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You've considered different real estate investment strategies and decided that commercial real estate best fits your goals. After all, commercial real estate often comes with longer lease terms and higher rental prices.
The only problem? Like the rest of the nation, Westminster's commercial real estate industry is facing a slowdown. It's going to take creative property marketing and advertising to secure reliable tenants.
We're here to talk about how to reach your commercial real estate target audience and stand out from the crowd. Read on for marketing tips that can fill vacant properties.
Start with Property Improvements
If you're lucky, you bought a turnkey commercial property. Chances are, however, that your property could stand to undergo improvements.
Before you start tearing down walls and replacing floors, consider your asset management strategy. How much can you afford to spend on upgrades? With a limited budget, target the most important improvements, like replacing the HVAC system or fixing the plumbing.
Consider Alternative Uses
What if you could broaden your target audience? Depending on the type of property you have, you may be able to market it differently. For example, you might convert your retail space into a warehouse.
Before you start floating alternative uses, check the zoning of your property. Westminster zoning determines how a property can be used based on location. You will also need to ensure that your property is up to code for specific uses to ensure legal compliance.
Use a Variety of Property Marketing Platforms
To market your commercial property, you'll need high-quality photographs and videos showing off its best assets. Make sure you're portraying the property authentically while showcasing what makes it unique and desirable.
Then, it's time to reach as many people as possible with your listing materials. In addition to listing services, consider using social media platforms like Instagram and Facebook. Post a variety of content, including videos where you answer questions about the property or talk in detail about specific aspects.
Build Incentives Into Your Lease
Some types of commercial properties in Westminster have higher vacancy rates than others. Office buildings, in particular, have a high vacancy rate across the city. Building incentives into your lease can encourage companies to pick your property when they have plenty to choose from.
Great incentives to consider include:
- Tenant improvement allowances
- Rent free periods
- Expansion clauses
- Moving expense reimbursements
These incentives can help you secure tenants and build lasting relationships with them. In a slow commercial market, lease renewals are one of the best things you can strive for.
Need Better Property Marketing and Advertising? Call Team PMI Mile High
Commercial real estate can become a great asset, even in a tough market. The key is to use creative property marketing and advertising techniques. With the right strategy, you can stand out from competitors and find long-term tenants.
Team PMI Mile High is one of the few property management teams that specializes in commercial real estate. We can take your investment and turn it into a reliable source of passive income. Contact us today to learn more.
