Although the economy and housing market has significantly improved in the past few years, many investors are still facing challenges with commercial real estate investing in Louisville, Kentucky. The biggest hurdle that these investors often encounter is reducing the number of vacancies in their buildings. By thoroughly understanding the needs of prospective clients, landlords can pursue effective opportunities to fill these vacancies as quickly as possible. Here are the best ways to attract and retain commercial tenants for your real estate property.
Provide Fiber-Optic Internet Connection
In today’s fast-paced society where instant gratification is the norm, quick internet connection is not only expected but often demanded by clients. Since fiber optic internet offers a competitive speed and bandwidth, this type of connectivity is usually preferred over slower internet options. According to a recent report by Fiber to the Home Council Americas, providing a high-speed fiber internet connection will increase the value of your property by about 3.1 percent.
Improve Security Measures
A secure commercial building is usually at the top of a potential tenant’s mind when he/she is searching for a viable work space. Regardless of the industry, most people want to feel like they are safe both during and after business hours. Some ways to immediately increase the overall security of your commercial property is to require card access, install sophisticated cameras, hire security guards, and add better lighting. If you have potential security risks like extremely big bushes, they need to be improved upon as soon as possible. When you present a virtually risk free commercial building, you are more likely to attract a variety of tenants including those who work odd hours of the night.
Upgrade the Property
Most people are drawn towards commercial buildings that appear modern and polished. As you are devising ways to attract more tenants, now may be a great time to improve the interior and exterior of your property. For example, you can place beautiful artwork and flowers in vases in conference rooms, break rooms, and even the restrooms. To improve the outside of the property, considering hiring a professional landscaping company to create an aesthetically pleasing appeal. More than likely, these professionals will be able to construct an beautiful landscape far better than you can. Producing an attractive property to entice clients doesn’t have to be really expensive, but the process does need to be well planned.
Offer Shared Spaces
Since most people spend about half of their day at work, you need to provide amenities to make their life significantly easier. If many of your tenants have children, consider providing a childcare center. Do you have some health-conscious clients? A fully-equipment gym may be a dream come true for these tenants. Other shared amenities that you could offer include conference rooms, a dining hall, and an onsite library. These useful amenities can be a great asset for your tenants.
Create a “Green” Work-space
If your commercial real estate is in a city where many people are dedicated to corporate responsibility, you may need make many energy-efficient enhancements. These types of improvements can include a more sophisticated HVAC system, low-energy window treatments, and power-saving windows. The ultimate result of the energy-conservation features is a substantial reduction of utility costs for your clients.
Promote a Referral Rewards Program
If your current tenants are happy with your buildings high-speed internet, energy-conservation methods, useful shared amenities, property upgrades, and secured work community, many of them will share their satisfaction with their family, friends, acquaintances, and even strangers. In order to encourage this behavior, it’s a good idea to offer you tenants a referral rewards program. For every qualified referral that results in a new tenant, offer the client a discount on rent or a gift card to local restaurants and/or attractions. The referral reward program can be advertised via social media, email, and on a bulletin. When you ensure that your property is in optimal condition, there is no doubt that extremely satisfied clients can be a great marketing resource.
Let Us Help You With Property Ownership
Do you need help with marketing your commercial real estate property? Situated in Louisville, Kentucky, HOWE Real Estate is committed to successfully handling the marketing aspect of your property. If you would like, our experts can create a management plan where you can maintain a completely passive approach to property ownership. In the future, our team can also help you with investment sales, location scouting, demographic analysis, and much more. Let our company be your partner on your commercial real estate investing in Louisville Kentucky journey. Call us today at 502-890-4475.