vacancy is infrequent or nonexistent repairs. Invest the time and the money that is necessary to keep your commercial property operating in peak condition.
3. Spruce Up the Exterior
In addition to keeping your commercial property clean, you need to properly maintain the exterior. This goes hand-in-hand with our first point. If the building or property looks like a mess, people will not want to conduct their business at your property – it really is that simple. Landscaping is also very important in attracting and keeping new tenants.\
4. Research Local Rent Prices
If you are finding that your tenants are not staying past their initial lease term, you may be charging too much rent or raising rent costs too much at the end of the lease term. Find out what your competitors are charging to see if you can offer your tenants a better deal.
5. Reward Existing Tenants
The best way to keep a tenant happy is to not raise the rent. Although you may need to increase rent over time, try to avoid this for as long as you can. This will encourage your tenants to stick with you and decrease the number of people leaving to find a better deal.
6. Offer Incentives
If your tenant is planning on leaving once their term has expired, try offering them an incentive to stay. For example, if they sign another year lease, offer them a reduction in one month’s rent.
7. Be Responsive and Attentive
Being responsive with your current tenants is one of the most important things you can do as an owner. Showing attentiveness with prospective tenants, demonstrates that you’ll be attentive if something needs consideration in the future. Simply stated: People tend to do more business with people who they feel more comfortable with and that they feel they can rely on.
8. Get to Know Your Tenants
As we’ve discussed in past blogs, building and maintaining a professional and friendly relationship with your tenants is so important. Take the time to learn more about your tenants and their needs and do your best to make them feel valued.
Final Thoughts
Finally, the best way to fill vacant units is to experiment and see what works. These eight tips are just a few suggestions to help you keep your current tenants happy and attract new ones to fill your vacant spaces. While your individual situation may call for some different ideas, this list will certainly get you started on your way to a full commercial property that is not only profitable, but also a joy to own.
