When to advertise

Hi All

I mentioned in an other thread we are going to try and rent out our industrial workshop. (thanks for the help)
The property should be vacant in April 2013 (please don't hold me to that )
We need to finish some contracts, tidy up the property bla bla and get out.

The questions are when should we put it on the market?
I think sooner than later but the property is not ready yet.
Will we just be wasting advertising cost V's missing a tenant?

Probably a hard one to give a direct answer but just looking for ideas
If there is a similar thread been done can someone please point me to it.

Thanks for all the input
Ironlady
 
Ironlady,

A few things to consider:

1) I'm not sure of the property size/location etc but often with Industrial property you may not have to pay marketing costs if you go with a basic marketing pack (this isn't the case with all areas so talk to your local agents). So you may not be wasting money on advertising.
Of course, depending on location, price range, vacancy rate etc then you may want to spend some money on marketing costs.
2) A well presented property will obviously be more attractive than one which is in need of a clean etc. However, industrial users choose properties based on necessity (access, location, size of workspace, internal clearance, parking spaces, exposure etc) rather than which one looks pretty. So I wouldn't be all too worried about this, as long as it longs half presentable (which I'm sure it would, as you are running your business out of it currently if I remember correctly).
3) I would be advertising it now. In Outer Western Sydney, it is common for industrial properties to sit dormant for 3-6 months before the right tenant comes along. Again, this will depend on your property, and the supply & demand in your area. Talk to your local agents to discern average time on market, current demand for your type of property etc.

Bear in mind that April is less than 2 months away. It will take a week to get agency agreement sorted and get it on the market. It can sometimes take weeks for potential tenants to conduct their due diligence with local council, relevant EPA Authorities etc, and sometimes a week or two to negotiate a deal if there are numerous people involved. If the lease is more than 3 years in total (including options) then it will have to go to solicitors and this can take 1-2 weeks at times. Although you can (and we have) do a deal and give keys the next day if everyone is on the ball, the process can take quite a while.

I hope this helps.

Good luck with it! This is not my area but feel free to ask if you need any more general advice :)
 
Thanks Jonno

Makes good sense what you are saying
We need to get the ball rolling
Have to go on site today so sorry if I dont get back to anyone till later

Thanks for the help from everyone
Ironlady
 
Totally agree with everything John has said.

We rent the shed our business runs from, and when looking for new premises, I did not worry about "prettiness" we needed what we needed in the area we preferred ( x m2. A wall at last 10m to run the big saw, room for an office etc etc)

Don't bother cleaning too much, in fact leave it until you get a tenant and then work with them in regard to paint etc. your new tenant might want the shed painted in corporate colours.

Considerations we got from our current landlord were... At the beginning of the 5 year lease he gave us the shed freshly painted in our choice of colour, my office was built (just three walls and a door around an existing glass door) and painted .

He also gave us a 3 week grace period on rent until we actually moved in. We signed the lease but had 5 weeks to go on our old shed, so we did not start paying rent until 3 weeks in. In that 3 week period he did the painting etc

Good luck
 
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