The UK’s commercial rental market has grown steadily, with research revealing an increase of 1.4% since 2020. Even during the pandemic, there was an appreciation, and the property market hasn’t slowed down since. This statistic presents a great opportunity to make a profit in that space. However, if you’re finding it challenging to lease or sell your property, assessing what could be accounting for the long wait is best. These tips may help draw your attention to reasons you never thought of.
- Exorbitant pricing
Comparing the going rates in your space can help you price your commercial property competitively. Understandably, you want to get high value for your commercial property. However, it’s important to remember that pricing too high can be a major turn-off for prospective clients. Some may even interpret it as a rip-off, contributing to why your commercial property is not leasing. You can lose out on a good deal if you are unwilling to negotiate your pricing. Sometimes, it is better to revise your pricing downwards to enjoy the benefits of a longer lease period. Undoubtedly, you may get a client ready to pay your initial high price, but only temporarily. Although this option may sound attractive and satisfying, you would have lost out on a more lucrative deal if you had reconsidered your pricing. Sometimes, the long-term cost benefits must be your guiding point.
- Ineffective marketing strategy
In a bid to lease your commercial property, word-of-mouth may not always be enough. Thankfully, you can use digital tools to create awareness on your property. When your property is poorly marketed, there is very little chance of getting access to prospective tenants with the financial power to lease. Poor-quality photographs and a lack of online mentions can contribute to why your property is not getting leased. You can find creative ways to communicate to your target market about your offer and be consistent with your marketing strategy. The commercial property leasing space is highly competitive, and you cannot afford to lose out on the benefits. If it helps, consider working with a professional marketing agency to guide the process. It would help to have a comprehensive marketing plan that would act as the blueprint for your marketing strategy. When that is done, you will have many more options to advertise your property and have better outcomes.
- The property’s condition
Clients always consider getting value for money and will not want to pay for a property that could cause them problems later. Conduct regular checks on the building and prioritise maintenance processes such as lift repairs. Your property may be leased in record time when you pay close attention to such details. Additionally, consider occasional upgrades to suit your clients’ unique preferences. This way, you reduce the likelihood of potential customers wanting to bargain or negotiate the price downwards. Keeping this in mind will help you avoid making losses and decrease the chances of your property being left vacant longer than expected.