Are you a commercial unit owner or landlord – or considering investing in one? If so, almost certainly one of the biggest factors that you will be weighing up is how to find a tenant for the commercial unit – and make sure they’re the right one.
Ensuring that your commercial unit is occupied for as long as possible is important in the world of property rental – after all, when it is sitting empty, it is not earning you any money, although your mortgage payments and other costs are probably still having to be paid each month.
Here at Boxpod, we understand this necessity, and that is why we are here to help commercial unit owners and landlords to find their perfect tenants as quickly and easily as possible. And of course, vice versa, helping businesses to home themselves in a commercial unit that suits them perfectly – as quickly and easily as possible.
In the world today, there are a number of options available to you to find tenants for a commercial unit, and in this article, we are going to go through some of them.
Social Media, Targeting, and Sponsored Posts
For some industries, advertising online with social media posts, targeting, and sponsored posts can be a good option. Landlords can target businesses with particular demographics to help root out the kind of business that you are looking for as tenants – especially in terms of location, industry, size, and potentially other factors that are important to you and/or the business, for example, green credentials.
By creating a buzz around the property, you can attempt to attract more than one of those businesses and then look to get the best rental rate for you.
There are, of course, some downsides to social media marketing. The cost of sponsored posts and targeting can end up being quite high, and of course, you are bound by your own reach, potentially limiting how many businesses with see your commercial unit. In addition to this, social media can be a bit of a minefield when it comes to business users. You never really know who you are dealing with, so it is essential that landlords do their due diligence and checks before renting the commercial unit.
Trade Publications
Some industries have strong trade publications, and these can be a great way to reach out to businesses that are suited to your commercial unit. Newspapers, magazines, and websites often have a particular audience, and this can help to direct your commercial unit towards the type of business that you are looking to attract.
It is important to remember, however, that not all businesses will look in these publications, and it can also potentially block out other businesses that do not operate directly in that industry.
Another issue with advertising in a trade publication is that these will often be published nationwide, which might not be entirely cost-effective, especially if you are hoping to rent out your commercial unit to smaller, local businesses.
Word-of-Mouth
Probably the most traditional of methods is word of mouth. This ‘advertising method’ involves people telling each other of local commercial units that they know are available, and, of course, matching them with other people that they have heard of who are looking for a commercial unit to rent.
This is a great method, especially if you are hoping to find a local business. It enables you to look into that business’s local reputation and find out a little more about them. Having said that, it is not always a very reliable marketing technique, and you may not get people from very far around.
In addition to this, any rental agreements made from a word-of-mouth connection need to be carried out by yourself, and it is important to ensure that all the documentation is correct to help to protect yourself (and your tenants) as much as possible.
Digital Platforms
Digital platforms are one of the most effective – and cost-effective methods of finding commercial unit tenants. They have a very wide reach to potential tenants, with businesses looking for a commercial unit able to freely browse the website or app without needing to buy a magazine or publication.
Digital platforms enable potential tenants to search quickly for commercial units according to the criteria that are most important to them. It is also cost-effective for you to advertise on these spaces, especially given the reach and other services that can be provided. They can make it easy for businesses to compare data such as location, nearby amenities, and size, and enable landlords to add other information that would be useful to attract the best tenants for their property.
It is also common for digital platforms to provide messaging services, help with contracts, and credit checks, as well as information that is commonly sought.
Final Thoughts
When it comes to finding tenants for your commercial unit, the main focus area to think about is where you would most likely find the kind of tenants that you want. If it is in a particular industry, the size of business, and whether you want local business, can all have an impact on where you want to advertise.
There are, of course, other considerations that you will want to make – the cost, for example, how many people will be likely to see the advertisement, how easy it is to show all of the positives about your commercial unit, or any other services that might be included.
By making the right choice here, you (and your new tenants) will set off on the right foot, and hopefully build a long-lasting relationship that is beneficial to both of you.
If you are a landlord looking to rent out your commercial unit, why not take a look at our website here at Boxpod? Here you can list your commercial unit and ensure that you get the right tenants for you.
If you are a business looking for a commercial unit, you can browse the properties that we have here and hopefully find your perfect match!
So why not take a look today?