Different Ways to Find CRE Tenants
Investing in a commercial real estate (CRE) property is a smart choice. When you find a great building in an ideal location with amenities, this is ideal; however, if you are unable to bring tenants into your building, your CRE investment will not be profitable for you. Your ROI (return on investment) relies heavily on the income you will receive monthly/quarterly/yearly from tenants. Once landing a CRE property, your goal is to focus on marketing to prospective tenants and keeping quality communication and relationships with current tenants to ensure you will have secure cash flow coming to you to cover your expenses, taxes, insurance, and to make a profit.
If you are new to owning and/or managing a CRE property, finding tenants can be a struggle. Our team at HOWE Real Estate wanted to share with you the different ways and marketing methods you can do to attract and secure clients so you will have little to no vacancies in your property.
Referrals – Spreading the word about your CRE property is a great method to find tenants. Many industries rely on word of mouth and referrals to get a bulk of their clients. This is a cheap (if not free) way to circulate info about your property. Talk to current tenants, prior tenants, business associates, friends, family, people at networking events, and coworkers who may want to be potential tenants or know someone who would.
Social media – Everyone is on at least one social media platform these days. With just a few clicks, you can easily (and for free) share information about your property through a social media platform like Facebook, Instagram, or LinkedIn. Friends can share your info on their pages, as well, and spread the news to an even larger audience.
Signs – Never underestimate the power of a “for rent” sign, especially if your property is in a busy area. Sign-advertising, even in 2019, is a big marketing strategy and lead generator when finding tenants. You can place the sign on your property or elsewhere in town where people can easily see it.
Classifieds – Advertise your CRE property vacancies on Craigslist or Zillow. Most people search online listings for real estate options. It’s easy to create a listing and an affordable option.
Online newspaper Ads – Sure, people don’t read newspapers like they used to, but people still turn to newspapers for local information and news. People will look at their local newspaper to find ads for things they need or want in the area.
Property management company – Property management companies are experts in finding tenants. This may be a more expensive option, but these companies know how to market your property, find quality tenants, screen tenants, and more, which will free up your time a lot while making sure you have 0 vacancies.
Incentives – The CRE market can be competitive, so a good way to stand out from other CRE properties is to offer incentives like a free month or two on a lease or a good first-year rate.
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It’s critical to master the ways of finding tenants, or else your CRE property will not be making you a decent profit. Our team at HOWE Real Estate can help you find a great CRE property that will help you in the process of attracting quality tenants.
As CRE brokers and commercial real estate experts, our team at HOWE Real Estate is happy to help you find a CRE property. We want to help you reach your financial goals with any CRE investment. We have extensive experience in the CRE market. We strive to provide the highest level of service available to you.
At HOWE, our ability to get creative with new solutions to old problems has made us a leader in commercial real estate. Our commercial real estate brokerage, real estate development and consulting services across all market segments. This includes retail, industrial, office, investments, land, mixed use, development and multifamily.
Let our team of professionals at HOWE Real Estate help you get started on looking for a commercial property for sale. We work with buyers, sellers, lessors and lessees across all property types. To contact us, send us an email or call 502-890-4475.
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