Commercial Vacancy - Best Methods to Market the Property?

[Account Closed]

I'm working with a gentleman who owns a SFR investment rental I may be purchasing in the near future. He also owns a 5,000sf commercial space that is vacant in an area where there are other vacant commercial spaces available. He's starting to feel the pinch with no tenant in place, so I told him I would see what I can do to help.

What's a good first step I can take to really get the property visible besides the typical posting on Craigslist and similar sites? What are some things I can do to market the property in a way that will make it stand out?

I'm willing to spend a little time on this but I want to spend that time wisely.

[David Morgan]

Jason,
Here's my list of things to do in marketing a commercial real estate space:
1. Make sure the space is ready to show and that it shows effectively. Clean up the space itself as well as the overall property to show it in its best light. Stage the vacant unit if needed. If it is unlikely that you will find a tenant that can utilize the existing improvements, then take them out and put the space in a “vanilla shell” condition.
2. Put a professional leasing sign in the space and on the property.
3. Put a professional flyer together outlining the merits of the space and the property.
4. Distribute the flyer to potential tenants and to the brokerage community. You may want to put some of the flyers in a folder by the front door.
5. Advertise the vacancy on the internet through LoopNet, CoStar, Catalyst, eProperty, Craigslist or any one of the other many internet sites as well as local and regional publications.
6. Attend local and national trade shows where you can talk to potential tenants.
7. Put a lock box on the property for ease of showings.
8. Have a Financial and Credit form that the potential Tenants must fill out and return to you.
9. Always immediately return phone calls about the property.
10. Qualify prospects over the phone prior to setting appointments to show the property. Asking questions about their experience, the business that they want to put into the space, their financing and when they want to open their business are some of the types of things you need to know.
11. Be on time for showings and ask qualifying questions as you tour a potential client through the space.
12. Have a lease agreement that is acceptable in the community and know how to negotiate the points in the lease.

Saying the right things and following up with prospects is key to leasing your property.

David Morgan
www.davidmorganconsultant.com