4 New Ways Property Owners/Managers are Finding Tenants and Filling Spaces
2018-01-10
A significant shift in commercial real estate is beginning to set up for next year, according to Realtor.com. Retail is looking up, believe it or not, and multifamily and industrial will continue its cooling off period as supply exceeds demand and profit margins continue to shrink.
As competition rises across sectors, owners and managers will be wise to ramp up their strategies to fill their vacancies. New tenants are out there, but how can commercial owners and managers find them? Here are four tips to put you on the right track to signing leases for new tenants in 2018.
Advances in technology like virtual and augmented reality, drones, and 3D tools can enhance marketing efforts, leading to quicker conversions. According to Forbes, companies like Layar and Matterport provide potential tenants with excellent options to view and interact with existing properties, while a company like Virtual Xperience allows tenants to see into the future using 3-D customization of potential new space. Commercial real estate professionals can use these advances in technology to secure new tenants before a shovel hits the dirt on a property. In addition, owners and managers can take advantage of these tools to customize color palettes, materials, furnishing and lighting conditions, so tenants can personalize and visualize the unbuilt spaces.
Using social media platforms like Instagram and Facebook, as well as connecting with aggregate sites can increase the marketing reach of your vacant properties. Ruby Media Group CEO Kris Ruby suggests the following ways that CRE professionals can leverage digital outlets: employ drone photography on Instagram, leverage influencer marketing, use Instragram Live, publish on LinkedIn, engage in Facebook groups, and Snapchat building amenities.
Stand out. It is important to take steps to make your property stand out by offering unique features that can expand the pool of potential tenants for a given property. For example, owners can renovate a building with green features like solar panels, smart technology, and energy efficient lighting. In addition, owners and managers can improve marketability by considering alternative uses such as virtual office space, conference room rental, access to small business counseling (SCORE), affordable and flexible lease terms, and other features to foster an entrepreneurial/small business environment, reports BiggerPockets.
Offer what the market demands. Another side to this coin is know the market. For example, multifamily and industrial space has posted strong numbers over the past years but experts see a leveling off of new construction due to saturated supply. On the other hand, a Realtor.com reports, retail has witnessed more openings than closings in 2017, rents are rising, and tides are turning in this sector. The CRE owner that is aware of market conditions like these will be able to better position a property to meet market demands.
