If you own a commercial property that you rent out to one or multiple occupants, then finding ways to add value to the property is a battle you must constantly deal with. We’re sure you have some of your own strategies, but today we’re going to let you in on some of our best ways to enhance the value of a commercial property.
Find a Balance Between Rent and Vacancies
Weirdly enough, increasing the base rent of your building is one of the best ways to increase its value. While people claim they always want the lowest rent possible, they have a bias against cheaper locations. If the rent is too cheap, they’ll think something is wrong with it, and they’ll likely move on to the next choice without a second thought.
However, that doesn’t mean you can make your rent prices skyrocket, either. If they’re too high, the people looking at the place will lose interest. Even if you convince them that it’s worth the price, they’ll quickly find out that you were exaggerating, which will lead to them leaving and giving you a bad review. Furthermore, if your place is vacant, people will think there’s something wrong with it. You have to play with it a bit, but you’ll eventually find a balance that keeps your place packed and tenants happy.
Add Some Amenities
If you like the idea of raising the rent, you’re going to need to give potential tenants a reason to move in. Amenities are the best way to convince them. Common amenities are a common area with a pool, a workout facility, and a place to do laundry. If you rent your space out to businesses, some good amenities would be a coffee bar and extra conference rooms. Just make sure that your current tenants are interested in whatever you’re thinking about adding.
Make Your Place Seem Unique
Even if you have everything that people are asking for, you won’t gain much attention unless you make an effort to stand out. Updated spaces and bright, enticing color schemes are some of the best ways to do that. If you rent out apartments, you want them to have a “wow factor” that gets people interested in signing right away.
Something as small as custom manhole covers throughout your property can really stand out to interested tenants as something that shows how connected the whole place is. If you’re interested in that example, in particular, we’ll be able to customize a manhole cover with any wording you want. Be sure to look into our services.
Market Effectively
At the end of the day, none of these ways to enhance the value of a commercial property will make much of a difference if nobody knows about them. That’s why you need to implement a marketing scheme that shows them off to interested parties. Figure out which groups you’re trying to target, then send them marketing materials accordingly. While you’re at it, be sure that your property is listed on online rental sites, so people will be able to find them through the internet.
