The internet has changed how people research investment properties. When looking for commercial properties online, over half of all actions on real estate sites come from a search engine. A lot of the comparisons and communications are done online before setting foot in a physical property. Investors are utilizing digital strategies to make sure their investment properties are competitive in today’s market.
In order to compete in the digital age, you need to change the way you view investment properties by thinking on a smaller scale. The internet has impacted some smaller brick and mortar businesses, and you don’t want these smaller companies leaving your property when business isn’t thriving. Diversifying the kind of property investments you’re holding can help retain companies, especially if you look at smaller properties for specialty uses.
Multi-use properties are also a great way to diversify. When you have a building that has both living and commercial space you reduce the possibility of having multiple vacancies at the same time.
Another strategy is to upgrade your properties to accommodate shared workspaces. Shared workspaces are office spaces shared by other companies, and the concept behind them is to generate collaboration and innovation by bringing together an array of businesses, freelancers, and entrepreneurs. Shared workspaces are also a great way to reduce overhead costs, and property investors in the digital age should consider this as a great way to stay relevant in the digital age.
Property investors in the digital age need to pay attention to local markets. You want to stay relevant and keep your properties up to date in order to avoid vacancy. Monitor the market conditions in order to ensure that you’re meeting the needs of the area. This may require a local real estate broker who is familiar with the area’s traffic and can help you adjust your property to fit the demand.
If you need a local broker in Brevard County, FL contact Ullian Realty. With over 50 years of combined experience, our brokers understand the nuances of commercial real estate on Florida’s Space Coast. Contact us today to learn more about The Ullian Process.
© 2020 The Ullian Realty Corporation. All Rights Reserved.