Real estate investment can be very lucrative with the right strategy. Many investors seek to diversify their portfolios by purchasing properties and then earning profits from rental payments. Residential rentals are a common strategy for property investors, but commercial lots also hold a ton of potential.
Owning a commercial property is a difficult job. You have a larger building or lot to manage. Your goal is to attract business tenants to the commercial space and keep them happy so they continue to pay rent. This income is crucial to help pay off the loans you likely used to purchase the building.
The first step in running a successful commercial property is attracting business tenants who are interested in using the space. Without filling those vacancies, you will have no revenue stream. Here are a few strategies to help you attract businesses to your commercial property in Santa Ynez, CA.
SEO for Your Website
Advertising your property in 2023 almost certainly requires an online presence. A website dedicated to your commercial property can make it easier for business tenants to find your location and find out more. However, being found online is the most important aspect of your website outside of user experience. If you want to rank higher on Google SERPs, then you need a search engine optimization (SEO) plan. This plan should include keyword research, backlink building, mobile optimization, and quicker page load speeds. SEO can improve your website’s position on search engine results, driving more organic traffic to your site.
Part of your marketing strategy needs to include images of the property, both inside and out. The first thing that will convince business tenants to check out a commercial property is how it looks. Is there ample space for their staff? Are there separate offices, an open floor plan, or a combination of the two? Is there enough parking for everyone? Does the building look attractive to present a positive image to the clients that visit the premises? What amenities are inside and outside that will make their experience more comfortable? Presenting these features to prospective tenants means sharing great images. It may be worth hiring a professional property photographer to take the best possible pictures.
Keep Up With Paving Needs
Around the building’s exterior are several surfaces that rely on paving processes. Parking lots, walkways, and driveways have to be well-maintained to convince tenants that they will have a good experience on your property. If there are numerous cracks or gaps in the pavement it can be aesthetically unappealing and even physically dangerous. Partnering with a local commercial paving company in Santa Ynez is an easy way to keep up with paving needs, whether that means maintaining existing surfaces, creating new ones, or covering up ugly patches.
Invest in Amenities
Running a successful commercial property requires investment. The building and lawn must be in good shape for businesses to be interested in using the space. This means amenities. If you can offer tenants more than just a room and a parking lot, they will be more interested. Some examples of great amenities for commercial properties include gyms, off-street parking, conference rooms, glass walls, access control systems, adequate lighting, and large windows for natural lighting. Anything that business owners would see as a benefit to their employees would be a great amenity to include when making upgrades to your property.
Streamline Tenant Acquisition
Nothing turns people off like a lack of professionalism. When you are interacting with prospective tenants, there needs to be a clear and simple process for applying and becoming a tenant in the building. If your process seems overcomplicated or convoluted to the business owner, it could be enough to convince them that your property is not well-managed. Streamlining your acquisition process may involve using a property management tool that includes this feature. It might also require you to make changes to a system that you thought was the best option. Being adaptable to the needs of potential tenants is crucial if you want your commercial property to be filled with businesses and generate rental income.
Be Prepared to Meet High Demands from Tenants
Commercial property ownership is not an easy gig, especially if you plan to have multiple tenants. Businesses have a lot of needs, and meeting them may be the only way to keep vacancies low. Getting into this industry means flexibility is a necessary characteristic. There are plenty of tools that can help you manage the Santa Ynez property, but you have to also worry about filling the building in the first place. Implement SEO for your website to increase visibility, share high-quality photos, keep the exterior surfaces paved and maintained, invest in attractive amenities, and have a smooth process for tenant acquisition. With these practices in place, you can increase your chances of attracting tenants whenever you have a vacancy.