How to Find Tenants for Your Commercial Space [The 3 Best Ways]
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- Опубликовано: 11 июл 2024
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Finding commercial tenants can be tough. The right tenant is worth their weight in gold, but the wrong tenant can drain your time, energy, and resources. Of course, there are many different ways to find businesses to lease space to, depending on how creative you get, but these are the three that I’ve found most effective on my properties. Finding tenants and leasing commercial space can be pretty time consuming for more property owners. Especially if you’re not a full-time investor. In fact, it can be a pretty painful process. Handling those incoming phone calls, screening out the not-so-great prospects, site tour after site tour - and that’s all before you even get to the negotiations. I’ve been there myself and I’ve also helped many other commercial investors along the way. Unlike the residential world, commercial real estate doesn’t have a centralized listing resource like the MLS or Zillow. While you can certainly utilize some of these online tools, they often populate your listing with incorrect information, the platform can be difficult to use, and you have to really pay to play if you want to get any attention whatsoever. So, how do you find tenants for your commercial space? Well, there may not be a unified database where you can easily place your commercial property listings, but you do still have a few options. Here are the three most effective ways to find commercial tenants.
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Tyler Cauble is Founding Principal and President of The Cauble Group, an East Nashville-based commercial real estate brokerage serving the Greater Nashville Area. He's a native Nashvillian that has not only been a witness to the city's tremendous growth, but is also involved in it through his developments, renovation projects, and volunteer work.
As President of The Cauble Group, Tyler helps bring together buyers, sellers, landlords, and tenants in retail, office, industrial, and multi-family real estate. He’s committed to helping business owners understand the market so that they can grow their business and be part of Nashville’s future. Cauble is also the best-selling author of Open For Business: The Insider's Guide to Leasing Commercial Real Estate.
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I love this video…. Thank you …
Glad you enjoyed it!
Thank you
You're welcome
Great video! Quick question, if I find a building that I want to sublease to another business, is it common for the subtenant to pay the security deposit on the sublessor's behalf to the landlord? That way the sublessor won't have to come out of pocket with a security deposit if they already have a subtenant lined up.
Thank you! Typically the tenant has already placed the security deposit so the sublessee won’t have to pay it. Most landlords won’t exchange security deposits during a sublease because it’s an added layer of complexity and they want the original tenant on the hook for anything that goes awry
You mention Crexi as an option for listing your property without going to a broker, but Crexi requires adding a registered broker to any properties you list on their site. My understanding is that taking a cut from the broker is how they get actually get paid for their listings.
That's a good question - we're all brokers so I haven't personally experienced that (and I also don't utilize CREXi myself, the team does). Surely they'd have a section for owners to post their properties, I'd find it strange if they didn't
@@TylerCauble It is quite explicit, both when you try to create a listing, and when you read the Terms of Service, that a registered broker (who has also created an account on their site as a registered broker) will be required to complete any listing.
How do I attract triple Net lease tenants? Like a starbucks for example. I’m building new construction so would a commercial broker be the source for building minimum specs if I want to attract those type of tenants
Yep - a commercial real estate broker is typically the best way to go because they should have the contacts to help you pull that together. They may know the representatives for those businesses or possibly represent them theirselves
@@TylerCauble , Hi Tyler, I live in south Florida. Is there a commercial real estate brokerage you recommend? I will be gratefully appreciated.
Can you recommend an online service for a thorough Commercial Tenant Screening? Our agent is failing to do this for us, and we are running out of time. I'm grateful for these informative videos.
We typically run this through our property management software if we need an actual background check. However, most of the time, a recent P&L statement, 3 months of bank statements, and a personal financial statement will suffice
@@TylerCauble Tyler, thank you! 90% of the time, we have our tenants sign a personal guarantee. Since we have a lot of Mom n Pops, or new startups with little background history. Our last agent of 20 years would screen the prospects and only supply us with tenants with real property or home ownership. We have used the Personal Guarantee in the past, so it's really important to us. However, our current agent is supplying us with prospects that have no real property, and our attorney is strongly against these prospects. Thoughts?
@@aratrex Hey I work at a real estate company named Tristate commercial and we usually won’t even submit an offer with 2 months bank statements, last years tax return, and a credit report. By any chance where are your commercial spaces located maybe and can you send me the details maybe I have a tenant that fit your guys needs.
@@victorsafenia7377 we are in Marin County, CA
I would tend to agree with your attorney, depending on how big the lease is. If it’s $1,500/mo, I wouldn’t be too worried about it. But if the space is $10,000/mo, I’d certainly want to see substantial financials backing up their guaranty
How have you successfully found tenants for your space? Let me know in the comments below!
As an old office building, how can we attract new potential tenants?
Renovating the exterior and common areas is definitely a good approach. I would hire a commercial real estate broker that's pounding the pavement to find you tenants
Hi Tyler. Can you hire property management to find tenants for commercial real estate?
You can but they're not the best group to be doing that. Property managers are best for handling the property while commercial real estate brokers go out to find tenants
@@TylerCauble ahhh, i see. Thanks for the feedback!
@@locks4 for sure!
What do you know about commercial property in Puerto Rico?
Not much but always down to take a trip!
@@TylerCauble I’m trying to figure out how much to rent a commercial property but since it’s my first time I have no idea how much it can go for.
I’d reach out to a local commercial broker there to see what their opinion is. They’ll have a ton of market knowledge that they can share with you
@@TylerCauble thanks man! Subbed
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Lol I'm 14 and I have bought land with nothing on it can I rent it out and earn money if so how
You could rent it out to someone on a ground lease (meaning they rent the ground from you and build their own building on it), the land could be used as storage, or someone could store vehicles on the property. There are many creative ways to monetize raw dirt if you're looking to make income off of it.
Maybe lease only the subsurface rights for lumber or oil drilling
That’s definitely an option, too. Or even water rights, depending on where it’s located
@@TylerCauble if its near farmland you can have cows graze the grass, people pay for this
Yes you could! Those leases are done all the time and are a great way to monetize land
To all you landlords out there. Is small business can’t afford to rent a 2,000 sq/ft space for $28,000/month. But corporations can. Give us a break. Let us have a small business we can afford and stop letting the corporations take over. Your greed is part of the problem
Maybe it is greed sometimes. I also know that holding desirable commercial space can cost you $10-20k a month!
Depending, that landlord might barely be scraping a profit out at first.
Hey what’s your business?