One way to improve investment holdings is to increase value in your commercial property. This isn’t something to do impulsively, you don’t want to invest more than what the property is worth or you may have to hang onto the property longer than anticipated. The goal is to add enough value to increase the selling price when the time comes without paying too much for the upgraded features. Ullian Realty offers 10 ways to increase the value in your Brevard County commercial property.
10 Ways to Increase the Commercial Property Value
- Upgrade less efficient utilities for more efficiency. This may include switching out old light fixtures or even just light bulbs and purchasing a Nest thermostat.
- Consider going through a zoning variance so you can change the use of the property for a more valuable business market.
- Add amenities, such as conference rooms or a community kitchen. This provides more space and benefits that other commercial properties can’t offer for a premier office space.
- Improve the landscaping by adding plants, grass, and a landscaping company to keep it in great condition.
- Make cosmetic improvements, such as painting, upgrading rails, and changing the artwork. This is a great opportunity to change the vibe of an older building, such as an old manufacturing facility that is now retail space.
- Increase the existing renter’s lease from yearly to five or ten-year leases. This will encourage other higher-paying renters with similar businesses.
- Raise the rent if you have greatly improved the building conditions. Let your current tenants know when it will increase so they are not surprised.
- Add a welcome area with a building manager or receptionist available to direct customers. Yes, this means paying someone to be present at the building. However, the improved customer service will pay for itself in many cases. They are available to handle rental matters, collect rent, and handle concerns quickly.
- Increase parking or offer free parking to tenants. Parking can be hard to come by for businesses but is vital for their customers and clients.
- Increasing value by sub-metering the utilities so tenants will be responsible for their own utilities.
If you are looking for ways to increase the value of your commercial property consult with your local broker. Ullian Realty understands what is important to Brevard County, FL tenants and our experienced team will help you prioritize how to add value to your commercial property and best serve the community. Contact us today to learn more.