In April 2024, the US office vacancy rate was a record 13.8 percent.
Most other commercial properties were experiencing similar vacancy rates. As a commercial real estate investor, you're right to be worried about this trend. Most likely, you have several vacant units in your properties.
You're losing potential revenue each day the units remain vacant. So, what can you do to turn things around and boost your ROI? Here's a guide to commercial property marketing strategies in Lynnwood, WA.
Know Your Target Market
Knowing the specific businesses that would be willing to rent your property can be of great help. Find out these businesses' needs, preferences, and budgets. Research the key things they consider when renting out spaces.
You can use this information to create targeted marketing campaigns. The plan is to highlight the features of your property that perfectly fit these businesses' needs. For example, if you're targeting retail businesses, focus your marketing on showcasing the high foot traffic around your property.
Leverage Online Listings and Professional Help
A strong online presence can help you find potential tenants for your commercial property. You might wonder how to do it, especially if you don't have a website. You can overcome this challenge by using various online listing websites.
Also, consider finding specialists to help you with commercial real estate marketing. The right experts can advise you on setting competitive rental rates for your units to attract tenants. They can share practical property visibility tips.
Utilize Social Media
9 out 10 realtors in the United States use Facebook to generate leads. They know that most people today rely on social media when searching for vacant residential and commercial units. You, too, should look for ways to take advantage of different social media platforms.
Use them for commercial property advertising to boost visibility and attract potential tenants. Take pictures of the vacant units in your property and post them on different social media platforms. Add a comprehensive description providing adequate details of the units.
Frequently review your posts to check comments and respond to the relevant ones. The idea is to boost engagement, which can increase the visibility of your property advertisement posts.
Work With Existing Tenants
When planning to rent a commercial space, most people contact other existing tenants. They want to get their firsthand experience of what it is like to do business in your property.
Look for ways to work with these tenants to help you promote your commercial property. Consider giving them incentives like a rent discount if they help you land a new tenant. A management company can build good tenant relations and encourage them to market your property.
Seek Professional Commercial Property Marketing Services
As a commercial property owner, you might have a hard time trying to find tenants for the vacant units. Simplify things by finding specialists to assist you in coming up with result-oriented commercial property marketing strategies.
Consider seeking the help of PMI Brewder Realty. We are a trustworthy commercial property management firm in Lynnwood. Contact us today and schedule a consult to learn more about our services.
