Profiting from your unused office space
To rent out empty rooms, turn to local media and Craigslist.
Sherri Birdsall, Gensis Medical Education Consultants, Orange, Calif.
I work for a business that teaches continuing-education courses for nurses in Orange, Calif. Most of our classes are conducted on weekends, which means two beautiful classrooms sit completely unused most of the week. I’d like to rent them out to bring in extra money. Any suggestions on where to start?
By Kathleen Ryan O’Connor, Fortune Small Business contributor
Dear Sherri: If you’re planning on playing the role of part-time landlord, you might be tempted to contact a professional for help. But Adam Brett, a realtor with RE/MAX NOC in Fullerton, Calif., says that if the space you’re renting is small, you’re best off doing it on your own.
Instead of trying to discern who might need an empty classroom during the week, put the word out and let renters find you. Posting the opportunity in local media outlets and community forums will help you cast a wide net for tenants. You should also consider putting up fliers at gathering places such as the public library.
If you decide to go the newspaper route, contact the Foothills Sentry, a biweekly newspaper that publishes exclusively in your area and sells space for advertisements. A good-sized display ad costs just $17, while a straight classified posting costs $5 per line. The publication goes out to about 45,000 single-family homes.
Another option is the Orange County Register, a large daily newspaper. The Register has a much greater reach than the Foothills Sentry – the average weekday circulation is about 250,000 copies – but all those extra eyeballs will cost you. A five-line classified ad that runs once on Sunday and online all week goes for $119, or $160 for two days.
Newspapers and libraries are good forums for advertising rental space, but your best option, says Brett, could be Craigslist. Posting an ad in the “office/commercial” section of the site, which is listed under “housing,” is completely free. Brett also advises you to look for other posters on the site who are trying to rent similar properties (you can enter terms such as “classroom” in the search space to find these ads). E-mail them to see if they’ve had to turn away any interested parties, and ask them to pass along your contact information. Many Craigslisters would be happy to help.
While California real estate is still taking a hit, “the lease market remains very strong,” says Brett. With a small amount of effort, you stand a good chance of finding a tenant who’s looking for a classroom of his or her own.
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Related links:
From Chuck, Los Angeles CA Another place to rent your unused space is http://www.homstie.com – a new site that is dedicated to connecting people with extra space to those who need self storage.
From Jerome Stevenson, Miami, Fl, www.ecompetitors.com You may rent the place. You need to advertise it in some newspaper or on the Net.
From Irene eCompetitors, New York, NY, www.ecompetitors.com There is almost no chance that you will rent the space. People need the room for entire week and not just for a few days.
From Garrett Krueger SF,CA I would agree the best site to use to rent out part of your space is craigslist. I'm working at a startup in the San Francisco area that is addressing this problem of connecting those with extra space and those that have it. it can be found at <A HREF=www.rofo.com
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Can you please give your complete address. I may try to use your location on weekdays.