Commercial properties are an excellent investment for anyone looking to expand their real estate portfolio. These properties can earn steady returns over time, and they are also highly liquid since there is always a demand for commercial property from businesses and investors. Additionally, the tax benefits associated with real estate ownership make them an attractive option for many people.
Several commercial properties are available, each with its unique features and benefits. Office buildings, warehouses, retail spaces, industrial facilities, and mixed-use complexes all fall under commercial real estate. Each option has certain advantages that make it particularly appealing to specific buyers or tenants.
The industry is worth at least $30 trillion with more room to grow. However, the commercial property space is fairly competitive, with many people having a stake in it. To make your commercial property more attractive and desirable, you must consider a few things.
Maintain it Properly
First of all, you need to ensure that your building is well-maintained. This includes keeping your space clean and free of clutter and ensuring that there are no visible signs of wear or damage. Minor problems such as peeling paint, stained carpets, or missing lightbulbs can be easily fixed with a small investment of time and money. However, major issues like structural problems should not be ignored, as they may present significant financial challenges to future buyers or tenants down the road.
You also want to consider using environmentally friendly techniques in the construction and upkeep of your space. For example, new buildings and retrofitted properties can benefit from solar paneling, efficient lighting, plumbing fixtures, recycled materials, etc. This is an excellent way to save money on your utility bills, but it also will help you appeal to environmentally conscious buyers or tenants.
Keep Your Expectations Reasonable
One of the biggest mistakes sellers make when marketing their properties is having unrealistic expectations about how much they can get for them. To find the best price for your property, you need to be honest about what it is worth in the market.
You may have paid a certain amount for it ten years ago, but today’s market conditions are pretty different, and there’s no sense in trying to sell something at an outdated rate of value. Instead, evaluate your property objectively and price it fairly if you want to find someone who will be interested in buying it.
Increase Security Measures
If your space includes any areas that are open to the public or that hold valuable assets, you need to have proper security measures. This will not only help protect customers and employees but also deter potential thieves from targeting your property.
Check with local law enforcement about what security features they recommend for businesses of similar size, and look into what you can do on a smaller scale. For example, installing security camera systems throughout your building and parking lot area can be a great deterrent while providing evidence should an incident occur.
Update Your Marketing Strategy
The way in which buyers and tenants find properties is constantly changing thanks to new technologies like online advertising platforms and mobile apps. You may have had success previously by creating flyers or newspaper advertisements.
You’re also more likely to reach more tenants on social media, considering that 223 million Americans are using it. Regularly post updates about your property on platforms like Twitter, LinkedIn, and Facebook to attract attention from potential customers.
You should also create a website for your commercial real estate business that includes high-quality photos and videos of your properties, as well as detailed descriptions of their features and amenities. Ensure to include your contact information prominently on every page, so interested parties can quickly get in touch with you.
Consider Offering Incentives
Another great way to make your property more appealing is by offering potential buyers or renters incentives to work with you. For instance, you could discount the purchase price if they agree to buy before a specific date or pay above the asking rate.
You might also consider throwing in things like furniture, appliances, equipment, or fixtures already inside the building (especially if there is space for them). Showing that you genuinely want people to enjoy living there can go a long way toward attracting quality tenants and buyers.
Include Complimentary Services
Some commercial properties—particularly those in high-traffic areas—have the potential to generate income from more than just rent. For example, if you have the space, you could add a coffee shop, restaurant, or other retail business to serve both your tenants and the general public.
You might also consider offering on-site dry cleaning, a fitness center, or other amenities that would make life easier for busy tenants. These businesses can also bring in extra income to help offset the cost of running your property.
By following the tips outlined in this article, you can make your commercial property more attractive to potential buyers or tenants. These steps will help you better understand what today’s market expects and how you can use modern marketing techniques to reach a larger audience. Remember to be realistic about your expectations and consider offering incentives to seal the deal. And finally, don’t forget that adding complementary services can sweeten the pot for interested parties!
