Commercial real estate marketing is the most important thing that you can do if you own commercial real estate. Things you need to do to market your property for lease are as follows:
Marketing Materials
Put together a professional flyer outlining the spaces for lease. A good flyer will have pictures of the shopping center or office building and the space, information on the space such as its size and dimensions as well as location in the property, a site plan of the property, demographic information about the market area, traffic counts of the adjoining streets, an aerial depicting the area and showing other traffic generators, and your contact information.
Leasing Signage
You should have a sign at the main entryways and corners of the property as well as a sign in each vacancy in the property which has your contact information. Always have these signs done professionally.
Vacancy Preparation
Showing the space in a positive light is tantamount when marketing it. Have the space thoroughly cleaned with old or stained carpeting removed if it doesn’t show well, the walls repaired and painted, and ceiling tiles and light fixtures repaired and cleaned. You can stage the unit to help in leasing it. If it is unlikely that the next tenant can utilize the improvements in the space, remove them and place the space in a “vanilla shell” condition. Remember to also make sure that the outside of the space looks clean and fresh.
Internet Marketing
A good commercial real estate marketing program advertises the available unit on the web by putting it in LoopNet, CoStar, Catalyst, eProperty, Craigslist or any of the other many internet sites including their own. Also, sending out email blasts to the brokerage community and to potential tenants is a must to get the vacancy known.
Advertising
Other forms of advertising would include distributing the flyer to potential tenants, placing fliers in a folder by the front door of the available unit, and placing an ad in a trade publication or the local and regional newspapers.
Trade Shows
Always attend the regional and national trade shows for the industry where there are always potential tenants to talk with.
Qualify Prospects
When you are talking on the phone to prospects always ask them qualifying questions prior to setting an appointment with them. Qualifying questions would include getting information about their experience, the type of business they want to open, how they are going to finance the business and when they want to open the business. Always put together a financial form and credit check form that a prospective client can fill out as a part of their qualifying to lease the space.
Treat Potential Tenants with Respect
Always return their phone calls as soon as possible. Be on time for appointments and ask qualifying questions as you tour the space pointing out the benefits of the space and discussing the market area and the buildings. Put a lock box on the space for ease of showings and convenience.
Lease Agreement
Make sure that you have a lease agreement that is acceptable in the community and for the type of property you lease. Also, know how to negotiate the various points in the lease or hire a professional to handle the matter for you.
