Ever had multiple businesses fighting to rent one of your retail spaces? Ever had a great building in a great location that no one seemed to want to dent out? These might seem like completely separate issues, but they could potentially be solved with the same approach…
Talk To The Community
The people in your community know what businesses they want to see, where they want to shop, what they’re going to spend money on, etc. If you can get feedback from the community for your commercial real estate, you will know which businesses to approve or which ones to reach out to in order to fill your vacancy. If a business experiences a high volume of sales in the first year at a location, they will most likely stick around for years to come.
How To Get Feedback From The Community
We don’t expect you to go door to door asking people for their opinions about your property. There are more creative and more modern ways to go about this. Perhaps the easiest option would be to create an online survey that people can fill out on their own. Put a big sign on your business that says “What Do You Want To See Here? Tell Us At: www.Bla-Bla-Bla.com.” When people drive by and have an idea, they will likely pull up the site on their smartphones and give the feedback you need. Then all you have to do is put their opinions to good use.
Another way to go about this is to ask other businesses in your area what their customers ask most about. If your location is near a strip mall full of boutiques and antique shops, the customers around there might be asking for even more unique shopping opportunities. They could also be looking for quaint eateries and art galleries. If you can gain insight from other owners in your area, you can create a game plan for your property.
Use Your Feedback Wisely
Once you know what kind of businesses people are looking for in an area, look for those businesses in your applicant list. If people are asking for a specific store or restaurant, see if a similar one is looking to rent out your place. If you have no applicants at all, start contacting franchises that fulfill the desires of your community. They may open a branch with you if you can prove the demand is high enough.