Hard time renting out commercial space? Remodel and used a realtor to post on MLS but no tenants. Any suggestions to better my chance of renting it out?
Question: remodel and hired a realtor but still can’t rent it out. Rent is comparable to the places but still no one yet.
[{"id": "ip08clj", "text": "This is the question", "replies": [], "depth": 1}, {"id": "ip0bl9g", "text": "Post it somewhere commercial tenants actually look?", "replies": [{"id": "ip0c5c7", "text": "Yes, 3 of them. One wanted 2 units for the price of 1. Another wanted way less per sq.  feet and wanted month to month lease. Last one was a non profit.", "replies": [{"id": "ip0fcmk", "text": "Take the lower $/sf on a mo2mo with a 60 day notice to vacate.  Mitigate the losses while you continue to market the property.  \n\nMake sure your realtor is incentivized. Look over the contract.  If you need to, switch.", "replies": [{"id": "ip0fxgu", "text": "Incentivized, how do? This is a side job, I do have a full-time job . I need to market this better and reward the agent to make it happen!", "replies": [{"id": "ip0gg03", "text": "Depending on what you signed, they may not have any kind of time incentive. They may have other more valuable clients that they can prioritize.  The exit penalty may be harsh.  Make sure the realtor is fluent in and using social media and has the budget to do so.  Incentives like time bonuses can work well.  30 days +1 mos rent, or 1%.  Stuff like that.  \n\nReducing the loss should be important. A mo to mo tenant can help. We\u2019ve done it in the past.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ip0g2af", "text": "He\u2019s telling you that the MLS is not where you post an available commercial space. Only residential realtors use the MLS so if you hired a residential realtor that\u2019s your first mistake.", "replies": [{"id": "ip0griy", "text": "My bad, she is commercial. I also invest in residential as well, lol. They use MLS. Got to hustle.", "replies": [{"id": "ip23eof", "text": "Commercial does NOT use MLS.  CoStar or Crexi is going to be your best bet.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ip0ubqz", "text": "does it have good signage? is it on loopnet/costar? is your realtor an expert or highly experienced in this product type? if it\u2019s only on mls maybe get a new broker", "replies": [{"id": "ip0x7cv", "text": "Good information, thanks.", "replies": [{"id": "ip0znmx", "text": "good luck! you\u2019re doing the right thing by seeking out help and what else you can do. keep it up and things will work out!", "replies": [{"id": "ip1fm77", "text": "Thank you", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ip1s2l1", "text": "It should be on Loopnet/Costar, not the MLS... it sounds like you don't have the right agent. You need a commercial agent.", "replies": [], "depth": 1}, {"id": "ip29nly", "text": "Find a broker and not a realtor", "replies": [{"id": "ip2cdvw", "text": "Why?", "replies": [{"id": "ip2isjd", "text": "Because (in my experience) realtors don\u2019t have a clue about commercial buildings", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ip36m3v", "text": "What kind of property is this? You could just have an undesirable location. A reputable commercial broker might not even touch the listing if there's no market for your space. You said you remodeled, but what does that mean? Usually, it's a bad idea to do any work to a space before renting because different tenants have different needs. Commercial is a totally different world compared to residential.", "replies": [], "depth": 1}, {"id": "ip3gkpm", "text": "Some of the statements here are accurate depending upon what part of the Country your property is located in. If you are in the mid west it is possible a tenant will be found using the MLS. In California, it is highly unlikely. The only people accessing the MLS are other agents. I can tell you that over 90% of my landlord leases are double ended....and that isn't by design. It is because, in my experience, Brokers from outside companies rarely bring me deals. Most of my deals are done from having the listings on sites that principals go to and signage in front of the property.\n\nAlso keep in mind, the word Realtor is frowned upon in commercial real estate....again, depending upon where your property is located. In California, agents relate \"realtor\" to \"homes\" as commercial agents are not required to be members of the Board.", "replies": [{"id": "ip44qfr", "text": "Thanks for the information, learned something new.", "replies": [], "depth": 2}], "depth": 1}]