Good real estate management doesn’t stop with the purchase. Commercial real estate investors can do more to increase the worth of a property without spending more than they should.
Here are a few things that add the most value to commercial property.
If there’s one thing that the 2020 global pandemic has taught us, it’s that having a fast and stable internet connection is a must for all. Therefore, broadband connectivity is a top feature tenants require in commercial property, a study by the Building Owners and Managers Association International revealed. Broadband allows offices to stay connected with remote partners via video calls, presentations, real-time editing on multimedia projects, and so on. Retailers, hospitality services, and on-site establishments need connectivity to power credit card terminals, monitor security systems, and control the temperature of the environment, among many such functions.
Keeping the roof in good condition should be a priority. Neglect can lead to serious harm. Leaks can damage merchandise or cause accidents that may result in legal action.
Energy-efficient windows improve value by keeping cooling costs down. In addition to their insulating properties and UV protection, new windows also can also be an aesthetic feature.
Gyms are the most in-demand amenity in multifamily properties. Because the pandemic has kept commercial gyms shut in certain areas, an in-house facility can prove to be even more valuable. Establish safety protocols. Institute a reservation policy or a scheduling system to control visits while allowing tenants their fair share of gym time. Post a video on your community Facebook page showing sanitizing procedures before and after the use. When the health scare is over, you can invite fitness instructors to hold classes in your facility and charge tenants a small fee if they want to join. Proceeds can fund maintenance costs or future upgrades.
Especially in areas that aren’t particularly walkable, parking can be a valuable perk. In St. Louis, Missouri, for example, parking can cost anywhere from $4 to $30 for the first two hours. Therefore, providing tenants and their customers with ready parking spaces is one surefire way to up a property’s value.
The features and services listed above won’t just ensure the desirability of your property, they will also allow you to charge commensurate service fees from tenants, or subsume costs into rent.
Looking for high-value commercial real estate in St. Louis, MO?
When it comes to real estate investment opportunities in St. Louis, Missouri, there’s no better team to help you than the Cardinal Realty Group. With 35 years of experience in the real estate industry, Cardinal Realty Group has tons of experience and knowledge under their belt and gained an international clientele in the process.
These attributes point to Cardinal Realty Group’s flexibility in handling different needs and interests. If you’re a buyer, seller, tenant, or investor, whether from the United States or abroad, you can trust The Cardinal team to take your interests to heart.
With their diverse clientele, the Cardinal Realty Group delivers high-quality and professional real estate products and services tailor-fit to your needs.
Give them a call at 636.225.0385 or send an email to Hal(at)CardinalRealtyGroup(dotted)com today.