Jan 06, 2020
How to Maintain the Value of Commercial Office Property
Buying commercial property is one of the most important and sound investments you can make for your company. Not only is there always the possibility to sell the property for profit, there is also the prospect of not having to pay for rent at a certain point, and even take tenants for extra business. However, there are some things you’ll have to know if you want to maintain and even increase its value. You also have to know when you should buy, or lease property. In this article, we’re going to look at a few ways that you can protect your investment and see if this is the right choice for you.
Leasing or Buying: What is the Best Option?
The first thing you have to know is whether it’s even the best option for you. Some people simply don’t like the idea of having to be landlords. A commercial building can also be a liability, and while it is one of the surest investments out there, it isn’t fool proof.
But while leasing frees you of responsibility, it also robs you from equity. Not only that, but you’ll always be at the mercy of the landlord. It’s not uncommon for a landlord to raise the rent out of the blue, which could affect your operation and even force you to move.
If that’s not something you’d like, and you would like to actually own, or already own your premises, here are a few things you’ll need to do to maintain and increase the value of your commercial office property.
Make Sure Your Tenants are Happy
If you decide to take tenants, then you have to make sure you keep them happy. Losing tenants can eat into your bottom line if it’s a major part of your income. So always make sure that you keep their spaces clean.
As a matter of fact, few things will frustrate tenants more than dust bunnies and streaky windows. This hurts their reputation, and believe us, they will move if you don’t correct the situation.
This is why it’s important that you invest in a good cleaning service to make sure that everything is clean at all times. Cleaning services like Regional Services, found at https://www.regionalservices.co.uk/services/, have been in the business for over 15 years and have served over 700 commercial clients. They offer some of the best packages in the business and are known for quality. Not only that, but they also offer all sorts of other services, like handyman and maintenance services among others, which will allow you to keep everything under the same roof.
Keep Lines of Communication Open
Another thing you’ll need to do if you want to keep your tenants happy is to keep lines of communication clear and open with you. You have to make them feel like they can get a hold of you if something is wrong at any time. This way, you’ll be able to gain their confidence, which will go a long way.
Maintain and Upgrade Your Space
You also have to make the space as comfortable as possible for your employees and possible tenants if you want to maintain the property’s value. This is also a place where working with a maintenance service could help. Making sure that minor repairs are taken care of will ensure that they don’t aggravate and affect the value of the property. Check things like roof leaks, air intakes, and also make sure that your emergency and fire equipment is always up to code.
There are also some additions that you can make that will both increase the property of the space and make it more attractive to tenants. For instance, something like advanced security equipment is something tenants will like. This could also be done by adding a gate at the front entrance. Just seeing something like this could be enough to sway the opinion of a tenant or possible buyer.
Commercial spaces also need to look great as well, so also consider making some aesthetic adjustments. For instance, having some landscaping work done on the front, or upgrading the paving are all things that could increase the value of the property.
Keep it Safe
We already mentioned adding some security equipment, but there are other things that you can do to keep your building safe. For instance, you could improve the lighting so that the building remains safe at all times of the day. Try to keep an eye on possible trip hazards, and conduct maintenance audits regularly.
So, if you want to not only maintain your investment but actually make a return on it, then you should consider this advice. Making sure that you work with the right professionals will also go a long way if you want to retain and impress possible tenants or buyers.