Property voids are a major area of concern at the moment and it’s normal for some landlords to start to panic. However, failing to find tenants is not an option for many landlords and they might be scrambling for ideas to either repurpose space or at least protecting it until market conditions return to normal. This is not something all landlords have imagined and prepared for as black swan events go against all forecasts by definition. So, what can be done with vacant properties during downtimes?
Protect the Property
The best thing to do if you don’t have specific plans is to make sure that the property remains in good condition. This means that you have to protect it from vandalism and illegal entry.
If you have a vacant property in a high-risk area, we strongly suggest that you consult vacant property solutions from FRG. They have been providing vacant property solutions for decades and can work on virtually any kind of property. They can also conduct security inspections and secure the building using solutions such as letterbox seals and steel sheeting. For commercial sites, they will make sure that access to the area is restricted. Also, they can ensure security in case you’re bringing contractors in by using solutions that will allow for easy access for crew members without exposing the property to intruders.
Stage Vacant Properties
Just because a property is empty, it doesn’t mean that people aren’t looking at it. You need to continue selling the space even if it’s vacant. This means cleaning up the interior and maybe even consider applying a fresh coat of paint. Nice flooring that is consistent with the type of business you’re trying to attract will also be a big winner.
Make sure that there is no graffiti on the windows, and make sure to clean up regularly if that’s an issue. Another thing you should consider is lighting up the space. You have to make sure the building is properly lit after dark and consider going for all-white walls. This will make the room look bigger and cleaner and will allow people to imagine themselves decorating the space.
Be Open to Short Term Leases
You’ll also need to look at alternatives and be open to short term rentals. Pop-up shops are a major trend across the country and can be a great way for anxious landowners to fill some of the space they may have. These are often open for 1 or 2 months and attract a very specific audience.
You also have businesses that rely mainly on pop-up sales. Halloween costume stores are a perfect example. This is an opportunity to fill your space with a low-risk and predictable client that is not likely to default. There are also some cases where some of these businesses become long term tenants.
These are tough times for commercial landlords and developers, no doubt about it. But there are still ways that you can protect and monetise your assets with a little bit of creativity and an open mind.