5 Ways to Add Value to Your Commercial Property

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If your in the commercial real estate investing arena, you want to understand how to add value to your commercial property to make it as competitive as possible. The following contributed post is entitled, 5 Ways to Add Value to Your Commercial Property.

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Improvements to your commercial property will vary in complexity and cost, and which suit your building depends on the type of business you run. There are changes both big and small you can make to your commercial property that will add value. If you’re thinking about selling your property in the future, consider it an investment. With a more up to date building, you’ll also make a better impression on your clients. Here are five ways to add value to your commercial property.

Maximize energy-efficiency

Maintaining a more efficient and sustainable office will attract both potential buyers and clients. You can achieve this with a few upgrades. Insulation is important, so install eco-friendly windows. Hight Performance Spray Systems can also help to improve your installation. This is the best way to run a more sustainable workplace.

There are many advantages to a well-insulated building, especially in colder climates. You’ll save a lot of money on your heating bills and maximize efficiency, leading to a higher net operating income (NOI). Maintain all mechanical systems to ensure maximum efficiency.

Contemporary amenities

This depends on the type of building and business you run. Think of ways you can boost appeal, from offering trendy food or coffee to converting a roof garden. If you have space you could also convert a room into a gym or cafe. This will increase the appeal to buyers. You’ll also be creating more fun and comfortable space for your employees and clients.

Smart office automation

It’s worth switching to smart office automation if you haven’t already. You’ll be able to control your thermostat, electronic devices, and lighting from your smartphone. There are also plenty of gadgets available to improve your working experience. Check out some of the best smart office products.

Curb appeal

Consider investing in a new sign or revamping your branding in your reception area. This will help to add curb appeal straightaway. Give a lick of paint to any areas that need it. Don’t neglect exteriors such as parking lots. Weigh up your costs of renovation on if and when you want to sell the property.

A nicer looking building will be more attractive to both your employees and clients as well. Security is also a good investment. Install a more up to date security system to increase appeal. Pay attention to this particularly in the parking lot.

Increased occupancy

Increased occupancy in commercial property will add value. Tenants and long-term leases will make the property more desirable. This is because commercial properties are based on cap rates rather than comparable sales, so occupancy really makes a difference. Higher occupancy rates are based on the demand for rental space, so use this to your advantage.

With a few upgrades, you can really boost the value of your commercial property. Whether you’re thinking of selling or want to improve the facilities for your staff, it might be time for some new additions. Bring your commercial property into the 21st century and invest in your future.

5 Keys to Consider When Searching for the Best Commercial Property Management Firm

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Once your business gets big enough, it becomes important to find a commercial property. At that point a good commercial property firm also becomes necessary. The following contributed post is entitled, 5 Key to Consider When Searching for the Best Commercial Property Management Firm.

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In 2018, the United States commercial property market value hit an estimate of $16 trillion. The industry continues to expand each year. If you own commercial property, whether it’s a retail outlet, an apartment block, a storage facility, or perhaps some offices, you will be familiar with the burden that comes with its management. You will definitely need the services of a professional commercial building management firm to coordinate the full management of your building.

By working with the most experienced property management companies, you will get good deals to maximize your financial returns. Moreover, they will ensure that your property stays in perfect condition without depreciating in value. With this in mind, here are some factors to consider when searching for the best commercial property management firm.

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1. Lists of Services Offered

More than 90% of real estate property managers are into rent collection, leasing out units, and doing some repair works. However, property management companies differ greatly in terms of the services they offer. The idea is to work with a reputable company offering a vast range of services such as commercial building pressure washing, which keeps the outside of your building sparkling clean. After all, the more services offered means that they are masters in their business, and can meet your requirements. Use the following criteria to decide on which services are good for you.

• Contract specifications
• Maintenance management
• Rent analysis
• Rent collections
• Lease negotiations
• Budget development
• Tenant relations
• Purchasing procedure
• Marketing strategies and programs
• Project management
• Compliance procedures

2. Coverage on Assets Classes

While a versatile company may manage assets across different classes, other companies just cover only a limited number of assets in one class. Assuming you are an investor who diversifies your investments, you may want to choose a company that specializes in several asset classes. Similarly, for investors who limit themselves to one asset class, your best option is to partner with a property-specific firm.

3. Level of Experience

As the saying goes, ‘experience is the best teacher.’ The greater the level of experience of a company, the better their services. An experienced firm will assist you in overcoming property challenges such as maintenance projects and marketing constraints. Inexperienced property managers may act as if they have the Midas touch, but in reality, they may end up causing you more harm than good. So, how do you know that a specific company is skillful in commercial property management? Well for one thing, you can start by considering the number of years they have been in existence. More years can suggest that the company is top-rated. Then you can ask for their clientele list and see if they service buildings similar to your own.

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4. Reputation

Two firms can offer the same services, but their reputation will vary. You will have to consider the reviews on their websites in order to arrive at a conclusion. A high number of positive feedbacks means that the brand is a reputable one, and will not take you for a ride.

5. Management Fees

In the UK, property prices rise by about 0.7% with respect to the previous month, and by about 0.9% with respect to the previous year. This is the most important deciding factor that will tell whether you can afford to pay for the services of a property management company or not. Usually, the fees are expressed as a percentage of the rental charges. For example, it can vary between 4–11%, with some management companies charging a flat fee.

In summary, the decision is always yours. Use the above factors to guide your decision-making. Whichever property management company you choose, just be sure you are budgeting for your money.

What To Look For In A Commercial Property

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Part of the success of your business is finding the right commercial property in terms of cost and location. The right property can make difference between your business succeeding or failing. The following contributed post is entitled, What To Look For In A Commercial Property.

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Restaurants, stores, and many other enterprises require commercial property to run their business. Of course, that means that choosing the right one is a pretty important task. In fact, if you select poorly, you can affect all sorts of aspects of your business that will impact on your profits. With that in mind, check out my post below that covers the most essential things a commercial property needs to have.

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Smart exterior

First impressions really matter when it comes to commercial property. After all, it will be hard to tempt customers inside if the exterior of your premises looks run down and shabby. To that end, you must consider three things.

The first is the style of the building you choose, as this needs to gel with your brand identity. For example, an antique store will often select an older historic building. While an on-trend clothing shop will opt for a new custom-built home.

The second is the signage that you display, which you can read about at https://retailminded.com/4-tips-for-designing-great-storefront-signage/. This being something that needs to not only be a good representation of your business’s branding but look smart and well maintained too.

Finally, do not forget that the way the outside of your premises is decorated will make a massive impact on how customers perceive your business as well.

To that end using commercial wall panelling like the stuff you can get at https://www.nichiha.com/commercial-applications can be very effective indeed. In fact, you can even have come with a built-in rain screen, so your window displays and ambience can stay visible even in bad weather. This being something that will help to temp more customers through your doors.

Good location

The location of the commercial property that you pick matters as well. In fact, there are two elements you must consider here. The first as highlighted in the post at https://www.smallbizdaily.com/4-tips-choosing-right-property-business/ is footfall. That is you need to select a location where you will get enough potential customers walking buy to meet your sales targets. Something that means a high street or retail park location is usually the best bet.

While the second is logistics. That is enough space for deliveries to be made to your business without causing chaos and disruption. Something that retail parks often do much better on. The reason being that they are designed with rear loading bays that cause no inconvenience to your customers.

Ample security

Finally, when it comes to finding the perfect commercial property for your business, you do need to think about security. Of course, some units will come with security features already added including CCTV, alarm systems, and even links to a site security team.

However, if you are looking at a property that does not have these, you must carefully consider whether you will be able to install your own effectively. Otherwise, you could end up taking a much higher risk with such a property than you bargained for. A situation that could end in disaster if you are unfortunate to have someone try and break-in. Therefore making such a commercial property anything less than ideal for your business.