Summer is considered the most active time for the real estate industry, with many landlords eager to find a tenant for their property before the fall. The rising demand for property during this period also creates competition among property owners. This means it’s key for landlords to adequately prepare their properties to stand out from the competition and attract new tenants.
In commercial real estate, staging a space helps landlords increases their chances of attracting a tenant and signing a long-term lease.
Here’s everything you need to know about preparing your commercial property for the summer leasing season:
1. Make sure you’ve made all the necessary renovations
Before showing your commercial property to prospective tenants, make sure it’s in the best condition possible. It’s recommended that you make any major updates during seasons like winter and spring, prior to the summer leasing season. This will fast-track the process of finding a new tenant, which can often be delayed by a commercial property that isn’t ready for a tenant to move in immediately.
2. Small updates are important too
All the fixtures in your commercial space should be functional. Check if fixtures such as lights, ceiling fans, air conditioning, and power outlets work properly and where necessary, upgrade them if they’re outdated.
Adding a fresh coat of paint, replacing old carpets, and making other cosmetic changes also play a role in impressing prospective tenants.
3. Clean your commercial space as thoroughly as possible
After renovating and upgrading fixtures, deep cleaning is next on your list of things to do. Move cabinets and other furniture around to get into the crevices to clean dust, grime and stains. Pay extra attention to air conditioning vents, blinds, and windows which often collect a lot of dirt over time.
A clean space is reassuring to prospective tenants as it makes them feel like they’re moving into a well-maintained building.
4. Stage your commercial property
Staging is just as important in commercial real estate as it is in residential real estate. It involves showing your commercial property in its best light by making it attractive to potential tenants. Statistics show that properties that are staged spend 73% less time on the market than those that aren’t, so you’re guaranteed to speed up your leasing process this way.
The first thing prospective tenants will see is how your building looks from the outside. An outdated and rundown building with a garden that is poorly maintained is bound to make a bad impression.
Increase your commercial property’s curb appeal by repainting your building, making sure cracks in driveways and sidewalks are repaired, landscaping the garden, and cleaning windows.
The lobby is arguably the most important part of a commercial space. Pay extra attention to that area by choosing furniture pieces that are welcoming and comfortable. Keep in mind that tenants will picture how their clients will feel walking into the lobby, so make that first impression count.
Indoor plants are great for adding life into a space. You should also add modern furniture in conference rooms and offices to give prospective tenants visual appeal and an idea of how the space can be utilized.
Did you know there are apps and software for virtual staging interiors? Check out these virtual staging apps and software for real estate.
The tips above will help you prepare for the summer leasing season, allowing you to lease your commercial property with ease. Want more