Breaking into commercial real estate is a big step. There’s a huge potential for profit. If you want to maximize your profits, though, you need to ensure that your property is desirable and appealing to those who would rent from you. Here are three areas of your property you might want to consider upgrading.
The Parking Lot
People use parking lots on a daily basis. Between exposure to the elements and the regular traffic, it’s not uncommon for parking lots to become run down and damaged. Paint can wear away and become less visible. Potholes can develop. Even cracks in the paving can become problematic if left alone. Upgrading your parking lot can help fix those problems. Fix any damage that has occurred, and consider sealcoating the asphalt. According to Custom Sealcoating & Paving, sealcoating can protect a surface for 3–5 years from moisture damage. Repaint the lines so they’re clearly visible. This can make your property appear more appealing to businesses and their customers.
The Exterior
According to Bell Law, curb appeal matters for businesses just like it does for residential real estate. It makes a huge difference in the impression it makes on consumers. Because of this, businesses will be more inclined to rent commercial properties that will help present them in their best light. The landscaping should be neat, attractive, and orderly. Make sure the building is clean. Repaint it if needed. Consider any signage on the building. Is it in a good location? Is it easy to read? If not, consider adjusting it.
The Source of Power
According to Web Marketing Pros, businesses are responding to the consumer’s desire for eco-friendliness. They’re looking for ways to reduce their carbon footprint and do business in more sustainable fashions. Upgrading your property’s source of electricity to reflect that may work in your favor. You might consider installing solar panels on the property. This not only provides a sustainable, eco-friendly source of energy but also helps offset utility bills. This could make your property more desirable. Install energy efficient light bulbs as well. This will also reduce electricity use and the accompanying utility bills.
Upgrading your commercial property can be a great way to attract tenants. Consider upgrading the parking lot, the building’s exterior, and the source of power for your property. Not only can this attract businesses who will want to rent your property, but it can also increase its value.
Read this next: How to Streamline Operations at Your Growing Business