If you own a commercial property, a business, or are in the market to purchase one, you know that commercial real estate is a different beast than residential. The property values can be much higher and there are different nuances to consider when making an offer or negotiating a lease. Increasing and maintaining the property value is important, no matter what stage of the game you're in. In this article, we've compiled 5 top strategies to help you do just that.
1. Keep it Tidy and Well-Maintained
This one is a no-brainer, but it's still worth mentioning. If your property is clean, well-lit, and in good repair, it will be more attractive to buyers and tenants alike. Make sure to keep the grounds tidy and free of debris, fix any broken fixtures or equipment, and repaint when necessary.
Hire a Pressure Washer
One great way to keep your property looking good is to hire a pressure washer regularly. A good pressure washing can take care of all the dirt, grime, and gunk that builds up over time and makes your building look bad. It's also a great way to clean up any graffiti or vandalism damage. Commercial pressure washing services can be expensive, but it's definitely worth the investment to keep your property looking top-notch. Pressure washers can be hired for a one-time job or on a regular schedule. Commercial pressure washers know exactly what to look for and how to clean different types of surfaces, so it's best to leave the job to the professionals.
At Allstar Lot Maintenance, we can help you keep your property looking great with our commercial pressure washing services. Our cleaning power will take care of all the built-up dirt and leave your property looking as good as new.
Have the Parking Lot Re-Striped
An electric pressure washer isn't just for cleaning! If your parking lot is starting to look a bit faded and worn, consider having it re-striped. New stripes will give the lot a fresh look and make it look neater and more organized. You can also have special markings put in to designate certain areas for loading and unloading, handicapped parking, or other purposes.
Have Your Windows Washed
Window washing is another great way to keep your property looking good. A dirty or streaky window can detract from the overall appearance of a building. Make sure to have them washed regularly, at least twice a year. A good pressure wash can also help remove any built-up dirt or grime from the windows.
2. Get the Right Tenants
One of the best ways to increase your property's value is to have high-quality tenants. The right tenants can help to boost occupancy rates and command a higher rent. They can also be a valuable source of referrals and word-of-mouth marketing.
How do you go about finding the right tenants? It can be a tricky process, but there are a few things you can do to increase your chances of success.
Market Your Property Properly
Use good quality photos and a well-written description to lure in potential tenants. Make sure to highlight the property's best features and showcase its potential.
Screen Tenants Thoroughly
Make sure to screen all potential tenants carefully. This includes checking their credit history, references, and criminal background. You don't want to rent to anyone likely to cause damage or be a nuisance to other tenants.
Set Requirements for Minimum Credit Score and Income
Another way to screen tenants is to require a minimum credit score and income. This will help to weed out anyone who may not be able to afford the rent or is likely to default on their lease.
3. Increase the Rent
If you want to increase your property's value, one of the best things you can do is increase the rent. This will show potential buyers and tenants that the property is in high demand and that it is worth investing in. It will also help to cover any maintenance or repair costs that may have accrued.
Be Careful About How Much You Increase the Rent
However, you don't want to increase the rent too much or you may scare off potential tenants. Make sure to set the increase at a rate that is still reasonable and within the budget of most people.
4. Upgrade the Amenities
Another way to increase your property's value is to upgrade the amenities. This can include adding new features such as a pool, gym, clubhouse, cafe, restaurant, or others. It can also mean upgrading existing features such as the lighting, HVAC system, or flooring.
The key to success is to choose upgrades that are popular and in high demand. This will help to attract more tenants and increase the overall value of the property.
5. Invest in Repairs and Maintenance
Finally, one of the best ways to increase your property's value is to invest in repairs and maintenance. This includes fixing any damage that has been done, repairing faulty appliances or fixtures, and painting and cleaning the property.
Make sure to budget for this regularly so that the property is always in good condition. This will help to attract new tenants and increase the value of the property in the long run.
How to Hire the Right Contractor for the Job
When it comes to repairs and maintenance, you want to make sure to hire a contractor who is qualified and experienced. Here are a few tips on how to go about it.
Check References and Reviews
Before hiring a contractor, be sure to check their references and reviews. This will give you a good idea of what kind of work they do and how satisfied their past clients have been.
Get Several Estimates
Don't just hire the first contractor who comes along. Get several estimates from different contractors and compare their prices and services. This will help you find the best deal and the one that is most suited to your needs.
Make Sure They are Licensed and Insured
Finally, make sure that the contractor you hire is licensed and insured. This will protect you in case of any accidents or damage that may occur during the job.
Conclusion
Increasing your property's value can be a tricky process, but using these five strategies will help you to be more successful. Having a good contractor you can trust with your property's cleaning and maintenance needs can be the difference between a high-value property and one that's just average. At Allstar Lot Maintenance, we have the experience and expertise to help you keep your property in excellent condition. Click here to contact us and learn more about our services!
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