At all times, good or bad, we must aggressively search for replacement tenants. A month’s rent from a vacant unit can never be recovered. Just running expensive advertising for this space can be nonproductive. A better way might be to have a professional management company that keeps all local brokers who specialize in leasing informed of the advantages and amenities of the building.
Here are some other ideas:
• Make sure the management company you choose is experienced and professional. They must know the building intimately and be able to communicate and show the benefits and amenities to potential tenants with enthusiasm. A truly professional company will manage the building as exclusively as if this building was the only property they manage.
• Don’t scare away potential tenants with marketing gimmicks like free rent. This kind of offer can give the tenant a negative impression and start him/her looking for the things that must be wrong with the building. The professional approach is to stress the positive features of a building and work with potential tenants to match the criteria the tenant feels are most important to him.
• First impressions are most important. The outside of the building and landscaping must be perfect. Don’t make the mistake of many owners who cut the landscaping budget to save money. This is the worst place to save.
• A good management company will look over your property for any deferred maintenance, and advise you about problems that need to be corrected. They will advertise and publicize vacant space through the proper media and in cooperation with other brokers.
We are here to help enhance your property and its value. Please give us a call.