As an investor you know that your office building or apartment complex is a lucrative venture, and you may be looking for ways to make it even more profitable. While large projects such as adding square footage and covered parking may not be feasible, there are some highly effective steps you can take to increase the value of your property without breaking the bank. Something as simple and inexpensive as landscaping and dramatic outdoor lighting can make a big difference.
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- Enhance Curb Appeal
Some property owners tend to focus on the interior, but remember that the exterior of your investment property forms the first impression. Have your professional property manager inspect your building for minor problems before they become a major headache. Your manager can look for issues like eroded mortar, cracked masonry walls or deteriorating parapets and lintels. Paint and powerwash where necessary to freshen the building, and think about replacing the door to give the office or apartment a modern look. Well-tended landscaping beautifies the exterior and indicates that the property is well cared for, so check sprinkler heads if there are dead areas on the lawn, trim the shrubbery and make sure trees are neatly pruned.
- Improve the Signage
The signage on your commercial property affects how tenants perceive it. Important signage has an impact by branding your property and generating excitement. You might want to go the extra mile by naming your building to give it panache and a memorable identity. According to the New York Times, a name brands your building by telling the “story” of the property. Custom exterior signs represent the purpose of the property and attract tenants. Make sure your signage is easy to read and appropriately sized compared to the building. Do your homework by learning about different options such as dimensional lettering and logo signage.
- Add Amenities
Apartment buildings and office complexes can up their game with desirable amenities. Not every property warrants a rooftop pool and fully-equipped gym, but some improvement ideas make perfect sense. According to Crain’s, today’s offices are adding cafés, kitchens and decks to boost their rent and make their investment property more attractive to renters. Vending machines, free WiFi and benches in outdoor areas can also make a difference. Atriums and large windows that let in natural light can also enhance an office building. Apartment buildings are also changing by including resident lounges with a kitchen and oversized TVs, along with playrooms for children and fitness rooms.
- Plan Events
Every month of the year provides something to celebrate, so you can choose a monthly event to remain interactive with your tenants. A printed and/or online monthly newsletter can announce the event and include community happenings and special promotions from local businesses. Retail sites can rent out their parking space to businesses, community organizations and charities for weekend events such as a Saturday morning Farmer’s Market. Networking events are a good fit for office buildings, and multifamily properties can plan entertainment at the onsite or community pool or park.
You may want to try some of these events to make your property attractive to tenants:
- Resident Appreciation Day: Make this event as simple or as elaborate as you like, but make sure it reflects the tastes of your tenants. From an elegant cocktail party to a casual barbeque or a Family Fun Day, Resident Appreciation Day is sure to please.
- Holiday Events: Celebrate Thanksgiving, Halloween, Valentine’s Day and St. Patrick’s Day along with the winter holidays, and throw in Mother’s Day for good measure. Tie the event back to the community with ideas like contributing to a homeless shelter around Thanksgiving Day.
- Family Fun Day: Team up fathers and daughters, mothers and sons and the whole family for contests of all kinds like putting and volleyball that all can enjoy. Rent equipment like bounce houses for the little ones and rock climbing walls for everyone. Hire circus performers to stage a circus workshop for a unique idea.
- Team Building Events: Partner with the businesses in your building for a day of team building events. Ideas range from building a bicycle for charity to designing a structure out of chocolate. In Florida and other coastal areas, creating a seaworthy raft is another fun project.
- Networking Events: From simple “here’s my card” social networking events after work to meetups that that introduce people in related industries, networking is important for young professionals and others who want to expand their presence and work with others in the community.
- Motivational Speakers: Search online for the ideal motivational speaker for your office building event at a professional speaker’s bureau. Choose a famous name from industry, entertainment, politics and more as an inspiring figure covering a host of topics. You will find that speakers command a wide range of fees, from low to high.
Gain Property Management offers professional property management services to commercial and residential investors. We are a licensed and insured property management company offering full service and advanced technology self-management capabilities to provide flexibility to our clients.