If you do own commercial property, you know that the property’s value depends upon various factors. For you to make the most off of your commercial property, then the value of your commercial property needs ideally to be high. Luckily if you are having an issue getting much from renting out your commercial space, there are things that you can do to change this. Such interventions include measures such as making improvements to the space and having management that offers excellent tenant screening services. Here are some tips that will help you increase the value of the commercial property.
You can improve the value of your commercial property by examining past operating expenses of this property. By doing this, you will come across some areas where you can save money by being more efficient in your operations. Some major operating expenses that you can address are water usage and electric bills. By replacing your windows and opting for energy-efficient bulbs, you can significantly reduce your electric bills every month. Moreover, when you change the valves on the toilets in your commercial property, you may save on water without replacing the fixtures. Besides saving on operational expenses, you will also attract today’s client, as by being more efficient, you will be doing the environment much good.
- Give the property a facelift
Renovations on your property fall into two general categories; big and small renovations. The renovations may range from adding a new layer of exterior paint, remodeling some sections of the building, improving the security features, among others. Other changes that are simple yet important are landscaping your property and getting some interior design work done. With these and other renovations, you will be able to increase the property value, which will also put you in a position where you can ask for higher rent rates. Once tenants start asking about leasing this newly renovated property, remember to so some tenant screening to avoid dealing with scammers or problematic tenants, who may scare off potential tenants from renting out space there.
- Change your management company
Sometimes, years of mismanagement or the same management style may negatively affect the value of your commercial rental property. One easy way to remedy this is maybe to get a team with a different perspective on things. A different philosophy from a new management company may increase the value of your property. Your new agents or managers may have ideas on the bow to increase your income, decrease the property expenses, and give your property a fresh feel. A good management company should be able to play its role efficiently. For instance, they should be able to provide you with an accurate tenant credit report for each tenant that wants to rent out space. Having such crucial information will ensure that your commercial property increases in value and brings you good returns.
By following these tips, you will find it easier to increase the value of your commercial rentals, and both yourself and your tenants will be able to benefit from this.