5 Methods that Add to a Commercial Real Estate's Value
Starting a commercial real estate business is never an easy job. Most real estate businesses pour in millions of dollars for improving real estate properties to sell them right away. However, the only problem is learning what clients want out of a real estate property.
When a potential client views your property, ensure that you've exhausted your options into adding more value to it. Renovation is one of the ways to add value to a commercial property, but there are 12 simple, inexpensive, and sustainable ways to achieve it. The better you utilize these methods, the higher the property's value will go up.
#1: Free Up More Space
One method to ensure an increase in property value is creating more space inside. If you notice furniture or decorative pieces that ruin the interior's aesthetics, you can reposition or remove them to add more space. Aside from the commercial property's interior, you can also free up more space in parking garages and storage spaces.
The more you can create space around the property without ruining the aesthetics, expect its value to rise exponentially. You don't have to spend money to do this since you can easily remove things. If there are unused spaces around the property, you can leave them to let people move around without a problem.
Freeing up more space lets you remove old and worn-out things that you can take to a recycling factory. Most recycling factories would even pay once you provide recyclable materials. Note that your cleaning personnel might leave junk or garbage at the side of the street, causing urban pollution.
#2: Improve the Exterior Facade
First impressions always matter when it comes to reeling in clients to buy commercial property. When they want to check out the property, the first thing they'll see is the exterior facade. You need to keep it looking great every day if you want clients to like it at first glance. There are many methods of maintaining the property's exterior area appealing, like cleaning.
If there's a garden beside the exterior walls, mud splatters might go on the wall when watering the plants. Contractors might also leave behind tiny splashes of concrete on the walls, so you have to hire professional cleaning services to remove imperfections on the exterior facade.
Don’t forget that you can create a sustainable exterior facade by installing a system called Permeable Interlocking Concrete Pavement. It’s a system of concrete pavers with varying-sized aggregate or stone layers that direct and filters rainwater to aquifers underground. It’s the best sustainable method to prevent damaging your storm drains.
#3: Utilize Modern Features
Another method to sell a property at a higher price is incorporating modern features. Nowadays, people go after properties with a modern design. If your real estate property still has outdated features, don't hesitate to replace them with modern ones as quickly as possible.
#4: Perform Regular HVAC Maintenance
Sustainability doesn’t always mean you have to add sustainable features. One way you can achieve commercial real estate sustainability is by maintaining your HVAC system. Over time, they will start to perform poorly because their components are starting to wear out. A poor-performing HVAC also consumes more energy since it has to work twice as hard to provide better cooling and heating properties.
#5: Install Energy-Efficient Technology
Some clients might need a property that lets them save energy bills. It's the best time to install technology such as automated lights, thermostats, energy-saving lighting fixtures, and energy-efficient roof hatches, to name a few. The more energy-saving technology you install on the property, the higher the property value goes up.
The 5 methods mentioned above can serve as guidelines to help you increase the value and sustainability of your property. Consult with a professional to make sure you make an informed decision.
