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Just How Online Auctions Can Be Effective

For anybody who owns retail property for commercial use, one of the primary concerns they could have is how to regularly keep it occupied with a tenant. All things considered, getting tenants signed on and paying rent is ultimately how you will make your money off of that commercial property. Many landlords will rely on their own connections to help them find tenants. Some utilize brokers to hopefully widen their network to a whole lot more people. To reach out to many prospective tenants, in this day and age, going online can be extremely effective. In fact, you can save yourself a lot of trouble simply by auctioning your available space through the right site. The advantages to auctioning your retail space are that it’s easy, you can reach more people, it’s often free to list at the auction, and it can take a lot of work out of the standard leasing process.

Your retail space can be listed in the auction site for a specified amount of time. Typically 45 days is the amount of time for most auctions. For most property managers, that is relatively quick. You may even be able to plan it out so everything lines up with old renters moving out. This means your lease space is not sitting unfilled for a long period of time in many instances. If you do it appropriately, you can plan for the new tenant to take on your space based on the length of time the auction runs.

Going online certainly allows you to contact more people than if you just used typical methods. You and your broker might know quite a few people, but if you really want to increase your chances of signing on a new renter, it is crucial to reach out and notify as many people as you can. The internet allows you to find all kinds of prospective new tenants, so why not benefit from that?

Some people might think that an auction costs too much, but ultimately it’s often free to at least list your retail space on the auction site. It’s true that if you end up obtaining a good tenant and signing a rental agreement that you will need to pay the site the amount that was prearranged when you signed up with them, but if you don’t end up signing on a new tenant, then at least you aren’t out anything.

Considerable time and work also is avoided since the details of the contracts are generally handled within the auction interval. Of course, there will still be a bit of work to do. While a lot of the repetitive leasing work can be taken care of before the auction ends, prospective tenants would still be subject to a background check and naturally your approval.

When you own commercial property and have a retail space for lease that you need filled immediately, an online auction may provide you with all sorts of advantages. It’s fairly quick to get you a new tenant, you can reach out to more prospective tenants, it’s usually free to list your unit, and you can take care of a lot of the leasing details through the auction itself. If these advantages suit your needs, then it’s likely time to put your retail space up for auction.

By: Claire Winters

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