Do you own a business or commercial building? What are you doing to protect your investment? There are many things that you can do to maintain and increase your commercial property value– here are a few of them:
Cut Down on Costs
One way to increase the value of your property is to decrease the operating expenses of the property. How do you do that? Review and analyze your monthly costs and figure them out on a per unit and per square foot basis so that you have a means of measuring whether they are higher than the norm or not. Also, be competitive about bidding for contracts on things like insurance or other expenses.
Improve Your Property
Make improvements or enhancements that inherently increase the value of your property. For instance, make cosmetic repairs, implement landscaping, improve communal areas, or refinish the floors- invest in your property and improve its value.
Raise the Rent
Nobody wants to be that guy, but you could raise the rent to increase the value of the property. You should already know what the average rental costs in your market; if you fall below, it is time to increase the rent. Don’t scare off your existing tenants by raising it suddenly and significantly- do so gradually but rent vacancies at the higher rate.
Add Something New
Similarly, to making improvements, consider adding an amenity or two for your tenants. You could consider, also, adding features that may bring additional revenue streams to your company. Here are a couple suggestions:
- A snack bar or concessions stand
- Exercise or fitness area
- Conference space
- Meeting rooms to rent
- Business center with equipment
- Coin-op laundry facilities
You may also find a market for renting out space for events, shows, amusements, or other vendors that helps bring in money- while improving the value of your overall property.
Consider the Utility Costs
Who currently pays for the utilities in your building? If you are footing the bill, consider separate meters and charging tenants for the utilities used. There are some modifications that will require an initial investment, but this may be a long-term plan and goal to help you preserve and enhance the value of the property.
Do you own a commercial property? There are many ways to improve and increase commercial property value- including these suggestions. As mentioned, caring for the landscaping and curb appeal of your property also enhances its inherent value. For a Commercial Landscaping and Ground Services Company in Charleston, SC, talk to the team at Carolina Services Grounds Division, a division of Carolina Services Inc. They will be able to guide and assist you in maintaining and improving the curb appeal of your property- which subsequently preserves its value, too.