Investor · Los Angeles County, CA · Member since 2012 · 962 posts · 279 votes
Where do you post ads for commercial leases available? We have a large office space we're trying to rent out in Los Angeles.
Is there a place like postlets where you can syndicate it to a lot of websites?
I've already posted an ad to Loopnet- they charged $250 for 3 months and I haven't had any bites...It's a lot easier to find places for residential rentals than commercial.
Any tips for putting a commercial lease on the MLS?
Loopnet is most common place, but you have tried that. Costar is owned by same company as loopnet. Slightly better exposure but even more expensive.
Have you tried Craigslist? I am mostly a residential guy but ended up with small industrial building in Inland Empire as part of portfolio and I am using Craigslist to advertise. Great response rate. Although that is small and industrial, perhaps you might have some luck on CL too.
Loopnet is most common place, but you have tried that. Costar is owned by same company as loopnet. Slightly better exposure but even more expensive.
Have you tried Craigslist? I am mostly a residential guy but ended up with small industrial building in Inland Empire as part of portfolio and I am using Craigslist to advertise. Great response rate. Although that is small and industrial, perhaps you might have some luck on CL too.
As you recognize, there is income property section on MLS too but you need access to MLS to do that. I could have done so for industrial property but did not bother because response rate from CL was so good. I also walked brochure around to potential users in area of property and I had a good response rate from that too.
We're turning to start up small business tenants. We've seen the most demand there. We've found the demand for space from larger tenants to be low. As a backup plan, can you split up the space? If you go down that route, where would small businesses get their news, info? Is there a local newsletter? I don't know LA but in our area, we're now advertising in local newspapers (online and print) along with MLS, and Loopnet.
I would try Bull Realty Resources Section, marcusmillichap.com, capstone financial, propertyline.com, and other commercial lenders in your area. They will have good resources for you to use and may already have a buyer looking for your CAP rate.
I'm using LoopNet, and getting decent results over the past few months. I just set up a showing with an agent about an hour ago. Do you have signs in front of you space? How visible?
I'm still trying to figure out when to readjust our approach, price or other factors. Our newest space has been listed and advertised for 3 months and we just got our first tenant into the building. I just adjusted the price and advertised in a couple new places. For me it was the fact that we had a good amount of interest (maybe 5 qualified tenants, we're in a much smaller market) but no return phone calls except the one. That tells me the advertising is probably pretty good but the price or building needs changing. Our last building had a vacancy when we bought it and it took 1 year to fill but got a 10 year lease with a national brand. Patience and cash reserves are a virtue.