Make a list of those entities that have less space right now.
Say it's an insurance office. What agents in town could fill the space?
See what your competition is doing, see if you can basiccally find out what they are paying.
Call, on the phone, perspective tenants and ask if they have considered moving to a larger space for the same money.
I would bet that if you can provide a larger space or save them money for the same space, one out of ten will talk to you, one out of three will probably move, that means you need to call about 30 business owners. They may not be able to move out right away, but you can have someone lined up with at least a known date!
Try insurance offices, attorneys, small loan companies, doctors (especially if it has oxygen lines and lead walls for an x-ray) same with denists. Credit counselors, family counselors and shrinks, small real estate offices, even digital printers, advertising firms and travel agencies don't need alot of room.
Have you made your calls yet? Advertising a room to let is not enough if you are serious about the business. Go beat the bushes and compete for quality tenants! Good luck, Bill
Many different businesses would likely fit in, but really its only an office, couldnt really be a storefront or anything. Was a doctors office so anything like that would be good.
asking $1500 a month everything included for 2,200 sqft. Commercial broker in town said I am right on price wise.
Incentives like free month for each year? Or lower lease price initially, like $1250/mo for the first year? Create a flier and hand deliver it to businesses in the area that might be a fit? Offer to pay a referral fee? Ask broker what's up since it's "priced right." Talk to other brokers, too.
Make a list of those entities that have less space right now.
Say it's an insurance office. What agents in town could fill the space?
See what your competition is doing, see if you can basiccally find out what they are paying.
Call, on the phone, perspective tenants and ask if they have considered moving to a larger space for the same money.
I would bet that if you can provide a larger space or save them money for the same space, one out of ten will talk to you, one out of three will probably move, that means you need to call about 30 business owners. They may not be able to move out right away, but you can have someone lined up with at least a known date!
Try insurance offices, attorneys, small loan companies, doctors (especially if it has oxygen lines and lead walls for an x-ray) same with denists. Credit counselors, family counselors and shrinks, small real estate offices, even digital printers, advertising firms and travel agencies don't need alot of room.
Have you made your calls yet? Advertising a room to let is not enough if you are serious about the business. Go beat the bushes and compete for quality tenants! Good luck, Bill
Your town has an population change of minus 4.8% since 2000, unemployment dropped a little.
What is your pain barrier for the monthly rent? I like Jon´s statement with a lower lease at first year or may be first six month but simultaneous a rent contract with min two year term.
Thanks good ideas everyone. Where would I compile a list of potential businesses that might want to move? I have no problem stopping in or calling but how do I find the right ones without spending weeks doing it?
The property is just about break even now but that leaves no money for maintenance when something comes up.
What's your competition? What similar sort of space is availble, what amenities does it have and what's the price? How can you make your property more attractive than the others.
I'd just start with the phone book. Just go through and for each category ask "could they go in my space". Dentists? Yes. Auto Repair? No. 50,000 is a pretty good sized city, so you should turn up hundreds of businesses that use space similar to yours. Bill's next step would require more work. Drive around and have a look at these businesses. That should let you narrow down to a more manageable set of candidates. Maybe start by targeting the ones that have slightly smaller spaces in slightly dumpier buildings.
Jon is right, actually, in a town that big (small) you should be able to do it from the yellow pages. Similar businesses-, you should recognize the address. Just call them.
You can figure out what incentives you need to offer and make a deal, first find the prospects. Jon has it on the quality of the rental, You might drive for those dollars but I know my town of 250K and can tell from the address what building they are in, or t least what they are next to..etc. This can be done in a couple of days!
If you want to impress them with your cold calls, knpow a little bit about them. Pick out the ones you would really like for a tenant. Call the Chamber of Commerce, Rotary, BBB and ask about the business and see what you can find out. Call the news editor of the local paper (or business section editor) in a small town th newspaper people know most all of the business owners, epecially if the advertise. What you want to know is what's the business like, who is the owner, do you think this guy is successful, does he have a good market share, what's the reputation of the company. From this intelligence, you can frame a picture of the operations, and standing in the community.
Then when you cold call them you don't ask off the bat about rental space, you talk about his business, what a good reputation he has, what you have heard and then say I'd like to have you as a tenant, have you ever considered moving to a nicer space? I can make you a better deal, I'm looking for quality tenants and I'd like to have your business in my building! Whatever....
Two days finding the companies, twodays researching the, a day to put your plan together and the fifth day start calling them. In the next week you should have some very good leads, made some friends that might help you fill the space (if they can't move) and you might have a lease! If they can't lease it, always ask who do you know that...and follow with your qualifying questions...has a small business needing to grow, etc. Good luck again!
I would surely start by cherry picking units close to yours and send direct mail to the tenants within those buildings. Make sure you have your Realtor find out what they're paying in there so you can look like new money when they receive your literature. You might want to try inviting those people to some sort of social mixer/meet and greet at YOUR place (Like an open house). Have a drawing for 1/2 off first months rent or a drawing for one month free. Drawing for a bottle of wine, or whatever else is popular in your area.
Check the newspapers for fictious business name ads. Here in California that is a requirement when applying for a business license. Typically their mailing address will be in there as well. Perhaps these people are still shopping for affordable and adequate space for lease. I hope this helps. Many blessings to you and your business!