You have purchased a commercial property and now it is time to bring in the tenants. Owning a commercial property as an investment won’t help you out without filling it up with tenants. But how are you going to attract the right tenants for the right price.
We at Chicago Commercial can help you with many aspects of setting up your commercial property lease. First, we will help you to set up the right parameters for your property lease. Each property will follow different parameters, but some of the common factors that you can concentrate on include:
- Accessibility
- Maximum budget
- Desired size
- Property zoning and type
- Ideal customer
Out of these, the ideal customer can be really important because it helps ensure that you can attract actual visitors to the location. You may want to consider leasing out to retail locations and restaurants who will easily bring in the customers. Leasing out to businesses with good plans behind them and who may already have a good customer base can ensure that they will be able to make rent each month.
Our professionals can also help you to take a look at the zoning of your building. Many commercial property owners can make bigger profits by leasing out to several different businesses at once. If you have a large building that you could split up into several office buildings, you could split up a larger rent between several tenants, rather than charging more to one tenant.
Before you are able to do this though, you must make sure that your building meets the required zoning rules for your building. At Chicago Commercial, we can discuss what your building is zoned for and discuss what your options are based on your current building.
In addition, we can discuss how much you can reasonably charge for rent. Some commercial property owners appraise their building for much more than it is worth, and this can make it impossible to find the right tenants to move in. At Chicago Commercial, we will be able to look at many different factors to help determine the best price to charge for use of your property.
There are a number of things that come into play when determining how much you can charge tenants for the building. Some of the things we will look at include:
- Market value: We can help you determine how much other properties in the area are renting for and price yours based on this comparison.
- The size: The more room that you can offer the client, the more rent you can charge in the lease.
- How accessible it can be: If the building is out far from customers, most businesses will not be interested in leasing the building. But if it is near a large business area with other companies and restaurants around, you may be able to charge more for your space.
Selling your commercial property presents some unique challenges to anyone. At Chicago Commercial, we can bring out expertise to the table to help you set up the right lease terms and get the perfect clients in the door to stay.
