How To Replace Tenants When They Leave
Tenants come and go in the commercial property world. The issue is when there is a long-term vacancy. This is when the investor starts losing money. JMK Property Investment is a Miami Beach investment property management company. One of the areas where we help our clients is quickly finding replacement tenants so that space is not vacant for long. We do everything from advertising the property to overseeing renovations to make the space more inviting. Read on to learn about how to replace tenants when they leave and how we can help.
The first thing to consider when looking for new tenants is what type of property renovations need to be made. If you are replacing a tenant who had been renting for a long time, the first step might be to renovate the space they were in. Make some general updates to create a space that’s more modern and visually appealing. Add in any amenities that you think would make the space more attractive to potential tenants. In addition, consider updating the exterior of the building. Whether this is painting, replacing windows, updating signage, or hiring a landscape architect, these types of things can make your building much more aesthetically pleasing from the outside. Remember, the outside of the building is the first thing your potential tenants will see, and it may influence their decision on whether they want to rent from you or not.
The second thing to do is to advertise the space. How will people apply to rent with you when they don’t even know that your property is for rent? There are several ways that you can advertise your property:
- List your property on commercial property websites like loopnet.com
2. Get a Facebook business account and connect it to Facebook Ad Manager. Post targeted ads to build awareness about your property
3. Put print ads in the local paper
4. Send out mailings to the relevant market
5. Billboard advertising
It is important to try various advertising methods; this will help you reach a variety of potential clients. When you advertise, be sure to emphasize the benefits of the space and the building amenities. These amenities can be things like a common gym space, office cafeteria, Starbucks in the lobby, full kitchens with brand-new appliances in every office, etc. Whatever makes your building appeal to tenants should be included in advertisements.
Another thing to mention in your advertisements is any big-name anchor tenants that rent at your property. For example, if you own a shopping center, mention some of the big-box stores that rent with you so that future tenants know your property is legitimate and successful. For all advertisements, include a lot of pictures. People want to see what the property looks like, not just read about it! Hire a professional real estate photographer to take these pictures. According to photoup.net, listings with professional photos sell 32% faster than listings without professional photos. At JMK, we can help you with these advertisements and how to strategically place them so that they are marketing to your desired clientele.
Another effective way to gain new tenants is to establish a referral rewards program for your current tenants. Offer anything from a rent discount to a gift card for current tenants who recommend your property to a new tenant who ends up signing a lease. This will motivate your tenants to mention your property to others in their industry. This is especially helpful if you have very responsible and trustworthy tenants, because typically their referrals will be the same way.
Lean on Your Property Management Company
After reading this list, you may thoroughly feel overwhelmed. As a property investor, you most likely own several properties in the Miami area and may not have the time or energy to devote to quickly getting new tenants. This is where your property management company comes in. At JMK, we are here to help you acquire new tenants. Whether that means we are overseeing property renovations or putting together ad campaigns, we can do it all!
Our goal is to take things off your plate to reduce your stress. We know how busy you are and we can save you time by finding high-quality tenants to fill vacancies at your property. Once you have a new tenant, we handle the lease, manage rent collections, and foster relationships to increase tenant retention. At JMK, we help run your property and take care of the day-to-day operations so that you can focus on expanding your property investment portfolio.
JMK Property Investment Can Help You Find A Miami Beach Investment Property
Decreasing the vacancy rates at your commercial property is key to the success of the investment. Every day your property sits vacant is a missed opportunity to make money from rent. At JMK Property Investment, a Miami Beach investment property firm, we help our clients fill vacant units fast! We start by considering the need for both interior and exterior renovations to make the property more visually appealing to future tenants. Next, we help you to advertise your property so that potential tenants know that there is a great space that has come on the market!
In addition, we can help you put together a resident referral rewards program to get your current tenants to recommend potential future tenants. Once a new tenant signs the lease, our work does not stop! We are in charge of rent collection and tenant retention, as well as day-to-day operations that affect your tenants like repairs and maintenance. As a property investor, we want you to lean on us for support when it comes to acquiring new tenants. For more information about the services we provide and how we can help you quickly find new tenants, contact us today.