Five ways to get your space leased
Sunday, January 25th, 2009
We’re in a market where most owners are going to have to contend with some empty space. Here are some tips for getting your space moved, whether it be office, warehouse, retail, or multi-family:
- Make the space presentable. That means fresh paint. In a warehouse, you might want to paint the ceiling white. In an office or retail space, replace missing or stained ceiling tiles. Open all the blinds. Vacuum carpet. Make sure all the lights come on, It’s not rocket science, but this stuff is inevitably overlooked by owner and brokers alike.
- Market the space to prospects. Run advertisements in craigslist, in the local paper and appropriate trade papers. Use direct mail querying dun and bradstreet or other data services to create lists.
- Market to brokers. Make sure you have a list of the brokers that are likely to bring you prospects. Mail them regularly with space details. Offer to pay them quickly for deals, or offer them gift certificates for showings. Offer them bigger commissions than your competitors. Now is the time.
- Hire a broker. If you do it yourself, it’s time to hire a broker. Find one that’s active in the market niche that suits your product but doesn’t have too much product that directly competes. Listen to their advice but demand regular reporting from them updating on prospects. The squeaky wheel gets the grease.
- Folllow up. When you have inquiries or showings, track them. Follow up regularly by phone or email. Be polite but persistent.
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