5 Simple Ways to Increase Your Commercial Property Value AND Cashflow At The Same Time
We live in a competitive retail environment. In order to maintain and increase the value of your commercial investments, you need to secure quality tenants. We all want the PERFECT tenant. They never complain, always pay their rent on time and they even spend money on the premises! There is a secret to securing these tenants. Here are some simple ways to attract these tenants and increase the value of your commercial property and your overall cashflow:
- Bring it back to life
Minor changes such as painting and landscaping can dramatically change the “first impression” of a building and the ability to attract that PERFECT tenant. Painting internals a neutral colour and using creative lighting will enhance the appeal of the premises. Fix any minor blemishes and make small additions to the entrances and facades.
- Make It Tenant Friendly
You want the PERFECT tenant. The PERFECT tenant has many options. Make your property stand out. You can add amenities, conference room/crib room/kitchenette/ air conditioning units that will make your property be the pick of the bunch.
- Update Your Market Review.
Make sure you have up to date knowledge on the rents in your suburb. Ensure your rents are competitive to attract long term quality tenants.
- Split it.
Sometimes 2 smaller spaces can be more appealing than 1 larger space. This also has the potential to produce higher returns. Flexibility is a huge draw card for prospective tenants looking for long term commercial space.
- Review expenses.
Annual reviews of expenses can show ways to decrease the costs of your property. Review electricity and water usages to ensure you have the most efficient technology. Looking at different service providers for garbage, power, insurance and maintenance can greatly improve the cashflow of your investment.
Remember, you need your tenant to succeed. Your premises are a key element to their success. Keep it Blue Chip and you will keep, or attract, your Blue Chip tenant.
We hope this has helped you, should you need further information or an opportunity for us to review your commercial investment property please call Christina on 0402 811 002.