Things to Consider When Renting Your Commercial Space

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Renting out your commercial space is a great way to bring in additional revenue. However, there are several steps you should take to ensure that the process runs smoothly for both you and your guests. Before renting out your commercial space, here are five things you should do.

Set the Right Price

When renting your commercial space, setting the right rate is essential. You’ll need to do your research and decide on a rate that is not only worth it for guests, but worth it for you. Consider the following questions:

What are the market rates for similar commercial spaces? Research what similar spaces in your area are charging, and keep in mind what they offer in terms of capacity, location, and accommodations. 

How much do you need to charge to make it worthwhile? Think about how many bookings you want a month, and the cost and time it takes to run a booking. This includes setting up, cleaning and utility use. 

Know Your Prospects 

Get creative and think about what your space could be used for. The more versatile your space, the more potential guests you could have. For example, could your office space also be used for photoshoots, launch parties or networking events? 

Get Your Space in Shape

Consider what you can do to make your space stand out. Your space should be clean and aesthetically pleasing. Make sure your Wi-Fi, air conditioning and other utilities are upgraded, and that furniture is in good condition. You want your space to not only attract attention, but for guests to leave raving reviews to help you gain even more interest. 

Make a Good Impression

The images you use to advertise your space are going to have a major impact on whether someone is interested in renting. Make sure you use full width, high quality photos. Showcase different areas of your space and highlight what makes it unique. If possible, it’s always a great idea to have professional photos taken of your space. 

Be Welcoming

Once your space is up for rent, take some extra steps to wow your guests. If a guest has a stellar experience, they are more likely to book again, or tell their friends about your space! Send guests a welcome note prior to their booking sharing some important details like parking instruction and the Wi-Fi password. You can also personalize the experience by leaving a few takeout menus or cold drinks in the fridge to really make an impression. 

As your partner, GotSpot in here to make listing and booking your space easy and stress free. We’re here when you need us to answer any questions or offer advice on creating the perfect listing. Email us anytime at info@gotspotinc.com.