How to Add Value to your Commercial Property
Several ways exist to add value to your commercial property, including hiring a commercial remodeling company in Dallas, TX or giving the exterior a complete makeover. Following are tips and tricks designed to help you make the most of your investment.
Add Curb Appeal
Curb appeal is a term most often used in reference to residential properties, but it applies to commercial real estate as well. The addition of some attractive landscaping and a fresh coat of paint can do wonders for your commercial property values as well as help you attract and retain a loyal tenant base. Once you get it spruced up, keep it well-maintained and clean.
Increase Security Measures
For safety’s sake as well as for appearances, the parking lot and walkways should always be clear of hazards such as fallen leaves and other vegetative debris, ice, litter, and anything that detracts from the property’s visual appeal or poses a potential safety issue. Other desirable safety features include strong, clear lighting, fences and gates, and alarm systems. If your property is in a sketchy neighborhood, consider adding a security guard. Keep in mind that you may be able to save significant sums on your insurance premiums by adding security measures to the picture.
Remodel the Interior
Even the best looking exterior won’t retain good tenants willing to pay premium rents if the interior is shabby, outdated, or otherwise unattractive. Take a good, hard look at the interior of the structures of your commercial property and ask yourself what you would like to see changed if you were a prospective tenant. A good commercial remodeling company will be current on what types of interiors today’s businesses are seeking. Additionally, a commercial remodeling expert also understands the value of adding green features to today’s office and retail spaces. For instance, solar roofs and energy-efficient appliances help keep operating costs down as well as provide possible state, county, and federal tax incentives.
Advertise to Avoid Vacancies
Vacancies cost money, so keep your spaces full by advertising them as soon as you know that a tenant is moving. Social media provides an excellent way for today’s property owners to advertise, and unlike its more traditional counterparts of the past, it costs very little and is extremely effective. You can also advertise by places signs in a highly visible part of the property.
Consider a Change of Management
Management that has become complacent, unresponsive, or just plain lazy can cost you substantial sums of money as well as give your commercial property a bad reputation in your local business community. Even if you’re fairly satisfied with your management company, it’s still a good idea to reevaluate them on a regular basis. Changes in personnel and other interior factors can have negative consequences on overall operations. Asking your tenants to fill out evaluations provides a good way to pinpoint issues that you may need to address. Finding a good commercial remodeling company in Dallas is easy — just give us a call at your convenience for more information on how we can help you prosper.