How to Rent Your Commercial Space
Do you consider yourself to be a real estate investor? Do you currently buy properties and look to make your money back over time rather than instantaneously? Are you more interested in large long term gains than small short term profits? If you can answer yes to each of these questions, then I would say yes, you are a real estate investor.
Personally, I think that real estate is still one of the best investments a person can make when they’re trying to develop passive income. Many people agree with me, however, most don’t have the capital that’s necessary to begin investing, which is why there is always a market for those that are in the hunt for that perfect investment property. If you have been able to break into this market though, kudos to you. If done properly, it can lead to a very profitable future.
Whether you’re investing in residential or commercial real estate, the most difficult part is actually renting out your property and finding quality people that pay you consistently for the use of your building. So how can you better rent out your space? What areas are most effective for advertising?
Advertise Your Real Estate
In order to earn a return on your investment, you must find someone that’s willing to rent it! So what’s the best way to find that perfect renter? If you have rented out other units and have built up some connections with various renters, the absolute best way to fill your rentals is by getting referrals from your current renters. If they like your property and enjoy their agreement with you, they’ll no doubt tell their friends, especially if you give them a little kick-back for doing so. This way you don’t have to advertise to the general public. You never know what you’re going to find when you do that.
The next best place to advertise is online. Sure, there’s a huge pool of other rentals out there, but there are also many eyeballs looking for a place to rent as well. You could either toss your posting up on Craigslist or find a large “For Rent” listing site online. You’ll be sure to get results from either posting.
Look The Part
When you start getting into renting out your commercial space, you’ll be dealing with current or potential business owners and they’re going to want to know that you’re a business man too. If you decide to meet them at McDonalds for a McMuffin, they’re probably not going to respect you or your commercial property all that much. To win them over, you’re going to want to rent a high class meeting room in the area. I know what you’re thinking, it sounds expensive, but when you think about the overall money that this deal could be earning you over the long term, it’s 100% worth it. If you act like a business man, then you’ll start making more business deals than ever before.