Attracting Business Tenants to Your Commercial Property in Santa Ynez, CA
Owning commercial real estate can be very lucrative for savvy investors. Although it takes a lot of work to manage a commercial property yourself, you can always partner with a property management company to lighten the load. When business tenants occupy your building, the profit you can make from their rental payments is substantial.
The key is to keep your building occupancy rate high so that you have plenty of paying tenants at all times. Whether you have room for just one business or five in your building, you must continue to draw in new tenants whenever there is a vacancy.
As a commercial property owner in Santa Ynez, California, you must employ some strategies to attract business tenants when you have a vacant unit or another company’s lease is ending soon.
Designing an Attractive Exterior
Though business owners will be primarily concerned with the inside of the building and how it can meet the needs of their companies, the exterior is a very important aspect of the property. Some businesses may rely on customers coming into their store or visiting the office for a meeting, so they care about the appearance of the building and the lot it sits on. For this reason, an attractive exterior can help you draw in business tenants when you have openings.
Some well-maintained gardens can add color and life to the outside. A commercial paving company can help you keep the sidewalks and parking lot safe and crisp for all visitors, including employees and customers. An outdoor patio with seating and shade will provide great spaces for employees on breaks, a trait that business owners will love. Prioritizing the outside of the building with great design and landscaping projects can leave a great first impression on potential tenants.
All the features in the world are useless if your building is not safe for tenants. Business owners do not want to face dangers or liability issues with their on-site workers and customers. As a result, they will prefer commercial properties that focus on safety, and there are several ways you can ensure the safety of your business tenants.
A risk assessment process can help you determine what safeguards must be in place. A solid plan for fire safety is crucial in a commercial building as well. If emergency services are close to your building location, that can also be attractive to tenants, though you will have little control over that factor once you own the building.
You can also invest in a top-notch security system for the building that includes restricted access, surveillance cameras, and alarm systems that can protect your tenants’ workers and customers while on the premises.
At the end of the day, clients need to know about your building if you want a chance of them signing a lease. While you can get the property listed on a real estate site, sometimes outreach is a better strategy for finding potential business tenants, and you need the right marketing plan to accomplish this. If you do not have a property management company that will manage the advertising for you, then you may need to run a marketing campaign yourself.
There are a few channels that can work well for commercial property owners who are looking for tenants. Social media is always a good idea, especially because you can easily share images of the property or short video tours on platforms like Facebook, Instagram, and LinkedIn. Visual media formats are compelling in the world of real estate.
Email marketing can also work if you have built up a contact list, advertising new spaces opening if a tenant’s lease is ending and they haven’t renewed. You could even invest in pay-per-click ads on relevant websites that will direct users to the property listing link.
Profit Depends on Rent, Which Depends on Occupancy
Being a commercial property owner in Santa Ynez, CA requires an understanding of this concept. You cannot make money if no rental payments are coming in, so knowing how to keep occupancy rates high is crucial. Between paying back the property loan, utilities, insurance, and other costs, you need a low vacancy rate to break even.
The strategies mentioned in this article can equip you to attract more business tenants to your property so the rental payments continue. Designing an attractive exterior will excite potential clients with a good first impression. A building with high-quality safety standards will reassure wary business owners that their customers and employees will be cared for. A solid marketing campaign can bring more attention to your property when you need additional tenants. Follow these methods, and you can continue to make a profit from your commercial property investment.