If you have a commercial rental space, you know that the maintenance is ongoing and the attention to detail is continuous. Whether you have a warehouse, an office building or a store of some kind, the need to keep it updated and attractive to potential tenants is a must.
What are the benefits of upgrading your commercial rental property?
Ideally, you want long-term tenants, so a huge benefit in keeping them is upgrading to modern, currently aesthetic designs, along with some perennial landscaping, avoiding anything that skews visibility.
The location of your space is always important, but even if you’re in a prime location and let the premises get run down and neglected, that alone can deter business. Well-kept property reduces the risk of crime and vandalism, too.
Renovated property is easier to lease and often reduces the vacancy period. And you will certainly attract better tenants with upgraded rental property, not to mention it’s an advantage when it comes time to increase the rental rates.
Property renovation is a good time to check your property codes and permits to make sure everything is in order. You can evaluate the areas of the property that need priority for remodel.
What are the essentials for your commercial renovation?
It’s imperative to work with companies that are licensed, insured and have Workers’ Compensation to cover their employees. Be vigilant about checking credentials to avoid lawsuits or worse.
Some of the areas you will need assistance with include:
- design and construction
- project management and scheduling
- local and municipal codes
- budgeting and supplies
- tenant communications
- managing expectations
It is certainly more cost effective if you can find one company that can handle all of your renovation. That’s what Cousin James Management has been doing for many years — helping commercial property owners renovate the smart and easy way.
The advantages of renovation for your tenants
Newly renovated commercial property makes your tenants feel valued. It serves to improve your relationship with each tenant and helps ensure they will stay longer.
Remember, you don’t necessarily have to make major changes as small improvements can often make a distinctive difference. And if you decide to sell a property, renovating is a major part of the sales process to increase your resale value.