5 Tips for Renting Out Your Building to Other Businesses for Their Events

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With the Work From Home trend stronger than ever, more companies start to realize there’s no need for big office spaces. As a result, commercial property owners may end up with big, empty spaces that they may need to repurpose in order to get back in business. 

If you’re one of these owners or you simply have a commercial space you need to rent out, you may want to consider the event planning niche. While businesses don’t need office spaces anymore (at least some of them) they still need to organize networking events and others on the same note. 

Therefore, if you switch to hosting business events in the space you have available, the business may be booming soon enough. Still, if you’ve never done this before, things may be a bit bumpy at first. To help you out, here are some tips from other successful entrepreneurs who went through a similar situation.

#1: Evaluate Your Space

Even if you’ve already evaluated the space for office rentals when you switch to events you need to consider other criteria. For instance, you may need to hire a professional evaluator and have a fire inspector come check the building to see if it’s fit for events.

Additionally, it’s best to evaluate the legal limitations that may apply. Depending on the location, you may not be allowed to host nighttime events or you may not be allowed to serve alcoholic beverages. 

#2: Spruce It Up

The visual aspect and amenities are important when you plan to rent out for event planners. After all, no one wants to organize a business conference in a building that doesn’t look inviting and can’t accommodate speakers or large gatherings. 

This step will require a bit of an investment, but it is worth making sure it is up to the latest standards of design. Once everything is ready, you can use professional venue management software to show interested renters just how easy it is to organize an event in your building.

#3: Evaluate the Risks

Now that the main purpose of the building or space is changing there are new risks to consider. For instance, in a previous office space, you didn’t have to worry about loud noises (business events with speakers will also have audio equipment to enhance the voice of the ones speaking). 

Moreover, if you are going to host two or more different events on the same day, you have to make sure everyone can follow their path and find their conference room without mixing in with the other crowds. 

Lastly, once you identify the risks and install all the required amenities, you also have to make sure you have the right insurance for the type of activities that will be hosted moving forward. 

#4: Calculate the Rent

You probably know the drill – in order to know how much to charge, you need to calculate the expenses. Therefore, run an estimate of the upgrades costs, furniture, additional taxes, and everything involved in changing the purpose of the space or building. Add to this the costs that will incur with every new event (staff, internet and phone, technical equipment, and so on).

When you draw the line, you’ll have an idea of how much to charge per event. However, if there are competitors around, you may not be able to set the price you want. This usually means you’ll have to get creative and find a better way to attract customers without lowering the price. 

#5: Identify the Right Customers

Once all the details mentioned above are set, you will also know what type of customers you can attract. This way, it will be easier to run targeted marketing campaigns to get the word going. Just make sure to add a wow factor to stand out from the competition!

 

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