So, you have a commercial space and want to rent/lease it out as an office space? While the idea is brilliant, exciting, and can fetch you extra cash, you need to prepare for renting/leasing it mindfully. It is essential to arrange and stage your commercial property correctly so that it attracts the right set of audiences who need what you have to offer.
Your commercial property could be an office space, a warehouse, or even an unused space that you wish to put to use and earn some money from. To embark on this transformative journey of the commercial space, you need to investigate its weaknesses and strengths and capitalize on unique selling points.
Check for any maintenance and repair work that might be required. Once that’s done, focus on creating a welcoming ambiance that will attract potential lessees. In this blog, we will shed light on the crucial guidelines that will help you to prepare a commercial property for rent or lease.
Preparing the Commercial Space: Smart Tips to Consider
In 2022, the commercial property remodeling market in the United States achieved a substantial value of 51 billion U.S. dollars. The growth trajectory of this market commenced in 2012 and reached its highest point in 2020. However, over the subsequent two years, the market experienced a decline. Looking ahead, experts predict that the market is likely to exhibit a moderate expansion of approximately two percent in the year 2023.
Hence, it is a good idea to remodel the spare commercial property that you own and rent it as an office space. But before you proceed with this, it is necessary to make a few considerations and work accordingly.
People are picky, and so are your potential tenants. That means they will thoroughly inspect a commercial property before they decide to rent or lease it. Therefore, you have to arrange your commercial space in a way that doesn’t just impress them at first glance, but proves to be flawless when they examine it minutely.
Wondering how to go about this process? If so, here are a few guidelines that will help you to accomplish the task.
Connect With a Commercial Real Estate Broker
To discover potential lessees and people looking to rent a commercial space for their office, get in touch with a commercial real estate broker. They usually focus on leasing commercial properties, such as industrial spaces, retail spaces, office properties, and the like.
Keeping in mind their contractual obligations towards you, these brokers will charge a minimal percentage of the total lease amount. Hence, you can pay them when the lease gets completed.
Inspect the Commercial Property
Inspecting a commercial property is essential before leasing or renting it. The inspection process highlights any problems that you must resolve before showcasing it to future tenants. For example, it is essential to assess whether the property exhibits any indications of wear and tear or structural issues. Look for weak areas, leaks, and cracks, and make the necessary repairs.
You should also test every electrical switch, outlet, and lighting fixture to ensure they work correctly. Check the plumbing to address any water-related problems and leaks. Furthermore, ensure that security measures, such as extinguishers, fire alarms, and emergency exits, comply with the regulations.
Remove and Remedy Mold Growth
Is your commercial property old and lying unused for a prolonged time? Has there been no cleaning and maintenance work in the recent past? If so, chances are that the property has mold growth, which you need to remedy before renting or leasing it.
Simply put, mold can be described as a fungus that can grow virtually anywhere, inside and outside a commercial property. It’s bothersome for commercial property owners as it affects air quality and people’s health. Mold can be present in textiles, HVAC ducts, building materials, and paper.
Left unremedied, mold produces skin problems, respiratory discomfort, and allergic reactions. No one would want to step foot on such a property. If you suspect that your commercial space might have mold growth, you can opt for mold removal and remediation services.
Professional mold remediation service providers use standard-industry processes and devices to ensure effective mold removal. They make use of negative air machines, air scrubbers, and personal security gear to maintain a well-managed environment during the removal process.
PuroClean states that commercial property owners should take action when they spot black or green mold growth in the space. Care should be taken so that the mold doesn’t spread to areas of the commercial space that aren’t affected. The mold removal experts need to evaluate the space and come up with the ideal action plan to contain the mold before the cleaning or drying process.
Say Yes to Billboard Advertising
Often, people overlook the billboard, but it is one of the most visible ways to reach your target audience. In 2022, a Statistica data revealed that nearly 32% of respondents prefer billboards and another 9% revealed that they like this a lot.
Ensure that the billboard advertisement is simple and seamless. You need to add a smart commercial property slogan that will have maximum recall value. Also, include your contact details, which should be easily visible even from the roadside. Finally, place it in areas where the maximum number of people can see it and reach out to you.
Finally, use social media and keep the entire process simple. There’s no need to use every social media channel to rent or lease a commercial space. Use the ones that you are active with. Apart from that, keep the message engaging, concise, and simple for people to get attracted to or curious about it.
Once you follow these essential guidelines, you can transform your commercial space into an attractive and coveted property for potential tenants. From conducting a thorough inspection and addressing maintenance issues to creating a welcoming ambiance, each step plays a crucial role in maximizing the rental potential of your property.
Taking a proactive approach to preparing your commercial space will not only impress potential tenants but also demonstrate your commitment to providing a professional and well-maintained environment. Additionally, engaging with commercial real estate brokers and utilizing social media can significantly expand your reach and attract the right audience for your property.