Investing in commercial property means more works to do. Before investing in commercial property, you need to make sure that your finance is stable and ready. Managing commercial property is not an easy feat. Aside from earning stable income monthly, you can increase the value to earn more. You need to find out what kind of service or facility that you think your tenants will be willing to pay. One key that can leads to increased value is demand. This is directly related to the value shares you can plan for your commercial property.
The most recommended strategies to increase commercial property’s value
In order to increase the value of your commercial property, you need o find out the demand or at least what your tenants need. You must have targeted what kind of tenants you want to occupy your property. Then, you will be able to predict what they need. Even though every individual has different needs, there are common amenities that most tenants need. This is a great chance for you to increase the value of commercial property so the tenants will pay more. Here are some tips to do it:
- Energy efficient amenities are what most tenants prefer from an ideal property. Tenants today are more aware of the importance of saving the nature. Thus, they tend to choose property which provides more energy efficient amenities such as energy efficient lighting. Eco-friendly facilities are more preferred because they are not only energy efficient but also can reduce maintenance costs. Thus, this is a great strategy since it advantages both you as property owner and your tenant. They will be saved from paying higher energy bills. Your maintenance schedule will last longer so you don’t need to change or repair too often.
- You can also increase the value of the property just by providing basic utilities such as sub-meter utilities for electric, gas, waste, etc. However, you need to make sure that sub-metering complement each unit fairly based on individual usage. Thus, they will only pay for what they use. It is impossible to have tenant who is willing to pay more than what they use.
- Parking is sometime underappreciated yet needed. If your commercial property provides parking area, it is more preferred by tenants. When you grant access to parking for your tenants, you will earn more income. This maybe simple facility but will be appreciated especially by the tenants who have active mobility in their daily life. Parking lot attached to your commercial property will provide safety to the tenants who own cars.
There are many ways you can do to increase the value of your commercial property. Instead of looking for grandious ideas, you can start by small things. Providing small yet necessary amenities will be more effective in earning more income instead of going for luxurious ones. That is why it is important to target your tenants and identify their needs beforehand. Thus, it will be easier for you to decide what kind of facility or service they need.