In the commercial real estate industry, success can often depend on the effective marketing strategies implemented. It is not as simple as putting up a “For Rent” sign and expecting tenants to show up; it’s about using strategy to ensure that the property is showcased to the target market. In this blog, we will discuss how to advertise commercial spaces for rent, so that you can get started on finding the perfect tenants for your property.
Advertising Commercial Real Estate
There are a few steps you should take into consideration when you’re planning the advertising strategy for your commercial property.
1. Preparing the Property
Before you even think about advertising, you need to ensure that your property is in the best condition. Whether it requires repairs, maintenance, or a fresh coat of paint, it would be ideal if you get those done before showcasing your property. You can also use this time to show the property in a good light by highlighting its unique features and making it appealing to anyone who looks at it.
2. Making Use Of Professional Photography
Once the property is in optimal condition, you will need to take high-quality photographs to capture the property’s best features. For this, you will need to hire a professional photographer as they would know the best ways to showcase the property. Clear, well-lit images can and will make a substantial difference when you’re creating listings to attract potential tenants.
3. Crafting A Property Description
The property description is the words you will use to describe your property to interested tenants. This description will need to highlight the key selling points, such as location, amenities, square footage, layout, and nearby attractions. These are all the details that prospective tenants will be looking for when searching for a space to rent. It would be best to use descriptive language as you can help them visualize themselves in the space.
4. Creating Online Listings
Once you’ve completed the photos and the comprehensive description, you will need to move on to creating a property listing. Listings sites are generally the first place people go to when searching for properties. Therefore, you should leverage these online platforms to advertise your commercial property. The places you need to create these listings are popular real estate websites, property management software, and social media platforms.
5. Producing Professional Brochures
Brochures and other marketing materials are good ways to distribute commercial listings among local people. Professionally designed brochures are common in the real estate industry because they allow you to advertise yourself and the property through offline channels. Potential tenants can physically take the brochures with them and they will be reminded of your retail space or office space whenever they glance at the brochure.
6. Tailoring Your Marketing Efforts
All of the marketing strategies you implement should be based on your understanding of your target audience. They should be tailored in order to reach specific industries or businesses that would find your property useful. There is little point in advertising in a broad scope, especially for commercial real estate.
7. Advertising Through Signage
Don’t underestimate the power of installing signage at the property itself. Eye-catching signage can attract attention from passersby and you never know who might glance at it. Just ensure that the sign is large enough to be visible from a distance and also has a decent design. You just might catch the eye of a big fish in the area.
8. Leveraging Industry Connections
Another great way to advertise your commercial property is by using your network and industry connections. By this we mean other real estate professionals and property management companies, who will be able to spread the word about your retail space or office space.
9. Capturing Attention With Virtual Tours
Virtual tours are a new way of utilizing the latest technology in real estate marketing. Virtual reality (VR) or 360-degree videos will give potential tenants an immersive experience of what to expect in the commercial space. These videos can be uploaded alongside your online listings which will enable clients to watch the video without ever having to visit the space. They are more likely to capture the attention of your intended targets and can put your commercial real estate space ahead of the competition.
10. Pricing Strategy
A competitive and reasonable rental price is a crucial factor in commercial real estate. In a highly competitive market, pricing could be the one determining factor for businesses. Therefore, it’s best not to overprice or undervalue your property. It should reflect local market conditions, location (given a priority), and the property’s features. You could get away with a higher price as long as you find the perfect client with the exact requirements your property offers.
11. Screening All Tenants
The one thing you should never skip is screening all potential tenants thoroughly. A bad client will only cause issues in the future, so it’s best to try and avoid these problems by neutralizing them at the beginning. Your focus should be on securing high-quality tenants who will utilize the property the way it is intended to be used for the long term.
Conclusion
Effective advertising is a mix of visually appealing pictures and videos, compelling comprehensive descriptions, targeted marketing, and strategies to make your commercial real estate property stand out. Not every advertising campaign is going to be the same, but once you understand the basics, you will be able to market any commercial real estate property effectively.
