What Tenants Look for in Commercial Properties

A tenant calls a pet shop and says “Send me 1,000 cockroaches at once!”

“What do you need 1,000 cockroaches for?” replies the pet shop owner.

“Well,” says the tenant, “my lease ends next week and it says I have to leave the property exactly the way I found it.”

Vacant Property Costs

Keeping in mind the needs and wants of prospective commercial tenants is vital in leasing your property fast and, therefore, keeping your vacant property costs down. There are lots of things that a prospective tenant will look for in a commercial property (hint: it’s not cockroaches). In this article, we’ll cover 9 quick and easy steps you can take to maximise the appeal of your commercial real estate.

1. Give it Some Elbow Grease

Let’s start with the easiest item on the list – Cleaning. A vacant property is easy to neglect, but if you want to make a good 1st impression, cleanliness counts. It adds to the overall feel a tenant gets when the enter the property and has a dramatic effect on its desirability. In particular, make sure the floors are clean; vacuum if it’s an office space. Also, make sure that the bathrooms are sparkling.

2. Clear Out the Clutter

It can be very tempting to use your vacant commercial property, especially an industrial property, to store things. But that old Holden you are keeping for parts? It’s ruining your chances of finding a tenant, so keep it elsewhere!

There are two reasons for this. First is that humans have a limited imagination. If a tenant sees two properties in a row, one with pristine polished concrete floors, the other one where you can’t actually see the floor, no amount of imagination is going to help the cause.

Most importantly, though, your property is going to look so much bigger in the photos if there’s no junk inside. Modern photography techniques can make a dinky little office look huge, but not if it’s full of stuff.

3. Check the Hardware

Make sure you check that all your taps, power points, cupboard doors, or anything else, are all in good working order. Even if a tenant doesn’t notice this right away, then will find out later on and it might get in the way of a negotiation.

4. Secure the Building

Make sure that all the windows and doors lock. Double check all the windows to make sure there aren’t any cracks. If your building has an alarm, test it to make sure it works properly. Tenants want to know that their new office/warehouse/factory is secure for their staff and stock.

5. Paint It!

Although this might require a little financial investment, it can go a long way in securing a tenant. Fresh white paint can take a drab old building and make it look new in less than a day; it’s something you can even do yourself.

This also helps with your property’s online presence. Your shiny new walls will POP in the photos and guarantee you lots of clicks.

6. Replace Clear Faded Panels

Old industrial buildings often suffer from faded and cracked “clear” panels. Replacing these roof sheets can make a really big difference to the amount of natural light that gets in. This, in turn, makes the building look bigger and gives prospective tenants a great impression.

7. Connect the Power

Your last tenant probably cancelled their energy contract and the lights are now off. However, it can be a good idea to reconnect the power even while your property is vacant.

Asking a leasing agent to carry out a property viewing with a torch sounds like the kind of prank tradies like to pull on their apprentices, but you’d be surprised how often a torch is required. From the tenant’s point of view, properties look much bigger if they are flooded with light. So hit the switch!

With the power connected you can really maximise your property’s appeal with the following tips…

8. Test the Aircon

Commercial air conditioning units can be expensive to maintain. Luckily for landlords, however, it’s usually up to the tenants to maintain them. To make the most of this situation, turn on the power and have the unit inspected. Give the tenants a unit in perfect working order and you can then expect the same in return when they leave.

9. Test Any Industrial Equipment

If you own an industrial property it might have some equipment included. Cranes are common, perhaps it has a cool room, at very least it will have a roller door. The idea is to give prospective tenants nothing to haggle over, so it’s a good idea to test anything that’s going to be included in the lease.

Think of leasing your commercial property as a competition where you are vying to win a tenant’s attention. With these handy tips your vacant commercial property will be on the top of any tenant’s shortlist!

If you have a vacant property we’d love to chat about how you can give it maximum appeal. Get in touch today.

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