If you live and work in Las Vegas, you know that there is a sizeable amount of commercial rental space available. Many owners become discouraged because they think they will never find an adequate number of tenants to keep their building from going into the red. Thinking like this won’t do a bit good though. It’s better to take a more aggressive attitude and drill down on finding out what tenants want, and how you can fulfill their needs.
The first thing you can do is make sure you have a big and nice looking sign out in front. This is pretty obvious, but a lot of people get cheap on the sign, and that makes the property look bad. Another thing you can do is make sure the property is presentable. Having it painted if it needs it can make a lot of difference. If there are potholes in the parking lot, have them filled and do a little sprucing up on the landscaping.
Those are the things you can do. Problem is that there are many things a property owner would rarely know, like the average income of the neighborhood in which his property is located. In general you would need a commercial real estate broker to help you with all the details. Below are a few things a qualified commercial real estate broker would be able to inform you on.
Is your building suffering from persistent vacancies? A thorough market analysis can help to find out why your tenants are leaving, if your lease rates are competitive and what your competitors are offering. Understanding these main factors will be a great insight into how to attract and retain quality tenants:
- Demographics. Which target markets can your building serve? Studying the people that live in the surrounding area will give a clear picture of the types of businesses that would likely succeed in your particular area.
- Competition. What types of buildings are around your area? Knowing the classes of buildings within your area will give you an idea of your competitive edge.
- Traffic counts. High traffic counts attract a specific type of retail tenant while lower traffic counts will attract another.
- Compare rates. What lease rates are your neighbors charging? Are they offering Triple Net or Full Gross? Understanding exactly what your competition is offering can help your negotiation strategies when dealing with lessees.
Contact McMenemy Investment Services today for a FREE CONSULTATION! We will be glad to walk you through the process of finding and retaining quality tenants.