It’s easy to stand up and take a bow when you lease up a desirable property in a hot market, but the real way to separate true real estate professionals from everyone else is the way they approach leasing a difficult property. Here at Berger Commercial, it’s our strategic approach to leasing that separates our team from the competition. Rather than casting a wide net with lots of broad-brush advertising and hoping to snag a tenant somewhere out there, we fine tune our approach to communication in ways that make a difficult property more marketable to its target markets. Here are a few examples of tactics we’ve found are likely to make a difference.
Open the lines of communication and keep in touch with local brokers who specialize in leasing. Update them on any positive changes to the building’s amenities and leasing status. Don’t let them forget what you have to offer. Remember: it’s the squeaky wheel that gets the most attention.
Choose an enthusiastic management company that provides first-class service and is excited about the building’s benefits. As an indispensable part of your team, the management company needs to be a cheerleader for the building’s leasing efforts.
Bring the property to life with ribbon cuttings, charity events and tours. Make it a recognized location among the business community. By becoming an active member of the local scene, your property will get people talking, generate “free” press coverage in the news media and become an attractive option among potential tenants.
Avoid obvious, quick fixes, such as free rent, which can be interpreted as acts of desperation. Build your marketing strategy around what’s right with the property, not its deficiencies. Note this caveat from marketing pros: Giving something away for free may diminish its value in the eyes of potential buyers. Instead, focus on the positive attributes your property offers the right tenants.
Contact tenants in nearby buildings and invite them to tour your property. Some may be nearing the end of their leases and are open to creative deal making. You may come across situations where it is appropriate to offer to pay for a part of a new tenant’s move by a small rent concession rather than to offer free rent.
The best way to market a difficult property is to communicate its benefits to potential tenants. It’s the most surefire way to hit a bull’s eye with your target market.
By Judy Dolan