The ultimate goal of every landlord is to get the most revenue from the commercial residence. But that doesn’t mean they should stop focusing on the big picture and cede their space to a few retailers interested in the home. Maintaining the perfect tenant mix contributes to higher foot traffic, higher investment, delighted tenants, and increased demand and better deals for your home. Read on for the four strategies you can use to generate the most income from your commercial building by avoiding tenants who can’t pay.
Research the Demographics
The demographics of the area’s locations play an important role in determining the type of stores that will almost certainly succeed with shoppers. For example, pharmacies can be an important development for an aging population.
Talk to Your Current Tenants
Current tenants can be a great resource for providing information on what brands and merchandise might represent the most value to your store and landlord. Evaluate store operations and delve into your weaknesses and strengths and develop approaches to overcome or improve them.
Get Tenants Who Sell Different Merchandise
A mall that carries a balance of big brands and very small brands and has a broader collection of product categories rather than focusing on only a portion of those demographics will have much better foot traffic. Select tenants from various product classes and be sure to include local retailers who always have something new and fresh to offer. Look beyond retail offerings and include services like ATMs to increase the effort needed to create the perfect tenant mix.
Hire a Commercial Property Management Company
Commercial property management alternatives have mastered the art of using several proven techniques to find the perfect match for any type of commercial residence. They analyze the area surrounding the property, examine the geographic advantages and disadvantages of the location, and have real estate experts working on the tenant mix. They conduct a competitive analysis to assess what products and services are lacking in the area and work to attract high-quality tenants to your property.