14 Improvements to Make Your Commercial Property Intriguing to Buyers | alecsalameh.com
Are you planning on selling commercial real estate in Fort Myers or Lee County? If so, you want to make sure that you are offering the best value to your buyers. If you strive to be the best commercial property for sale Fort Myers or Lee County has to offer, you may want to consider making a few improvements. Selling commercial real estate can be a complicated process, but it doesn’t have to be difficult. By familiarizing yourself with the aspects of your property that buyers are looking for, you can make a number of improvements that will not only intrigue your buyers but also increase the value.
There are many different types of commercial properties that can benefit from updates prior to listing for sale. In general, the improvements listed below can be applied to any commercial property. However, some will have a greater impact on certain types of properties such as manufacturing or warehousing, corporate or office, restaurant or event, and multi-unit dwellings.
Name the Property
A simple thing can make a huge impact on a commercial property. Providing a name for the property can instantly improve the value by making it more recognizable. This can be as simple as naming it after the street it is on such as Alpine Square or as frivolous as choosing a random name such as Sunny Villa.
Freshen up the signage to help buyers find the property and instantly improve their opinion of it before even viewing it! This can be anything from replacing the lights on a marquee to repainting or refinishing old wood. If the property doesn’t currently have a sign, consider investing in one to help catch the eye of prospective buyers.
Simple design elements in a commercial property can impact the appeal. Contemporary amenities can help maximize the return on investment. This can be especially true for office buildings by adding rooftop gardens, fitness areas, or conceptualized food or coffee options. Improving employee offerings is increasingly popular among corporate entities and can be a key element they are looking for in their next space.
NOI Focused Improvements
When buyers are looking for a commercial property, they want to know that there will be significant net operating income. Focusing improvements on functions that will reduce operating costs such as updated windows or heating and cooling systems can improve the appeal to buyers that are looking for sustainable options.
Buyers want to purchase properties that already have a good curb appeal. In fact, it can be one of the main elements they are looking for in a commercial property. While this may include updating the lobby or visible hallways inside, this may prove costly. Other, more cost-effective options include things as simple as repaving the parking lot and improving the landscaping.
Security is top of mind for buyers when looking for a commercial property to purchase. After all, they are going to be risking their money and potentially their business reputation with the investment. The most desirable security features include alarm systems, security cameras, tall perimeter fences, motion sensor floodlights, and automatic gates.
Improvements to the parking areas can make a huge impact on the desirability of the property. Buyers want to know that their property is accessible to those who will be using it and protected from damages. Fixing cracks in the pavement, repainting parking lines, and installing undamaged caliche pads are a big benefit for buyers.
Anything that makes the space more interesting is going to drive intrigue in a commercial property. Come up with a unique design for a space that will speak to your target buyer. For example, office spaces with open floor plans and dedicated social spaces are becoming increasingly popular.
Regardless of the property’s function, restaurant fixtures such as grease traps, hoods, or plumbing that can be used in a kitchen have proven to increase the average price per square foot of any commercial property.
Smart automation that can be connected to mobile devices is more than just a trend, it is a luxury that is here to stay. Using security systems, heating, cooling, or even lighting that can be controlled by a smart panel or mobile device will not only improve the value of your property to buyers but also increase the potential lease value.
Value-Added Sample Plans
If your commercial property has multiple units, it may be worth your time and money to invest in a few sample units that add value to the property. For example, in a multi-unit dwelling, updating a few units to have a modern aesthetic with premium features such as granite or new appliances can help buyers see the value of the space. This lets you make a minimal investment into the units while showing potential buyers the possibilities for the space.
Kitchen and Bathroom Updates
Kitchen and bathroom features are some of the most sought-after amenities in any property. In commercial properties, this could be anything from making customer bathrooms more appealing in office settings, improving commercial kitchen equipment, or updating the residential kitchen and bathrooms in multi-unit dwellings.
According to Forbes, the most sought-after amenity in a multi-unit dwelling to make it “feel like home” is a dog park. Pet owners want to feel welcome in their apartments and they don’t want their dogs to be cooped up all the time. Adding a dog park can be a great way to improve the value for potential buyers.
While the most common thought when considering improving commercial properties is renovations, improvements to other areas can prove even more important. Increasing occupancy in leasing units will be the best way to improve the value and entice buyers. When tenants are already locked into long-term leases buyers will fight tooth and nail to be the ones to secure the property.
With these improvement ideas, you are sure to increase the value and interest in your Fort Meyer or Lee County commercial real estate to make the most out of your sale!