I recently invested in a small mixed use commercial/residential property in the suburbs. 2 of the commercial tenants who were renting when I bought the building decided not to renew their leases. One is a retail space and the other is a warehouse. I've enlisted a local real estate broker to help advertise the space but the process is going very slowly. Do you have any suggestions of how I can more proactively advertise and pursue prospective tenants?
Thanks so much in advance!
Why is the process slow? Did your broker give you a reason for it?
I would assume at least one of the following:
- a local broker must know at what prices and conditions leases are being signed. Is your listing competitive?
- have you considered all possible uses for your space?
- are you familiar with the prices and incentives offered by competing landlords?
- are they keeping you updated weekly? how often are they showing the space and what kind of feedback are they getting?
- are they too busy with other listings?
- are they giving your listing the exposure it deserves?
Since I don't know where your property is located, or any specifics about the space, I can't really give you any advice on how to be more proactive when it comes to advertising and pursuing prospective tenants. I would recommend sitting down with your broker and possibly looking for a new professional to better represent you if they don't give you a good reason for your vacancies. A good broker already has many relationships with tenants in your market and if they are exclusively representing you, they should be able to advertise it through multiple channels, from websites such as Loopnet to their own platform and relationships with tenants and brokers alike.
I hope I could be of help -- feel free to message me if you'd like to discuss it further.