If you have a vacant space for lease that has been sitting on the market for too long, here’s how you can turn the limp space into profits.
Fine-tune your Marketing
Oftentimes, the reason a property or office space sits vacant for long periods of time is because the space is not properly positioned to attract interest from prospective tenants.
Who would be an ideal tenant in this space? What amenities do they generally seek? What value does your space offer them? Don’t leave it to prospective tenants to do the research. If you’re not talking about what’s important to the customer you want they’re looking at the spaces who do. Update your marketing materials. Speak to what the ideal customer really cares about – not what you’re trying to sell.
Spend Money to Make Money
Many building owners are hesitant to spend money updating a space. Fear that a tenant will demand a different color palette or require alternate space plan configurations only results in additional “lost” dollars. It’s here where we tell you to get out your calculators (and your wallet!) Let’s break down the money you’re really losing by not spending.
Consider the loss of monthly rental income for your vacant space. Now multiply that monthly amount by how long your space has been vacant. Scared yet? And if your space is vacant for another six months? Chances are the rental income you’re not receiving is worth the expense of presenting multiple floor plan options and a fresh coat of paint to attract new tenants. Getting your space filled quicker is what will ultimately save you money!
Set the Stage
Staging a commercial space is far different than staging a residential home. Homeowners want to envision themselves utilizing every square inch of the home, therefore, every room needs to be staged.
In commercial spaces however (and particularly office or medical spaces) potential tenants want to ensure the space works for their clients. In a space with five rooms, you only need to invest in staging one. While you want to ensure all five rooms are presentable, you can temper your upfront investment and provide the lessee the opportunity to envision what the other four rooms will look like.
Provide WOW! Factor
What is unique about your space? How are YOU different than other landlords around? When you put additional attention on one key element in your space it becomes a conversation piece, a memory maker, “proof” that you care about your property and reassurance of investments you will make in the property in the future.
Pick one and make it shine! The main entrance, the waiting area, reception rooms, anything that will produce an initial “wow” factor to the prospective tenant. This “wow” shows how different you really are and significantly increases the likelihood it will get rented on the first showing.
Design Your Monday has a successful track record working with building owners of investment properties. We understand the sensitivity to cash outlay to attract tenants. We work with you to make smart investments to the property while maintaining a focus on return on investment (ROI). If you want to turn your vacant space to profits, contact us today.