Landlords earn an average of $97,000 a year. Do you? Without the right real estate investment strategies, you won't maximize your profitability.
Instead of losing potential revenue, apply these tips for successful commercial property owners. With these strategies, you can boost your commercial property value and ROI. Set yourself up for long-term success today!
Upgrade the Property
Your commercial property won't compete with others in the area if it's crumbling or outdated. Research the most popular commercial properties in Hammond, Indiana. What do they offer tenants that your property lacks?
Track the latest trends to make your property more appealing to potential tenants. Start by upgrading the curb appeal.
You only have one-tenth of a second to make a first impression. A well-kept lawn, flowers and foliage, and accent lightning will ensure it's a positive impression.
You can further enhance the property's exterior with:
- Fresh paint
- Parking lot improvements
- Accessibility features
Update your technology and security systems to attract potential tenants. Choose upgrades that will enhance the commercial property value.
Consider implementing eco-friendly practices to stand out from competitors. These include recycling initiatives and energy-efficient upgrades. This will help you save money and protect the planet.
Install LED lighting to reduce your tenants' electric bills. Post signage for your recycling initiatives to encourage action. Going green can appeal to a distinct niche of potential tenants.
Apply Property Maintenance Strategies
Don't let your beautiful real estate investment fall apart. Instead, schedule regular inspections. Spot minor problems and make repairs before you require massive renovations.
Allow tenants to submit their maintenance requests via an online tenant portal. This can streamline communications and save time. Otherwise, you may miss a request, leading to lower satisfaction scores.
Improving tenant satisfaction rates can lead to more lease renewals. Generating renewals will improve your occupancy rate. You can save money on marketing and tenant screening to improve your ROI.
Hire a Property Management Company
Instead of applying these management tips alone, hire an experienced team. Choose a full-service property management company that can handle:
- Property marketing
- Tenant screening
- Maintenance and inspections
- Tenant relations
- Rent collection
Look for companies that use state-of-the-art technology to streamline operations. This will ensure maximum efficiency.
Allow your property managers to handle lease negotiations. Use their proven strategies to generate more lease renewals. Improving your retention rate can help your ROI soar.
Your property manager can handle daily tasks, allowing you to generate passive income. Instead of worrying about the property, you can avoid stress while remaining competitive.
Excel Among Commercial Property Owners
Competing with other commercial property owners in Hammond can seem daunting. Instead, rely on these tips to maximize your commercial property value. With these strategies, you can generate more income while ensuring long-term growth.
Remember, you don't have to juggle these tasks alone. Instead, hire an experienced property management company.
Our team at PMI NWI has gained 20 years of trust and experience worldwide. We're recognized across multiple industries for our award-winning strategies.
Allow us to maximize your profitability. Contact us today for a free rental analysis.
