As a property manager, it’s important that your property looks appealing to prospective tenants because you only get one chance at a first impression. Businesses often look at a lot of properties, so you need to create a space that stands out.
It’s also important to know how much rent the market will allow. Regardless of the amount you spend on improving your property, there will be a limit to how much companies are willing to pay for a space. This number should drive all of the decisions on your renovation plan. Below are areas of a commercial property that can become expensive during the renovation process, along with tips on how to save on costs:
In the bathroom, good-quality pipes, fixtures and toilets are important investments. This can help avoid maintenance issues down the road. Repeatedly fixing bathroom appliances can get extremely costly because when they break and they typically need to be fixed immediately.
There are attractive commercial fixtures and toilets that are made to withstand high-use wear and tear. Although they might cost more upfront, they can be worth it when it comes to having to pay for the maintenance to fix or replace them. Everyone wants clean and updated bathrooms. However, this doesn’t mean you need to make a lot of fancy upgrades in the bathroom. Stainless ceramics and sparkling, dry flooring are commercial bathroom essentials.
Many spaces have carpeting because it can be relatively cheap and easy to replace. The problem with carpeting is that it usually needs to be replaced often enough that the money savings aren’t always worth it.
Consider installing a hard flooring surface in high-traffic areas and using a mid-grade carpet in low-traffic areas. Prospective tenants are often happy (and pay just as much in rent) with a vinyl floor in a woodgrain pattern.
Curb appeal is extremely important in securing good-quality tenants. That doesn’t mean you need to spend a fortune on landscaping Neat, simple front and back areas are the best way to go. They can be maintained easily or for a reasonable price.
The bottom line is that you don’t want to invest money into your space that you won’t get back by charging rent. If you evaluate all updates and renovations, you could save money, have a great space and attract high-quality tenants.