As a commercial real estate investor, you understand that you aren’t going to make much money if your properties remain vacant. But you also don’t want to have high turnover rates or problem tenants who will create costly problems. So what’s the ideal scenario? Simply, you want to attract good tenants to your property who will pay rent on time, stay awhile, and follow the rules. Here’s how you can do that.
How to Attract Good Tenants to Your Property
As a property owner, you have control over some variables, like location. And you may not think you have a lot of control over who rents from you. But you can certainly try to fill your property with high-quality tenants to improve your bottom-line results. Not sure how? Here are some tips to attract good tenants to your property.
1. Establish Clear Tenant Criteria
Before you list or show your rental property, it’s a good idea to know what type of tenant you want. Establish your criteria and your list of rules so that you and any applicants will be on the same page.
2. Write a Compelling Listing
Nearly all (91%) potential tenants now use the internet to find their next rental. So, you should take the time to write a great listing that will pique the interest of high-quality tenants. And don’t forget that part of creating your compelling listing should be to invest in professional photography that shows off every feature of the property.
3. Perform Regular Maintenance
Potential tenants are going to screen you as well and do their research. When you do regular maintenance, you will get tenants who care about these types of things. It will also ensure you hold onto the good tenants when you get them.
4. Thoroughly Screen Applicants
One property management best practice is to thoroughly screen your applicants. Check up on their credit score, income, and background. Actually call their references and previous landlords to determine what type of tenant they might be. And ask plenty of questions during the screening process.
5. Encourage Referrals
If you have existing tenants that you love, there’s no better way to get more people like them than to ask for referrals. Those high-quality tenants will probably be happy to tell you who they’d want to have for neighbors.
6. Increase Value With Add-Ons
You are more likely to get the best tenants wanting to lease your property if you include some appealing add-ons. These might include extra storage space, energy-efficient lighting, or new air conditioning units. While these might be investments, they will pay off over time.
7. Remain Flexible and Reachable
Quality tenants want a property owner or manager who is easy to work with. This means you should be reachable during and after business hours and be willing to compromise on certain items to keep their business.
8. Use a Property Manager
Keeping a commercial property maintained and filled with quality tenants can be challenging when you are a busy real estate investor. Renters are out there, but it will be easier if you hand over some of these tasks to a professional property management company.
Do You Need a Commercial Property Manager?
Attracting good tenants is an essential component of successful real estate investing. A commercial property manager can make a big difference in this process. It can also increase your return on investment.
If you want the best outcome for your South Carolina commercial real estate investments, find out how we can help. Caldwell Commercial Real Estate offers an experienced and high-quality property management team that takes an active management approach to meet the needs of both landlords and tenants. Contact us today for more information.