One of the worst things for a landlord to deal with is empty space. The longer you have a unit empty, the more money you are losing over the long-term. As a landlord or property manager, it is your job to make sure that every unit is always filled. This is true for residential housing, and this is also true for retail space.
However, it has become more difficult than ever to rent out retail space. Gone are the days when people started businesses and saw it through for at least a few years. Now it takes a lot of capital and fortitude that a lot of people just don’t have anymore. So what do you do if you have retail space for lease Florida State and can’t seem to fill it?
Before you go about selling your property, know that there are some things you can do to get the ball rolling.
Renovate The Property
You’re not going to attract prospective renters if you have a grungy, worn down space to rent. It’s in your best interest to renovate it so it’s ready to go. Of course, renovations cost a pretty penny, but when you consider the fact that you have an empty space that isn’t making you any money right now, then it just makes sense.
Get A New Broker
If you currently have a real estate broker, it may be time to find a new one. If you don’t have one, then it’s time to look for one. A good broker will know where to advertise and has connections to reach a wider audience. Right now you’re probably only advertising to the locals. What you need to do is expand your advertising realm and try to attract investors from around the country and the world.
Lower The Rents
It’s one of the last things you want to have to do, but it may be in your best interest to start lowering your rents. This will attract more renters. Now, you don’t have to make this a permanent drop. Many people have found success with offering introductory rates. Perhaps you offer a 25% discount off the rent for the first six months of the lease. You could also offer a shorter lease for those just opening up their first business.
Having retail space for lease Florida State can be profitable – if you can fill that space. We hope that our tips will help you get the renters you need.