Greater Atlanta's commercial real estate has been seeing a record number of vacancies in the past few years.
If you're a commercial property owner in Suwanee, high vacancy rates are a major concern. To run a successful commercial property, you need to find good tenants and do everything you can to keep them happy. When businesses are happy at their location, they're never keen to leave.
Today, we'll give you some tips from successful commercial property managers. Successful commercial real estate is so much more than timely rent collection. Keep reading and we'll guide you away from rental vacancies toward tenant retention and high ROI.
Take Marketing Seriously
If you're going to avoid rental vacancies, you need to tackle the problem head-on. By investing in strong property marketing, you can appeal to a wide range of commercial renters.
There are numerous factors behind the high vacancy rates in Atlanta, but there are still businesses out there looking for space. You need to make sure you put your commercial property in front of those businesses.
Start with your property listing. Take lots of professional-quality photos of your commercial space, then write a thorough listing that leaves nothing to the imagination for prospective renters. If need be, invest in things like SEO and paid ads to cast as wide a net as possible.
Screening Businesses Thoroughly
When your property marketing efforts are successful, you should have plenty of applicants. The next step is arguably the most important part of commercial property management. Screening businesses will ensure that you find a tenant that you can stick with long-term.
To screen commercial tenants, you need to look into their business history. Find out how long they've been operating and look into the financial history of the company. You'll want to perform credit checks on both the business as a whole and the owner/operator.
The ideal commercial tenant is an established business that's thriving financially. They should also grow into your commercial space, not out of it.
Prioritize Tenant Relations
Finding the perfect tenant is the first step for a commercial property owner. The next step is to develop a strong landlord-tenant relationship. You want to keep good tenants happy so that they stick around.
In this sense, commercial and residential property management is very similar. Make sure that there are open lines of communication between yourself and the tenant. Take good care of the building and always promptly respond to maintenance requests.
When you've got happy tenants, you can secure lease renewals early on. This provides important peace of mind for any commercial real estate owner.
Working with Commercial Property Managers
Becoming a successful commercial real estate owner isn't easy, as evidenced by the vacancy rates in Atlanta. Use these tips, however, and you'll be able to find great businesses to fill your rental units. Once they're there, it's up to you to keep them happy so that they stay.
If you're having trouble keeping businesses in your units, it might be time to hire property management. PMI Atlanta City is the top choice among commercial property managers in Suwanee and the rest of metro Atlanta.
We offer a wide range of services that includes everything mentioned here and more. Contact us today to learn how we can help.
