Marketing commercial property for lease can be a challenging task, but with the right strategy and approach, you can attract the ideal tenants and maximize your returns. In this guide, we will walk you through the essential steps to effectively market your commercial real estate for lease.
Table of Contents
1. Identify Your Ideal Audience
Before you start marketing commercial property for lease, be sure to identify your ideal audience. Local property owners, especially those with substantial property portfolios, can be valuable clients for long-term partnerships. These potential clients often require assistance with various aspects of property management, including remodeling, refurbishing, leasing, tenant mix, tenant attraction, purchase, and sale. Building long-term relationships with these property owners is essential, as it establishes trust and makes them more likely to work with you. Showcase your ability to help them with complex property issues, and structure your service pricing to encompass a wide range of professional services.
2. Segment and Build Targeted Email Campaigns
Email marketing is a powerful tool for reaching potential tenants and property investors for your commercial property. Segment your email list to tailor your messages to specific target groups. For instance, you can create separate email campaigns for office space seekers, retail businesses, or industrial tenants. Provide valuable information in your emails, such as property listings, market trends, and tips for successful leasing. Personalize your communication to demonstrate that you understand their unique needs and preferences.
3. Set Your Budget Expectations
Allocate resources for various marketing channels, including online advertising, social media promotion, and industry events. Having a well-defined budget will help you make informed decisions and ensure that your marketing efforts are cost-effective.
4. Market Your Types of Commercial Real Estate Lease
Understanding the different types of commercial property leases is essential for effective marketing. Highlight the advantages of each type to potential tenants. Here are a few common types of commercial leases to consider:
a. Full-Service Lease: This is the most common type for office buildings. In a full-service lease, landlords take responsibility for property maintenance and cover all related costs, such as property taxes, insurance, repairs, utilities, and janitorial services. Emphasize transparency with no hidden fees, allowing businesses to plan their lease payments.
b. Net Lease: Net leases require tenants to pay a reduced annual rent, with additional monthly charges that typically include property taxes, insurance, and common area maintenance (CAMS). There are single, double, and triple net leases, with triple net leases being the most landlord-friendly, often found in retail locations.
c. Modified Gross Lease: This lease type combines features of both full-service and net leases. While tenants contribute to property taxes, insurance, and CAMS, they make a lump sum payment in addition to their rent. The advantage is that rent remains fixed even if these costs increase.
5. Add Your Listings on Commercial Real Estate Portals
Commercial real estate portals have become invaluable tools for property owners and leasing agents. These platforms are specifically designed to connect property owners with potential tenants and investors. Here’s how to effectively leverage these portals:
a. Choose the Right Portals: Begin by selecting the commercial real estate portals that are most popular and relevant in your region or industry. Some well-known portals include LoopNet, CoStar, Zillow Commercial, and local real estate websites.
b. Comprehensive Listings: When creating commercial property listings on these portals, ensure they are as comprehensive as possible. Include high-quality photos that showcase the property’s best features. The visual appeal of your listing is crucial because it’s often the first impression potential tenants or investors will have. Professional photographs can make a significant difference.
c. Detailed Property Descriptions: Craft detailed property descriptions that highlight the property’s unique selling points, such as location, amenities, square footage, and any recent renovations or improvements. Describe the potential uses and benefits of the space to attract the right audience.
d. Clear Pricing Information: Transparency is key when it comes to pricing. Clearly state the lease rates and any additional fees or costs associated with your commercial property. Ambiguity regarding pricing can deter potential tenants or lead to misunderstandings later in the leasing process.
e. Regular Updates: Keep your commercial real estate listings up to date. If there are changes in availability, pricing, or other relevant details, make sure to update your listings promptly. Outdated information can frustrate potential tenants and harm your credibility.
6. Create a Google My Business Page
Establishing a presence on Google My Business (GMB) is essential for enhancing your online visibility and accessibility. GMB is a free tool provided by Google that allows you to manage how your business appears in Google search results and on Google Maps. Here’s how to make the most of it:
a. Accurate Information: When setting up your GMB page while marketing your commercial property, ensure that all the information is accurate and consistent with your other online listings. Include your property’s location, contact details (phone number, email), and business hours.
b. Photos and Videos: Upload high-quality photos and videos of your commercial property. Visual content helps potential tenants get a better sense of the property and can make it more appealing.
c. Reviews and Ratings: Encourage satisfied tenants to leave positive reviews on your GMB page. Positive reviews can enhance your credibility and trustworthiness. Respond to reviews promptly, both positive and negative, to show that you value feedback and are proactive in addressing concerns.
d. Posts and Updates: Use the GMB posts feature to share updates about your property while marketing commercial property for lease, such as recent lease agreements, property improvements, or special offers. These posts appear in search results and can attract the attention of potential tenants.
e. Analytics: GMB provides analytics that allows you to track how people find your business online. Monitor these metrics to understand how effective your GMB page is in attracting potential tenants.
7. Nurture Your Contacts with Useful Content
Regularly share informative and relevant content with your contacts, including property updates, industry insights, and leasing tips. Show your expertise and commitment to helping your audience succeed in the commercial real estate market. By providing value, you can build stronger relationships and keep your contacts engaged.
8. Create a Paid Social Media Advertising Strategy
Social media platforms like Facebook, Instagram, and LinkedIn offer powerful advertising opportunities. Develop a paid advertising strategy that targets your ideal audience based on location, industry, and interests. Use compelling visuals and persuasive ad copy to capture their attention and drive engagement.
9. Attend Industry Events and Conferences
Networking is a vital aspect of marketing your commercial property. Attend industry events, conferences, and trade shows to connect with potential tenants, investors, and fellow professionals. These events provide an excellent opportunity to showcase your properties and build valuable relationships within the industry.
Conclusion
Marketing commercial property for lease requires a well-thought-out strategy that encompasses various channels and approaches. By identifying your ideal audience, leveraging email marketing, setting a budget, understanding lease types, utilizing online platforms, creating a Google My Business page, nurturing relationships, running paid social media ads, and attending industry events, you can effectively market your commercial real estate and attract the right tenants and investors. Remember that building trust and providing value are key elements of a successful leasing strategy in the competitive commercial real estate market.
FAQs
How do I create a commercial real estate marketing plan?
To create a commercial real estate marketing plan, define objectives, understand your target audience, allocate a budget, and employ strategies such as online presence, social media, and email marketing. Consistently update and measure the plan’s success, and consider professional assistance for market-specific expertise.
What Does Commercial Real Estate (CRE) Optimization Entail?
In essence, CRE optimization involves pinpointing areas within your commercial real estate portfolio where the physical space may not align with your company’s requirements. A thorough examination of your properties can reveal instances of either underutilization or overutilization of space.
What Constitutes CRE Marketing?
CRE encompasses all real properties designated for commercial and business use, encompassing spaces like offices, boutiques, stores, restaurants, and other properties leased to businesses to generate revenue.