Whether you are a commercial landlord looking to rent out a property to a business or a business looking to sell a property and move on, there are several ways to add some value. With the right investment, you can increase your rental rates or selling price, and make your property more attractive to a wider market. Let’s take a look at what you can do.
According to experts Solar Century, installing solar panels to a business property can increase the value of a business property. Companies all over the world are becoming more aware of ecological issues and are also keen to save money wherever they can. Companies are also encouraged to improve their green credentials by most western governments. In fact, they often offer subsidies if they can meet environmental targets. As a commercial landlord, you could benefit from these programs, too. Check your state’s environmental and business departments to see if you are eligible.
It should go without saying that the most secure your building is, the more attractive it will be to businesses. However, many landlords fail to recognize this. Installing sound security systems like alarms, CCTV, gates and shutters can help give business owners peace of mind. They will want to know that their expensively-assembled equipment will be safe from the eyes of thieves. It might even be worth employing a security guard or gatekeeper, especially if you are renting out offices to many different businesses.
A building that looks run down is not going to be appealing to businesses, and it will force you to lower your rents. Regular maintenance will pay for itself over time, so you should see it as an investment. Areas to look at are the floors, windows, and communal areas. Floors should be kept clean – and clear of obstructions – at all times. Installing interlocking mats will prevent floor damage if you rent out to a business that use heavy equipment. Windows should be kept clean and in good repair, and make sure to address any breakages as soon as they occur. Finally, hire a cleaner to take care of communal areas. Nothing is worse for a prospective tenant to come in and see a kitchen area looking like a disaster zone.
Have A Full Property
Businesses will be more likely to move in if you already have a full – or nearly-full – property. If you are struggling to fill offices or space, then it might be time to think about offering special deals to entice people through the doors. As a rule, business tend to stay in the same place for longer than residential tenants. So, giving them six months at half price, for example, could help you earn more in the long-term.
Following these simple tips can help you increase the value of your commercial property, whether you are renting or selling. The better your premises looks, the easier it will be to find a tenant or a buyer: it’s as simple as that.