How to secure quality commercial tenants
Having a great commercial property property doesn’t guarantee you great tenants. When it comes to commercial leasing, there are a range of things you can do to both attract and keep the best tenants. It’s all about sweetening the deal.
Finding quality commercial tenants in Mt Isa
This is the crucial first step. Here are our top 3 tips for how to find good quality commercial tenants.
Tip 1: Hire an experienced Mount Isa commercial property manager
Leasing commercial property is very different to leasing residential property. It’s important to choose a local commercial property specialist who is familiar with the current commercial property market in Mount Isa, as well as commercial lease terms and conditions.
An experienced local property manager will also be able to help you with tips 2 and 3 below.
Tip 2: Make your commercial property as marketable as possible
Potential commercial property tenants in Mount Isa can include existing local businesses looking to relocate, as well as new businesses from out of town looking to set up their operations in Mount Isa.
You need to make your property as marketable as possible for both physical inspections and online viewings. Highlight all of the key features of your property in your listing, including:
- all potential business uses,
- size and space,
- facilities (e.g. air conditioning, kitchen, parking, town water connection, security, toilet/shower), and
- council zoning information.
High quality visuals can really enhance the online appeal of any listed commercial property. They can help you to attract high quality tenants.
Tip 3: Screen your commercial tenant applications carefully
This final tip is crucial. It’s important for you (or your commercial property manager) to do a thorough background check for any commercial property tenant applications. This includes both their rental and credit history, as well as contacting their previous landlord for a referral if the tenant has rented other premises.
High quality tenants have a track record of paying all their debts (including their commercial property rent) on time, every time.
Keeping quality commercial tenants in Mt Isa
Once you’ve found good quality tenants, make sure you do everything you can to hang onto them! Here are our top 3 tips for how to do that.
Tip 1: Hire an experienced Mt Isa commercial property manager
An experienced local commercial property manager will liaise with your tenants and regularly inspect your property. They will also ensure that any necessary repairs and maintenance work is done promptly after consultation and approval from you. This will keep your good tenants happy. Happy tenants are more likely to renew their lease when the time comes.
Tip 2: Offer long-term lease renewal incentives
Everyone likes ‘sweeteners’ as incentives to sign agreements. If you have good tenants, offer them incentives to renew their lease, and make sure you do it well before the lease expiry date. For example, a discount if they renew for a longer time period.
Signing your good tenants to longer-term leases can be a very smart move. It will lower your risk of tenant vacancy periods, save you the cost of advertising for new tenants, and ensure that your property is well looked after.
Tip 3: Keep your property as enticing for your tenants as possible
Besides approving any necessary repairs and maintenance work, consider doing renovation work over time to ensure that your commercial property facilities are as attractive as possible for your tenants.
This work will not only help to keep your good tenants happy, it will also help to increase the value of your property.
If you’re thinking about leasing, renting, selling or buying any Mount Isa property, or you need your property managed, contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any questions you have.