Industrial real estate is a sector of business that many investors never think about getting involved in, but there is plenty of opportunity for those willing to learn and trust their instincts.
Joseph Johnson Welfont works in industrial and commercial real estate, so he has brokered many warehouse deals in his day.
If you want to be like him, read the following pointers so you can rent out warehouse space like he has over the years.
1) List your property online and in trade publications
The first step to renting out your warehouse space is to check around for every publication in your space that reaches out to your target market.
Chances are, they have a classifieds space where you can advertise your vacancy. While many stalwarts in the industry scan these magazines, many others have migrated to the web like everybody else these days.
List your space on these services as well, using pictures and words to accurately portray your space to readers.
Doing this will pre-qualify the buyers that you want, and dissuade those that will only waste your time.
2) Upgrade the infrastructure in your space
Before you put your space up for rent though, be sure that the infrastructure within your unit is up to date.
This means ensuring that all the light fixtures you have installed are energy-efficient fluorescents, ensuring your fire sprinkler system is fully functional and able to suppress serious fires, that the floors and the ceilings are capable of supporting heavy industrial equipment, and so on.
By making these improvements, you’ll make your space as attractive as possible to potential buyers.
3) Take accurate photographs
The world in which we live today is all about transparency: those that misrepresent themselves won’t last long, as attempts to swindle others often end with you being named and shamed on the web.
Don’t misrepresent your space through photographs or through copy that is designed to make your warehouse appear to be something that it is not.
Be yourself, and the right buyers will find you. If your space is so bad you feel the need to be dishonest, re-visit point #2 before proceeding to the next step in the process.
4) Be upfront about fees and expenses
While we discussed not engaging in flat out lies in the last point, it is also important that you do not omit or withhold crucial information from buyers as well.
One common expense that some sellers do not mention are maintenance fees, which are the same as condo fees in that they are used to aid with the upkeep of the property.
Volunteer how you will assess utility charges as well – while you may cringe at the thought of talking about these things, being honest about this will help clear up uncertainty, making potential tenants more likely to rent from you.
5) Be vigilant about your reputation
Finally, it pays to make sure the name of your company (and your name as well) looks good in the eyes of Google.
Sign up for the Better Business Bureau, run a tight ship, and have some articles written that will help elevate your BBB profile to the top of the search rankings.
This way, potential tenants will know that you are an honest operator, which will make them more likely to enter into a rental arrangement with you.