Do you have a commercial property and are looking into attracting commercial tenants? Searching for the right commercial tenants can be overwhelming and even stressful, especially if this is your first time. This page provides an ultimate guide on finding and keeping commercial tenants. We will go over the best places to find commercial tenants, what to look for in a good tenant, best practices for attracting tenants, how commercial cleaners can help, and more! Looking for more information on cleaning for your commercial property? Contact Kitchener Clean today!
Commercial Tenant Search - How To Find A Tenant
This section provides information on everything you need to know when looking for a commercial tenant. Finding the right tenant for you and your property is important! Knowing where to look for a tenant and how to find a great tenant are both important first steps.
The Best Ways to Find Commercial Tenants
If you are just about to lease your commercial property, your biggest question may be, "How can I find commercial tenants?" There are many different methods that can work for you. You may choose to use one or a combination of these ideas to attract tenants.
Advertising - Advertising can come in many different forms, and all vary in price. Posting an ad in the local newspaper, putting a sign up on your property, creating and distributing a social media campaign, or even broadcasting a radio advertisement are just some of the many ways you can advertise your property to potential commercial tenants.
Target Business Types - If you can determine what type of businesses are the most active and important in your area, then it might be a good idea to target those types of businesses. Look at your space and see what type of business would thrive in it, and then advertise specifically to those types of businesses.
Mail or Brochures - Good old snail mail is still a great way to find tenants. Send out flyers or brochures to businesses and be sure to include all relevant and updated information about vacancies.
Keep your building maintained - Keeping both the outside and the inside of your building well maintained and attractive both from a distance and close-up will help attract and bring in more potential tenants - especially if you have a vacancy advertisement right on the building,
Calling - Though this may not be everyone's first choice, if you are still having trouble finding commercial tenants, you may want to try flipping through a local business directory and call businesses over the phone. It may take some time to get a lead, but you never know which business is looking for a new commercial property.
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Companies Looking For Retail Space
How do companies looking for retail space find the best commercial landlords and properties? How can those looking to lease their commercial property use these resources? There are many online databases that list local commercial listings. This is great news for landlords and tenants alike. The following outlines the pros and cons of three great commercial real estate listing sites.
42Floors.com is an easy to use search engine that lists commercial properties in your area! This is a great resource for both tenants and landlords.
Pros: User-friendly search engine and website, very easy to find your city (search engine appears immediately), has many Canadian cities, free to add your listing to the site.
Cons: Lack of recent Canadian listings - for example, many listings in the Toronto area were older or outdated.
Officespace.com offers a wide variety of different office spaces, from large scale properties to small spaces for smaller local business.
Pros: Offers many types of commercial properties, easy to use and user-friendly, offers both free and paid listing options (paid allows you to easily connect with prospective tenants), provides lots for lease and for sale.
Cons: Limited listings for Canadian cities, even big cities such as Toronto, only lists office space lots.
> CBRE canada
CBRE Canada (Commercial Real Estate Services Canada) offers a search engine on their site for both commercial properties for lease and for sale.
Pros: All Canadian - unlike many other commercial property search sites, this includes all Canadian listings, making it easy to find what you're looking for. It also allows you to specify your search for many types of commercial properties such as office, retail, industrial, and more.
Cons: Site is not as user-friendly as others and it may take some time to get used to using the search engine.
Now that you know some of the best ways to find a commercial tenant, what happens when applications start rolling in? How do you know when you've found the right tenant? Crunkleton Commercial Real Estate Group lists the top 5 traits of a good commercial tenant:
Good Finances - Having financial strength is an important factor when looking at your potential new tenant. The right tenant for your commercial property will be able to make payments on time without leaving you worried or stressed out when payments are due. It's important to look at financial history and credit history in all potential tenants.
Good Business Plans - Good finances are not enough on their own. A great tenant will have a business plan in place that will leave you feeling secure that their business will be okay in your area.
Think About Existing Tenants - Will your new tenants and their business complement the other existing tenants in your building? Will there be any foreseeable conflicts? Even if you do not have any other tenants now, it is important to think about the future and what types of businesses and tenants you are hoping to attract.
History of Success - The best tenant will have a history of successful business operation. When looking for a good tenant, it's important to feel assured that they know what they're doing when it comes to business and will not be leaving without notice.
Cooperative - When looking for a good tenant, you want to ensure you've found someone who will be cooperative and supportive of your commercial property. If you get the sense that a potential tenant is going to cause problems down the road, it might be best to look for someone else. You need to choose someone who you can see yourself getting along with, even if it is just on a business level.
When leasing your commercial property to tenants, you may both be wondering who is responsible for maintenance? Unfortunately, there is not just one right answer. This is because it depends on the commercial lease, which may vary from landlord to landlord. It is important to have clear guidelines stating who is responsible for what in your commercial lease to avoid potential conflict.
In most cases, general maintenance and janitorial/cleaning services are the tenant's responsibility. Most leases place landlords in charge of structural repairs. If you want to ensure your commercial property stays clean and maintained, consider hiring a commercial cleaning company to take the worry off the clients. Managing the maintenance also gives you the opportunity to know the property is being well taken care of.
What are the "dos and don'ts" of attracting commercial tenants? What are the best practices on your part? Potential tenants will also want to ensure that they are working with a great landlord. Here are some good practices for you as a landlord.
Communicate - Communication is important on both ends. Make sure you communicate well with your tenants. Unspoken expectations can cause huge, unnecessary barriers and conflicts later on.
Documentation - A good landlord will ensure documentation is organized and all official and legal documents, such as the lease, are signed. Everything must be in writing!
Great Customer Service - As a landlord, you are providing a service, which means that you are the customer service! Just as you would expect great customer service, you should also give good customer service to your tenants. Remember that leasing your building is a business transaction. Try not to let emotions get involved.
Reasonable & Keeps Distance - Like a good tenant is cooperative, you too should be cooperative and reasonable. Understand that mistakes may happen, and ensure you know the difference between normal 'wear and tear' and actual damage done by your tenant. Remember to keep your distance and not become overly involved - visiting your lot every week to "keep an eye on things" can make your tenants feel uncomfortable.
Maintenance - Maintaining your property is a great way to make tenants feel respected and will help to attract tenants in the first place! One great way to show that you care about both your tenants and the property that they will soon be working in is by hiring a trusted commercial cleaning company. A clean office space will make tenants feel much happier about you as their landlord and about the space they are paying for.
Looking for and attracting the perfect commercial tenants can be a challenge. One of the best ways to show that your property is a great choice for business owners is by keeping it clean and well maintained.
Tenants will easily see the difference between a landlord who cares for their property and one who does not.
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