When you work in real estate, knowing how to stand out is essential. Likewise, you should know various ways to increase the value of your commercial property. After all, this type of business is an investment, and you should continue improving the property to entice all potential tenants. Many recommend increasing rent prices to boost value—but first find, it’s important to identify ways to improve the property. The better the property, the more people are willing to pay.
An easy way to increase value is to drive up the price of your rental properties. But don’t do this recklessly—find ways to improve the property so you can justify the increase. Tenants won’t want to pay more when nothing’s changed.
Find Ways To Improve
Look around the property and find areas in need of improvement. If, for example, you notice there isn’t much outdoor space for your occupants to relax, try changing that by adding benches. You should also look around the property for areas to:
Make landscaping upgrades
Repaint or restrain buildings
Another way to improve your property and keep tenants happy is by sending out a survey. Start by asking them for feedback on what needs improvement.
For example, you may think parking is fine, but your occupants could see things differently. A survey allows you to analyze the results and create changes everyone enjoys. Remember—most are willing to pay an increased rent if it comes with a reason or benefit. If you increase rent but make no changes to the property, tenants are less likely to renew their lease.
You can also improve the property by adding different amenities to it. Many apartment complexes add a fitness center and conference rooms for their tenants to use as needed. Moreover, some have an additional charge for fitness centers to further boost property value. Amenities add appeal to a property and help you market to a broad range of people.
You could add a playground or daycare center to attract young families and add party rooms for a younger crowd. Similarly, ensure the space has up-to-date technology since it makes our lives easier. Have fast internet speeds, cable packages, and good cellular reception.
Find a Way To Stand Out
One great technology update that adds value are cellular boosters. You can install these throughout the property. A cellular booster includes an outdoor antenna, indoor cellular antenna and an indoor amplifier. These pieces work together to enhance cellular signal. You’ll need multiple indoor antennas, especially if your building is several stories. If you’re thinking about purchasing a cellular signal booster, but don’t know where to start, try talking to an expert at SureCall Boosters!
Why will tenants love this upgrade? Because most struggle to find great cellular signals inside of concrete or brick buildings. Typically, commercial buildings are made from these materials—but with a cellular booster, they won’t have to worry. A cellular booster enhances communication between a cellphone and the nearest tower to stop dropped calls!
Make Indoor Improvements
Another way to improve a commercial space is by giving the interior a makeover. Whether the commercial space is an apartment complex or office building, a great interior is crucial. Revamp the lobby and replace old furniture.
In an apartment complex, you should check the appliances inside each property. If anything isn’t working as it should or looks outdated, make a replacement. Install quality appliances that work and look great!
Make Outdoor Improvements
You should tend to a property inside and out. Remove any bushes or shrubbery that’s an eyesore and make the outdoors beautiful. Boosting your curb appeal is a major advantage; the outside often reflects the inside. Also, it’s the first thing a tenant sees—so impress them.
Keep the building clean and well painted, clear the walkways and remove the trash. You may need to repave the parking lot of sidewalks if they’re cracked or uneven. A well-manicured property is a desirable one.
Make the Property Secure
An easy way to increase the value of your commercial property is to improve security. Take the time to make sure your property has a great security system. This includes:
A security system keeps everyone inside the building feeling safe. By improving security measures, you show tenants that you care about their well-being. Many see this as a sign of a good landlord and are more likely to sign with you or renew their lease.
Seek Out New Tenants
You don’t want to wait for people to come to you. Instead, seek out potential tenants by posting online; use various platforms. This increases attention to your property and helps you avoid vacancies. If someone inquiries about a property, follow up with them and keep in contact.
Know the Area
Have a good understanding of the area your property is in since location affects property value. For instance, living in a highly desirable town or city is expensive because of what the location offers. If the commercial property is an apartment complex, you should know about:
Quality of school
Think about what’s going to entice people and use it as a selling point. Does your property have a great view? Are you located by popular shopping centers? Use your location to your advantage and make it a selling point when you meet with tenants for the first time.
Charge Tenants for Utility Costs
If you’re not already, then start charging your tenants for the utility bill. After all, they’re the ones in control of the heat and gas since they’re the ones using it. And, charging your tenants for this cost helps you save money. You could include it in their rent price or have it separate.
Reconfigure Extra Space
If you have a spare room, find creative ways to divide it up to increase value. A spare room in the lobby area could be perfect for a storage room or deliveries. Some tenants may need a place to keep extra furniture or packages. Likewise, you could transform any extra space outside into additional parking or a seating area.
By upgrading your rental property, you find new ways to intrigue tenants and boost value. Real estate is an investment, and you want to make a profit. So, make your property more valuable by adding amenities and making improvements. Once you stand out, your property becomes more desirable.
Finally, make sure you have up-to-date technology. Poor cellular reception is a problem many tenants face. Resolve this with ease! Here are SureCall Boosters, we sell cellular signal boosters for your home, car, and commercial needs. Make your commercial property stand out!