Owning and managing a commercial property is more than just finding tenants and collecting rent. If you want a commercial property tenants want to rent and investors want to to buy, you’ve got to keep it maintained and updated.
In this post, we’ll highlight the benefits of updating your commercial property. Then, we’ll go over some of the best ways to start make improvements today.
Why make improvements to your commercial property?
Upkeep means less costly maintenance down the road
Much like homes, commercial properties need to be maintained to prevent them from falling into disrepair. If you solve issues as they pop up…
- Your tenants will be happier
- Issues will be limited to the one problem, as opposed to letting the issue fester and create new problems
- Costs will be spread out over time as you fix issues, opposed to paying off multiple maintenance problems at once
Your property will be more attractive to tenants
Simply put – tenants expect a well maintained property. Their expectation is the property will be well-kept and safe.
If you’re in between tenants, you’ll want to fetch top-dollar for your property. If you’re suffering any sort of issues in the structure of your property, potential tenants will be turned off. Nobody likes property that’s falling apart!
To make sure your tenants are happy and want to rent from you, make sure to:
- Fix issues while the space is vacant
- Respond quickly to tenant maintenance requests
- Ensure your property is always safe and up to code
Increase the value of your property
For most owners of commercial properties, the property is an investment. Like all real estate or physical investments, commercial properties take nurturing for them to reach maturation.
Adding popular features, ensuring structural integrity, and improving your property based on what owners of similar properties have (and what your tenants say they want) will increase the value of your commercial property.
In addition to upkeep, find out what features potential tenants want and expect by…
- Looking to see what other similar commercial properties offer. You can even look at listing websites to see what other properties feature.
- Ask outgoing tenants what they wish the property included – this will let you know what your specific property is lacking.
- Ask yourself what you wish the property had if you were the renter.
Start with structural improvements
While added features or amenities may be flashier, ensuring the structural integrity of your commercial property ensures…
- No further damage due to water or moisture issues
- The safety of your tenants – this is both the right thing to do and also limits liability
- Any other improvements you make to your space are built on a solid foundation – both literally and figuratively
New commercial siding
Siding acts as a bumper for your commercial property against the outside world. It also ensures your home looks good and is a defining element to the aesthetic and functional brilliance of your commercial property.
Commercial siding serves two purposes:
- Protects your home from outside elements
- Gives your property a cohesive design, ensuring it will always be presentable
Not maintaining the siding of your property can lead to a number of issues, including:
- Weather damage due to leaking water
- Insect and pest damage
- An increase in energy costs
- A constant need for repainting
Common signs you need to replace your siding include:
- Bubbling paint
- Loose or cracked panels
Learn more about commercial siding by visiting our commercial siding page.
New commercial roof
Roofs act as a shield to your property! Not ensuring your roof is in good condition can cause serious, irreversible damage to you property.
This urgency is even more important during or prior to winter in the Pacific Northwest. The harsh winter weather can cause particularly damaging issues, including water hemorrhaging from above. This can cause damage to your tenants belongings, merchandise, or equipment, as well as weakening your property’s structural integrity.
Roofs don’t last forever. Common signs or reasons it’s time for a new roof include:
- Curled or bucking shingles
- Missing roof shingles
- Bits and pieces of shingles in your gutter
- Daylight coming through your roof
- Your roof is over 25 years old
Learn more about commercial roofing by visiting our commercial roofing page.
Once the structure of your building is on solid ground, your next action item should be to increase the efficiency of your commercial property. This will…
- Make the economics of renting your space more appealing to potential tenants
- Increase the value of your property
While improving your roof and siding will in itself save you money on energy, there are further improvements that can be made to easily increase the energy efficiency of your space. The best way to increase the efficiency? New windows.
Installing new commercial windows to improve energy efficiency
New windows will simply make your space more appealing. Your tenants will have to pay less to power the property, meaning they’ll be more willing to spend money to rent your space.
Old windows force heating systems and AC units to work extra hard, adding to energy costs. Older windows have only a single pane and poor insulating qualities. New windows generally have multiple panes, UV coatings, and improved insulating properties. This adds to the shield your siding creates and keeps harsh weather outside and climate controlled air inside.
Some signs your windows might need replacing include:
- Rooms that are drafty for no reason
- Higher than expected energy and heating bills
- Large amounts of condensation on the windows
- Create opportunities for tax credits and rebates
- Look better, increasing the curb-appeal of your property
- Let in natural light, creating a more pleasant interior to your space
- Increase the value of your home
- Make it less likely someone will break into the space
Save money and time on maintenance costs
Learn more about commercial window installation by visiting our window installation page.
Are you ready to ensure your commercial property stays appealing and valuable?
Cutting Edge Contracting has experience helping commercial property owners update and improve their investment throughout the Portland and Vancouver area. Don’t let you property fall into a state of disrepair and lose value!
Questions on how to improve your commercial property? Reach out with any questions.