Owning a property is one thing, but filling it is another. And you aren’t just going to fill your property with just anyone. Finding good tenants can be a whole process in itself but in the end isn’t hard.
Tenants vs Properties
The people or businesses you put into a space all depend son the property class and the property type.
Class A: the highest quality building in the market and area. These typically are properties that have been built in the last 15 years with top amenities, high-income earning tenants and have low vacancy rates. These properties demand a higher rent with little to no deferred maintenance issues.
Class B: This type of property is one step down from Class A. These buildings are older, lower rent, and not professionally managed. There are a few deferred maintenance issues. But overall, are a well-maintained building and there are quite a few investors that find these types of properties valuable because they are able to be upgraded to a Class B+ or even a Class A.
Class C: These properties are more than 20 years old and are located in less desirable location. This property type is typically needing a full renovation so that it can bring it up to code and up to date. These properties have the lowest rental rates and typically need to be reposted for lease in order to get a steady stream of cash flow in.
Property Types
Residential : multifamily, duplex, apartments
Office : Space used by business professionals, medical, dental, tech firms, etc.
Industrial-Warehouse : Storerooms
Hospitality : temporary housing
Retail : strip malls “mini-malls”, storefronts, malls, etc.
Agriculture : Farmland and ranch lands
Special Property Types: Theatre, Parking, Religious, Recreational, and Medical Facilities.
Methods
There are plenty of good methods to finding a good tenant but here are the top three that will not only make your life easier but may help you with future investments.
1.Hire a broker - Hiring a broker can save you so much time when trying to find a tenant. They know exactly who will be a good fit into the space and be able to capitalize on the lease agreement based on your space.
2.Create relationships in the community - Doing this you will not only get you and your property recognized but word of mouth is a great way to lease space. If the community knows good business owners and you’re leasing good space they are more than likely to pass on your information.
3.Invest time into researching other tenants in your property space - if you research into your current tenants as to what their business type is, how many employees they are holding, what goes on in their day to day processes then you are able to view what your space is capable of holding and what business types are best to market to try to fill the rest of your available space.
Trying to find a good tenant but struggling to lease your space? Connect with us at
wicommercialgroup.com | info@wicommercialgroup.com | 608.472.8240
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