by Craig Young, The Boulos Co. Partner/Senior Broker
These savvy tips will help you get the most out of your investment
For those in the commercial real estate business, it is essential to find ways to continually maximize your investment. While an easy road to profit can be rent increases, in order to retain tenants, it is important to add value to justify higher costs. Short-term expenditures can reap long-term benefits as most tenants will pay increased rent if it comes with a reason or a benefit. These tips will help you increase client loyalty and your property value simultaneously:
Take a Look
When we become familiar with our property over time, we may become inured to its deficiencies. Cast a critical eye over the property to look for areas to improve: What outdoor areas need to be cleaned up, repainted or repurposed? How can you freshen the interior areas, such as the lobby, furniture or other décor? Consider sending current tenants a survey to gauge their needs and desires. Giving them a voice will go a long way to increase their overall satisfaction and lead to higher tenancy renewal rates.
Add Amenities
Look for ways to improve the quality of life for tenants. Add in a fitness center, conference room, or a daycare for young families. You may even be able to immediately recoup your investment with pay-per-use. Make life more convenient with speedy internet and strong cellular reception. All these extra benefits will raise the appeal for current tenants and attract new ones too.
Fill the Space
Get creative with extra space in and around the property. Add benches to create an outdoor area or landscape to create green space for clients to enjoy. Turn a spare room into a meeting room or extra storage for use. Make the rooftop into another space where clients can get a breath of
fresh air.