Owning commercial real estate can be an incredibly lucrative investment. Residential tenants often break leases and even the best renters may choose not to renew their lease. When a business chooses their location, they do so carefully. Business owners know that if they choose the wrong property, changing their address can be a death sentence to their brand, and cause them to lose a lot of customers. Companies have a lot at stake when they move, and so have the incentive to stay put for as long as possible. However, because potential renters in your area know the consequences of making a bad decision, you will have to work hard to make your commercial rental property more attractive than your competitors. It isn’t always easy to stay ahead of the game when so many commercial properties are owned and maintained by large corporations with the resources to provide a premium environment for their tenants. At DKRentals.net, we help Atlanta area real estate owners manage their investment properties. Over the years, we’ve learned a lot about what gets a quality tenants attention. Thankfully there are many ways that an individual investor can make their retail or office space stand out from the crowd.
Offer Shared Amenities
If you own a property with multiple office or retail spaces, you can significantly boost the value of your commercial location by offering shared amenities. A small break room with a sink, microwave, refrigerator and a few tables can help provide solutions for time-strapped employees and business owners who don’t have time to leave for a long lunch break. Installing Wi-Fi won’t add a lot of overhead, but can save money for your tenant and will therefore make your office building a more cost effective choice. You can create a shared lounge area where tenants can welcome their guests, or a conference room where they can conduct professional meetings with staff members and clients. Remember that the more you can help their business become successful, the better chances you will retain your commercial tenant for years to come.
Upgrade Your Curb Appeal
Although the term curb appeal is most often used in relation to homes, appearance still matters greatly for retail spaces and office buildings. Your tenants will need their location to be presentable to their clients and colleagues. If the first thing potential renters see when they get out of their car is an outdated storefront, damaged signage and a parking lot full of crumbling concrete, they aren’t going to be interested in your property for long. They want to make a good impression, and therefore you must provide them with a solid foundation to create the perfect atmosphere for their business. Updating your signage, repaving the parking lot and adding some trees and flowers for landscaping may feel like a large expense. However, the better your property looks, the more attractive it will be for local business owners.
Security Features are Important
If your building or parking area looks like an easy target for burglars or vandals, tenants may opt for a location that feels safer for their employees and customers. Security isn’t a luxury for business owners, it’s a necessity. In today’s litigious world, leaving your staff or clients vulnerable to theft or personal injury because of criminal activity can bring about lawsuits that can ruin a business overnight. If the business suffers a devastating financial loss, they will probably have to close their doors and you’ll be left without a tenant. Not to mention, a certain level of vandalism or theft could cause significant property damage that you would be responsible for repairing. Consult with a local commercial locksmith and find ways to upgrade to high-security locks. Install a security system and cameras. Make sure your parking area is well lit during the day and night. If you own a multi-unit property like an office building or shopping center, you might consider hiring a security guard who can keep unwanted activities at bay.