Real estate can be one of the most lucrative industries in the world. But, there are always ways of making more money, even in an industry which makes great amounts of money on any given day anyway. There are certainly ways you can work to improve certain aspects of your property to ensure the improvement of value over a long period of time. Therefore, here are a few ways to improve the value of your commercial property in the new year.
Improve the Property
One of the simplest ways to make money with your commercial property is to simply improve it. Even just a little bit of new paint, an updated security system of the like can make your property that much more valuable to tenants.
Also, one thing you may not think of in terms of improvement but which can be quite valuable is making changes to the exterior of your commercial property. If it look run down or delipidated then people may be less inclined to rent or pay premium prices to do so. But, a good looking and well-kept building is something which is sought after. Especially as it makes your potential tenant look good as a business. Aesthetics really do make a difference, so don’t be afraid to invest in this aspect of your commercial property.
Increase the Rent
Simple, but it won’t make your tenants your biggest fans, increasing the rent is a simple way of making more money from your rented property. Yet, it remains a solid fact that by increasing the rate of your rent you will certainly improve the profitability of your commercial property. Both in the short term and long term. However, this may upset your tenant, as already stated, so be aware you may be looking for a new one off the back of this. Make sure your perform your rent review appropriately.
Add Extra Services
There are also a number of other services which you can offer to your property in order to improve it’s value potential. Security is a good way to do this initially, an onsite security guard, for example, can be a sure way to improve property value. It will also help give you a great reputation as a commercial landlord conscious of safety moving into future endeavours. You can even instruct your commercial property management team – such as Roger Hannah & Co – to do this for you. Onsite cafes, extra cameras, lifts, automatic doors, etc. can all be fabulous ways to include new and valuable services to your building. All of which improve the value exponentially.
Improve the Eco Value
The more environmentally friendly your property is, the better it will be in the long run. Improving simple things like heat retainment can actually reduce your tenants bills, which then makes the property much more valuable from an affordability point of view. And there are lots of other ways that you can achieve this. Double glazing, solar panels to make energy in the building more self sufficient, and even an addition of more greenery or air conditioning to improve the site’s air quality. All of which is great to adding value.
In conclusion, there are lots of ways that you can work to quickly improve the long-term value of your commercial property. Commit to a few per year and the improvement to your property will be exponential.