Unlike residential properties, commercial properties are much more sensitive to deal with. This is usually because there are several essential business decisions and objectives hinging on the purchase decision of commercial properties. Commercial properties are valued differently as well and result in more yield for the landlord than a residential one in the same location. Hence, dealing with commercial properties is a bit different and here’s what you need to know while dealing with the commercial estate. Here are a few tips for landlords to make your commercial property more desirable.
Desirability of the Commercial Property
Businesses find a property desirable (apart from the basic size and price conditions) based on the utilities present, safety guarantees and relationship with the landlord. It becomes incredibly imperative that properties meet these demands in order to be in the running for purchase. These orbiting concerns of a property are what really add value to them and potentially to business owners.
To make your commercial property more desirable, ask yourself: what would make yours stand out?
Is The Property visible Enough?
Businesses run off of publicity and people being aware of them. If they aren’t on your mind, they’re probably not doing very well. So when a business looks for a commercial property, it should be visible and accessible. Meeting this requirement can be difficult if your choice of land was not ideal, but it is a huge factor that businesses assess. If your property is right on the main road, expect many proposals coming your way.
Measure Costs Beyond The Price
Maintenance is your friend as long as it’s regular. Though these are part of your expected budget, one of the best tips for landlords we can relay is prepare for a lot of ’emergencies’. Depending on the business that takes your place and the people that run it, you’ll do your best to make your commercial property more desirable. But you have to figure out whether it’s worth it renting out to them. They may pay a huge amount but cost you massively in repairs and maintenance. Is it worth the cost and hassle?
For Landlords: Know Your Tenant First
Many people can come in with a lot of money and want your place. But do you want them there? Our tips for landlords should make you think about the type of business you want on your property and who is running that business. Ideally you’ll get a great business with a great owner that you love dealing with. But a combination of good and bad may appear and it comes down to whether or not they fit your requirements. Don’t settle for tenants that you don’t approve of, are rowdy, or even delay with payments. It’s a headache you may regret.
Is yours The Right One?
Great tenants are hard to come by, and they do once in a while. But it’s also important to let even the greatest tenant loose when your property just doesn’t fit their requirements. This may not sound like your headache to deal with when your focus should be to make your commercial property more desirable. It’s their business; if they choose the wrong property for themselves, it’s not your fault, right? But it’s not about fault. If they leave soon, you have another tenant hunt to handle. If they choose to stay and start making ‘minor’ modifications to the place, those modifications can add up in the long run to something you didn’t want. So though it may be hard to turn down a great tenant, keep in mind future occurrences.
Let’s face it; as long as there are businesses, there will be need for your property and many more. With so much competition, make your commercial property more desirable, as visible as possible, and choose the right people to let into your commercial property. And yes, these points do apply to residential properties as well if you own one. Do you have any tips for landlords that you’d like to share with the world? Leave them in the comments section below!