Investing in a commercial building space can be a great financial decision. Of course, financial gain is far from guaranteed. There’s a good amount of work required to maintain and care for your space. Without proper attention, the idea of owning a commercial space will quickly flop. Understanding what is required to turn a profit will keep you from becoming frustrated, and out of debt.
Put Your Money Where Your Tenants Are
Commercial business owners that invest in their tenants will see a return on that investment almost every time. Not everyone who rents with you will bring in a fortune. But having happy tenants, even if they bring in a little less than you thought, is better than not having any at all. In fact, per a report from toucantoco.com, losing a tenant could cost over $30,000. That’s not exactly pocket change. Unhappy tenants can lead to a financial burden. The key, of course, is learning how to avoid that unhappiness.
Safety is certainly a big concern among tenants. Security cameras are always a good starting point. In addition to keeping the property and components safe, tenants want the business itself to be secure as well. Conducting routine audits and inspections is a great way to do just that.
Tenants also need a functioning building in which to conduct business. If foundational issues, electrical faults or other problems with the building arise, do not hesitate to correct them. On top of making the tenants happy, this prevents a bunch of smaller issues culminating into a larger, more costly concern. If a tenant or one of their customers were to get injured because of negligent building care, potential legal action could follow. A little work now can save you a lot of work later on. One big aspect of owning a commercial property that plays into this is communication. Tenants need to know that the building owner is accessible and approachable whenever issues come up. An owner that simply brushes off concerns and makes next to no effort to clue his or her tenants in on things can be disastrous. An example could be simply letting all of the building tenants know when routine maintenance is going on. This way, if the maintenance forces someone to change their schedule around, that person can adjust accordingly. Miscommunication, or just an overall lack of contact, can quickly sour any professional relationship.
Keep Your Building Efficient
Some property owners shy away from being environmentally friendly because of the stereotype of that being a more costly way to do business. However, the opposite proves to be true. Conducting business in an energy-efficient fashion will save property owners money long-term.
Tenants appreciate this because, in addition to working in an eco-friendly environment and being socially responsible, they can save money as well. Energy bills will be lower, keeping them happy. Plus, with consumers tending to prefer to do business with those who are considerate of the environment, it’s a win-win.
There are some upfront costs with committing to that way of business though. Changing out lightbulbs, installing proper installation and putting in energy-efficient windows are just a few of the steps businesses can take to become more eco-friendly. Again, this will prove fruitful in the long run.
Cleanliness is Key
On top of having a safe and efficient building to work in, tenants want to conduct business in a clean area as well.
This all starts on the exterior of the building. If you are a commercial property owner, think about when you first started looking at buildings to purchase. Those that looked inviting from the outside were likely the ones that caught your attention. Tenants will feel the same way, as will their customers. If customers drive by and all they see is debris in the parking lot and messy landscaping, they have no choice but to assume the owner does not care about that. And if they don’t care about that, why should they care about your business? First impressions go a long way, and they mean almost everything in the business world. Creating a clean, organized workspace that tenants can feel proud to work in will greatly improve your relationship with them. Not only will they appreciate it, but their customers will too.
Be Proactive, Not Reactive
A good rule of thumb, not just in commercial business but in life in general, is to be prepared. Staying one step ahead of the game keeps you from being caught off guard and allows you to better handle unforeseen situations. Treat commercial property just like home. Homeowners are constantly thinking about what the next renovation project will be, what will make the next room look even better, etc. Being able to think on the fly and react quickly to things is still a great quality to have. However, being a business owner that is prepared and constantly bracing for the future is essential.
Need Assistance? Contact the Professionals!
Becoming a better commercial building owner does not just happen overnight. It’s a process that takes time and commitment, and one that can become frustrating. If you find yourself becoming overwhelmed with changes, don’t stress! Allied Facility Care will lend a helping hand. With over 25 years of combined facility care experience, the team at Allied knows what it takes to keep any facility functioning at a high level. They are always staying up to date with the latest industry standards and can make any property a well-functioning one. Contact Allied Facility Care today to receive a free quote and get started with changing your commercial property for the better.
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