Before you START marketing your commercial property for
lease, consider these keys to success:
1) Have a lease contract prepared in advance
Your lease contract should reflect the type of building and
its use. If you have an office building, a full service lease is industry
standard; if you own a free standing restaurant building, a triple net lease
would be required. Multi-tenant retail or flex space could use a modified gross
lease.Additionally, having an appropriate lease contract prepared before
finding a tenant can remove weeks of down time in the negotiating process. A
good lease contract both protects your liability and maximizes your return on
investment.
2) Stage the property
You only get one chance to make a first impression. Consider
cleaning, landscaping, carpet and paint as marketing costs. Once the space is
presentable, hire a professional photographer to help make the space stand out.
Think about using 360 degree cameras and drones to create a unique marketing
statement. In a competitive market, making your property stand out above the
competition is a necessary investment.
3) Provide accurate floor plans and space measurements
An accurate floor plan can help streamline the leasing
process. A potential tenant will use floor plans and other measurements to
determine if the space fits their requirements. Once that tenant chooses your
space, floor plans will be used by vendors, contractors, and others as a basis
for renovations, buildout and technology infrastructure. Accurate floor plans will also ensure that
you are getting a precise measurement of the revenue and expenses per square
foot for your investment.
4) Know your ideal tenant
A landlord/tenant relationship is a long term relationship,
as commercial real estate leases are typically 3-5 years, often with options
for extensions and renewals. Finding a tenant whose use for your building
aligns with your investment goals is important. Additionally, you want to find
a tenant that respects your property, operates with integrity and you enjoy
doing business with. The right tenant is essential a successful real estate
investment.
5) Hire a broker
A commercial real estate broker adds value to your real
estate investment in many ways beyond putting your property on a listing
service. A broker knows the market and how to present your property to the
right potential tenants. Brokers also add value by handling the lease
negotiation and renewal processes, and through their contacts with contractors
and vendors that provide services to your building. A broker relationship
should be viewed not as a transaction handler, but as a long term business
partner with a shared goal of achieving your real estate investment goals.
Call the professionals at Coldwell Banker Commercial Benchmark at 904.281.1990 or visit our website at www.cbcbenchmark.com to find out more about the value we help create for your property.
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