Keeping the property fully occupied is key to maximizing the cashflow of the investment property. There are various steps that the property management company should follow to properly promote the center and quickly find the tenant. Here are some marketing strategies to lease out the vacant units for your shopping and retail centers.
1. Maintaining the center clean and bright. Updating landscaping, cleaning windows, keeping the property litter-free.
2. Effectively utilizing the property’s on-site signage to promote awareness and availabilities. May require enhancing signage.
3. Posting banners, affixing marketing brochure boxes, and hanging window posters
4. Upgrading the center’s image with existing tenants. This requires being more in touch with tenant’s needs. Prospective new tenants frequently talk to existing tenants to see how happy they are in their location and space. Word of mouth still goes a long way today.
5. Creating awareness of the center as well as the tenants using social media. Create a Facebook presence that includes each tenant’s business and post special promotions and discount sales and photos and videos of products offered.
6. Performing merchandize (tenant mix) analysis and planning
7. Targeting on proprietary prospective tenant lists
8. Developing a leasing floor plan of all vacant units
9. Performing rental survey to align with market rate
10. Analyzing the expense budget for justifying CAM charges
11. Creating a marketing material including a color flyer for target marketing. The flyer will describe in detail the availability and feature the center and amenities. These marketing materials will be distributed on a regular basis to target market areas.
12. Monitoring changing market conditions & leasing alternatives
13. Connecting with the commercial real estate agent network
14. Uploading to several listing network services such as Costar, Loopnet and Cityfeet and CCIM Corefact.