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Renter's Block: Managing Difficult to Lease Spaces

Posted by IKO Community Management on September 4, 2014 at 1:36 PM

If you have space that has been sitting empty for longer than you would like, you may need to evaluate a few things in order to attract renters to your property. If you’re dealing with a difficult to lease space, IKO Community Management has some tips for getting your property in shape for prospective renters.

  • Clean House. If it’s been a while since someone inhabited the space, take a few days (or hire someone) to clean the property from top to bottom. Scrub the floors, clear any debris and fix any problems that were left unresolved after the last tenants left. If your space has storefront windows, make sure they aren’t obscured by tattered, messy, paper. Make sure that if you’re covering the windows it’s done neatly. If your property is on a lot that has a lawn, maintain the landscaping and general curb appeal. If a lot looks shabby, potential renters will be unlikely to consider investigating a lease. A property that looks like it’s move-in ready will be more desirable.
  • Advertise. Make sure that your signage is clearly visible. Replace any damaged signs. Advertise your property online, as well as in print media. Potential renters will be looking for options and investigating all possibilities before contacting landlords. Post pictures, directions to the property and all possible information. If your posting has helpful information available for potential renters, they will be more likely to pursue it.
  • Open House. Think about creative ways to get people into your property. Do you know someone who is looking for a place to hold a charity event? Does a club or organization you’re involved in need meeting space? Holding events in your space will introduce it to potential renters who perhaps your marketing efforts didn’t reach.
  • Reach Out. If you are in an area where multiple properties have been empty for a long time, try to contact the landlords of these neighboring spaces. Arrange a time for discussion to pick the brains of other people in your situation. Is there anything that can be done as a community to encourage businesses or other renters to move into your area? Is there a common problem that plagues all of the properties that may be easier to fix as a group? Connecting with others is a great way to think outside the box and find a solution.
  • Consider Outsourcing. If you find that your difficult to lease space is taking up too much of your time, energy and resources, consider outsourcing the marketing and management of the property. A professional management company will work with you to find a solution for your property’s needs.

Difficult to lease spaces can be very stressful to have on your plate. Take a deep breath, step back, and consider all options. In order to attract renters to your property you need your potential renter’s demands to match with what you have to present to them. Do research, be diligent, and stay on stop of your market. Your hard work will pay off! If you’ve experienced managing a difficult to lease space, share your ideas in the comments!

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