As a property investor, you may have found that one of the most difficult parts of owning retail properties is finding a good lessee. There are wide selections of retail spaces on the market, so competition is tough. If you know how and where to find potential tenants, you will be successful.
Here are some of the most popular and most effective ways to find tenants for your retail property as quickly and efficiently as possible:
- Find Tenants on Rental Websites
You can always find business owners searching for retail space on websites such as LoopNet, CoStar, and Catylist. Look for ads posted in your area and contact anyone whose requirements match your retail space.
- Use Social Media
Whether searching for potential tenants who have posted ads looking for retail space, or posting your own ad marketing your space, Facebook and Instagram are some important resources that you should take advantage of. Social media is one of the best ways to reach more people with less effort and for very little money.
- Ask an Agent to Find Tenants for You
Many property investors have a specific commercial real estate agent they work with whenever adding new properties to their portfolios. Agents know the industry better than anyone else and they often have people contact them looking for retail space for lease.
- Offer Incentives
Potential tenants like the idea of getting something in return for leasing a retail space. If you are having difficulty leasing your retail space offer an incentive to new tenants that will persuade them to lease your property over someone else’s.
- Respond Quickly to Prospective Tenants
To be a successful property investor, you need to be able to respond quickly to your tenants’ needs. That also means that you need to respond to potential tenants quickly since many of them have already contacted a number of other properties in the area.
- Word of Mouth
Word of mouth in the property investment and leasing industry is a powerful tool that many investors don’t use enough. Spread the word that you have a retail space for lease and perhaps someone you know, know someone looking for a retail space.
- Place a ‘For Lease’ Sign in the Window
As simple as this sounds, a cheap hardware store “For Lease” sign can let passersby know that your property is available for lease and it can communicate with them your contact information and perhaps some information about your space.
Finding tenants for your retail space doesn’t have to be difficult if you do your research and post ads for your property where potential tenants are more prone to look. Use social media, word of mouth and a simple “Available” sign to get your retail space leased fast.
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