I have a commercial space I have been trying to rent out for some time and I have tried Kijiji and Craigslist, but I`m not sure if they`re the best sources for advertising a commercial space to rent. The space is in a strip plaza on the Hamilton West Mountain. It is best suited for an office space of some kind or a dentist or doctor`s office. I haven`t had any problem renting out residential units, but this one has me a bit stumped. Any ideas would be welcome.
HELP! Where to advertise a commercial space?
- Thread starter hillt
- Start date
- Joined
- Sep 3, 2007
- Messages
- 16
QUOTE (hillt @ Jul 28 2008, 05:17 PM) I have a commercial space I have been trying to rent out for some time and I have tried Kijiji and Craigslist, but I`m not sure if they`re the best sources for advertising a commercial space to rent. The space is in a strip plaza on the Hamilton West Mountain. It is best suited for an office space of some kind or a dentist or doctor`s office. I haven`t had any problem renting out residential units, but this one has me a bit stumped. Any ideas would be welcome.
I just went through the same problem. My best results came from putting a billboard right in the front window. I also made a sign out of plywood that I would put out in the morning and have taken in by a tenant at night. I paid them to do this. I found that people who wanted to rent out a space generally know the area that they want to rent in so chances are that they are driving by that area on a regular basis.
I also got responses from the newspaper but that gets pricey. What I did was find out from the paper what day their heavier circulation was on and would choose that day to place a classified. This saved me some cash. You can also get a realtor to place an ad for you in their business magazines. You will be paying them your first month rent, but these magazines are where storeowners are looking at when they want to rent. When you advertise you may want to offer a free months rent. It`s actually not unusual to give 3 months free rent but that is usually for bigger retail space. I offered one month free rent to a tenant and this was one of the deciding factors for them.If you really get stuck you can make some cold calls to franchises that may be looking for space in your area. Keep in mind though that franchises are very specific on what they want for their commercial units and you may have to invest money to bring your commercial space up to their standard. But if you do get a franchise you can end up with a 5 year lease with a 5 year option. They also will pay very good money and this will increase your bottom line substantially as well as the overall value of your building.
All the best.
Vivian Clement
I just went through the same problem. My best results came from putting a billboard right in the front window. I also made a sign out of plywood that I would put out in the morning and have taken in by a tenant at night. I paid them to do this. I found that people who wanted to rent out a space generally know the area that they want to rent in so chances are that they are driving by that area on a regular basis.
I also got responses from the newspaper but that gets pricey. What I did was find out from the paper what day their heavier circulation was on and would choose that day to place a classified. This saved me some cash. You can also get a realtor to place an ad for you in their business magazines. You will be paying them your first month rent, but these magazines are where storeowners are looking at when they want to rent. When you advertise you may want to offer a free months rent. It`s actually not unusual to give 3 months free rent but that is usually for bigger retail space. I offered one month free rent to a tenant and this was one of the deciding factors for them.If you really get stuck you can make some cold calls to franchises that may be looking for space in your area. Keep in mind though that franchises are very specific on what they want for their commercial units and you may have to invest money to bring your commercial space up to their standard. But if you do get a franchise you can end up with a 5 year lease with a 5 year option. They also will pay very good money and this will increase your bottom line substantially as well as the overall value of your building.
All the best.
Vivian Clement
- Joined
- Aug 31, 2007
- Messages
- 570
Commerical leasing is totally different than residential leasing.
Not knowing what type of space you have, A, B, or C space, or what is the complex, area, etc.
Is it 2nd floor space, or higher. Elevator. Parking. Customer parking. Zoning. Tenant improvements allowances, common costs, all have a bearing on what tenants you can attract.
My experiance with commerical space has been, quality of tenants have more to do with the location, and quality of building. Good locations with good commerical tenants will sign a 5 to 10 year lease, with options to renew. One very good commerical tenant has resided in their space for more than 30 years, and just signed for an additionial 5 years. Lease renewal rates were at market.
B and C space in poor locations take much longer to lease, and do not get good rates.Turnover is much higher.
If we have medical space, we market to medical people, not through the newspaper and not the residential internet sites. Commerical leasing agents are an excellant method of attracting good commerical tenants. However they can cost as much as 6% of the gross rental rate over the term of the lease.
Take a good look at the local tenant profile, and then look for business that would fit in.
For commerical space, we use for lease signs in windows, on the corner, etc, and then direct mail to neighborhood, and tenant types that fit the profile. We also share commissions on leases with other realtors, so they help to find tenants also.
Good luck.
Not knowing what type of space you have, A, B, or C space, or what is the complex, area, etc.
Is it 2nd floor space, or higher. Elevator. Parking. Customer parking. Zoning. Tenant improvements allowances, common costs, all have a bearing on what tenants you can attract.
My experiance with commerical space has been, quality of tenants have more to do with the location, and quality of building. Good locations with good commerical tenants will sign a 5 to 10 year lease, with options to renew. One very good commerical tenant has resided in their space for more than 30 years, and just signed for an additionial 5 years. Lease renewal rates were at market.
B and C space in poor locations take much longer to lease, and do not get good rates.Turnover is much higher.
If we have medical space, we market to medical people, not through the newspaper and not the residential internet sites. Commerical leasing agents are an excellant method of attracting good commerical tenants. However they can cost as much as 6% of the gross rental rate over the term of the lease.
Take a good look at the local tenant profile, and then look for business that would fit in.
For commerical space, we use for lease signs in windows, on the corner, etc, and then direct mail to neighborhood, and tenant types that fit the profile. We also share commissions on leases with other realtors, so they help to find tenants also.
Good luck.
Here are some items that you may consider.
It is simply about exposure.
-make a power point brochure. Take excellent pictures and email a pdf to every commercial leasing agent in the area. Simply call reception and get the emails.
- Mail a colour brochure to every leasing agent.
- offer a leasing fee incentive.
-host an open house for every leasing agent with a reasonable sandwich lunch and door prize to increase attendance.
- call every president of every prospective company in the vicinity and follow up by mailing your brochure. In 4 weeks call every President again. Repeat.
- bring coffee and donuts to a lease presentation at the local commercial brokerage houses.
- take the top brokers out to lunch to ask for ideas.
- try to get a hard working agent to take the listing. Be careful as there are agents who won`t bring you value.
- hire one of those fax blast out companies to send your brochure to hundreds of businesses
Look at some the marketing ideas from REIN. Again it is all about increasing exposure.
It is simply about exposure.
-make a power point brochure. Take excellent pictures and email a pdf to every commercial leasing agent in the area. Simply call reception and get the emails.
- Mail a colour brochure to every leasing agent.
- offer a leasing fee incentive.
-host an open house for every leasing agent with a reasonable sandwich lunch and door prize to increase attendance.
- call every president of every prospective company in the vicinity and follow up by mailing your brochure. In 4 weeks call every President again. Repeat.
- bring coffee and donuts to a lease presentation at the local commercial brokerage houses.
- take the top brokers out to lunch to ask for ideas.
- try to get a hard working agent to take the listing. Be careful as there are agents who won`t bring you value.
- hire one of those fax blast out companies to send your brochure to hundreds of businesses
Look at some the marketing ideas from REIN. Again it is all about increasing exposure.
- Joined
- Jul 8, 2008
- Messages
- 24
If it`s ideal for a medical professional, I highly suggest you concentrate you ads in the Medical Association, Dental Association etc.. newsletters and or Colleges. New grads especially dentists are always looking for spots to open their office. I agree with the others in posting a big drive by sign as the majority of people interested will have already made up there mind on where they would want to be. HTH.
Wei
Wei
- Joined
- Oct 24, 2007
- Messages
- 2,289
Brent`s post is excellent. I have just started to work some commercial real estate into my sales business and received very similar advice from a broker who would be considered an expert here in Calgary.
I would add that signage on the front and marketing within industry related periodicals can get your space leased, but that can get pricey and success is predicated upon your ability to define who exactly is going to be tenanting your space.
QUOTE (brentdavies @ Jul 28 2008, 08:43 PM) Commerical leasing is totally different than residential leasing.
Not knowing what type of space you have, A, B, or C space, or what is the complex, area, etc.
Is it 2nd floor space, or higher. Elevator. Parking. Customer parking. Zoning. Tenant improvements allowances, common costs, all have a bearing on what tenants you can attract.
My experiance with commerical space has been, quality of tenants have more to do with the location, and quality of building. Good locations with good commerical tenants will sign a 5 to 10 year lease, with options to renew. One very good commerical tenant has resided in their space for more than 30 years, and just signed for an additionial 5 years. Lease renewal rates were at market.
B and C space in poor locations take much longer to lease, and do not get good rates.Turnover is much higher.
If we have medical space, we market to medical people, not through the newspaper and not the residential internet sites. Commerical leasing agents are an excellant method of attracting good commerical tenants. However they can cost as much as 6% of the gross rental rate over the term of the lease.
Take a good look at the local tenant profile, and then look for business that would fit in.
For commerical space, we use for lease signs in windows, on the corner, etc, and then direct mail to neighborhood, and tenant types that fit the profile. We also share commissions on leases with other realtors, so they help to find tenants also.
Good luck.
I would add that signage on the front and marketing within industry related periodicals can get your space leased, but that can get pricey and success is predicated upon your ability to define who exactly is going to be tenanting your space.
QUOTE (brentdavies @ Jul 28 2008, 08:43 PM) Commerical leasing is totally different than residential leasing.
Not knowing what type of space you have, A, B, or C space, or what is the complex, area, etc.
Is it 2nd floor space, or higher. Elevator. Parking. Customer parking. Zoning. Tenant improvements allowances, common costs, all have a bearing on what tenants you can attract.
My experiance with commerical space has been, quality of tenants have more to do with the location, and quality of building. Good locations with good commerical tenants will sign a 5 to 10 year lease, with options to renew. One very good commerical tenant has resided in their space for more than 30 years, and just signed for an additionial 5 years. Lease renewal rates were at market.
B and C space in poor locations take much longer to lease, and do not get good rates.Turnover is much higher.
If we have medical space, we market to medical people, not through the newspaper and not the residential internet sites. Commerical leasing agents are an excellant method of attracting good commerical tenants. However they can cost as much as 6% of the gross rental rate over the term of the lease.
Take a good look at the local tenant profile, and then look for business that would fit in.
For commerical space, we use for lease signs in windows, on the corner, etc, and then direct mail to neighborhood, and tenant types that fit the profile. We also share commissions on leases with other realtors, so they help to find tenants also.
Good luck.