So you’ve purchased your first property, now you need a tenant. Follow these commercial property marketing guidelines to create a targeted campaign.
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When trying to market a vacant property, you need to ensure you’re targeting the right tenants otherwise you could be paying for an ineffective service. “It is important to understand the target-tenant’s perspective when marketing vacant premises and trying to attract tenants to available properties,” says Neale Petersen founder and publisher of Real Estate Investor.
He adds that you’ll need a mixed marketing strategy to promote your vacant premises. Otherwise your marketing might be missing your target altogether.
Related: What attracts next-gen tenants? Consider these vital factors
“It is important to understand the target-tenant’s perspective when marketing vacant premises and trying to attract tenants to available properties,” says Petersen.
Here are a few ideas to consider when setting up and implementing your commercial property marketing campaign:
1. Understand who your tenant is
You need to know what motivates your potential tenant and why they would choose your property over others. Petersen reveals the following factors you should take into account:
- The traffic, transport and connectivity infrastructure around your property.
- The location of your premises relative to suppliers, complementary service providers, competitors, other amenities, entertainments and service centres.
- Available parking.
- Rental rates.
- The range of usable area within a building.
- The age of the building.
- The interior and exterior design and appearance of the premises.
2. Use as much free marketing as you can
You can reach people all over the country with both your online listings and social media posts. Green Residential, a Houston property management company, says, “As a landlord, your best friend should be the Internet. Never before has there been a more direct channel for landlord and tenant interaction.”
Just take a look at how international commercial real estate agencies are using Instagram to display their properties and engage with potential tenants.
Mathew Bushery of Placester, offers the following tips for writing your real estate copy:
- Be specific.
- Create a story to engage potential tenants.
- Keep your target market in mind.
- Get feedback from your tenants, once you’ve built up your tenant base, to see which posts resonated with them the most.
- Make your copy stand out from the pack.
Related: 4 Questions you need answers to before buying commercial property
3. Networking can help you understand your customer
It’s important to know who your building matches and why. “You must always be listening and taking mental notes about what people care about and then step into their shoes to figure out what would make them feel special and cared for,” says Michael Carucci, Boston real estate tycoon. Once you know this, you can really focus your marketing on the people that are looking for your building.
4. Know where your potential tenants are heading
Once you understand your potential tenants and their property needs you can understand their future space requirement.
According to Petersen here are a few questions you can ask to uncover your tenants’ growth path:
- What business, sub‒sector and sector is the tenant in?
- What does the tenant’s financials tell you about their business?
- Are they growing or shrinking?
- Is the tenant’s staff complement growing or shrinking?
- Is the tenant seeking additional capital or recapitalisation of their business?
Additionally, keep your eye on your tenants sector. If they’re doing well then they’ll remain stable, if they’re doing poorly it means they could become unstable, which increases your risk. By understanding your tenant you can offer them the best possible deal, which will ensure they stick around for years to come.
- Understand who your tenant is.
- Use as much free marketing as you can.
- Incorporate networking into your research methods to gain more tenant insights.
- Know where your potential tenants are heading, so you can help them get there.