As you prepare to lease out your retail commercial real estate to a new tenant, the issue of attracting good tenants will arise. The most crucial step to attracting good tenants is to hire an experienced retail commercial real estate agent. The process for finding a great tenant is the same for finding a great commercial real estate agent – preparation. Spend some time gathering the data that will help your agent find the right tenant.
What Objectives do you Expect to Achieve?
Define your primary and secondary objectives for the business arrangement. These include goals for additional revenue, shared overhead expenses, type of lease desired, re-purposing space, and overall tenant mix in the building.
What are you Willing to Negotiate?
Attracting successful, long-term tenants sometimes takes more than the building’s primary features. You may need to be prepared to negotiate with prospective tenants to meet some of their requirements.
Define Your Ideal Tenant
Define your ideal tenant and complete a tenant profile including business category and culture that would best suit the building. You may consider which types of retailers would complement those already occupying your building.
What Will Your Space Offer?
You want your retail commercial real estate agent to be fully prepared to answer questions from prospective tenants. Of course their experience is important, but your commercial building is unique, and you know it best. Compile a building profile that details the following:
- Location – including access to public transportation, traffic patterns, distance from the airport, crime rates, submarket reputation, any planned construction nearby, and local amenities.
- Exact specifications of the space – this includes the measurements and layout of all office spaces, windows, restrooms, and common areas. This will help to avoid potential misconceptions from the start.
- The building – specify details about its age, building codes, regulations, general maintenance, Internet connections, building systems, grounds maintenance, and whether the building is green.
- Security – every tenant wants details about security systems and measures that are in place.
- Parking – the availability of adequate parking is a plus to prospective tenants who want their clients to have easy access.
- Any special features – provide details on any special features that make your building distinctive and different from the competition.
Menlo Commercial Real Estate has been providing experienced, knowledgeable guidance to landlords of retail commercial real estate to the right tenants for many years. Contact us today, and let us find the right tenants for you. Our number is 480.659.1777.