Commercial property ownership is one of the best investments available in the current economy. A commercial property owner can expect to receive profits that can add up to between 6 to 12 percent of their purchase price, and as a lucrative investment, it will demand a commitment of time, resources, and planning so that it can remain so.
One of the best ways to ensure that your ROI continues to be solid is by investing in going green. Pursuing a green standard for your property will both maintain, and increase, its value, with the highest standard coming from LEED certification. This acronym stands for “Leadership in Energy and Environmental Design”, and is an internationally recognized building certification system. It uses third-party verification that a building was designed and built or upgraded using strategies focused on areas such as energy savings and water efficiency, carbon emissions reduction, and sensitivity to that property’s impact on the environment.
Such certification will make your property attractive for both current and future tenants, and LEED-certified properties can expect occupation rates that are 20 percent higher than those that are not. In addition, their efficiency means that costs are lower for the owner and tenant alike. Both new and existing buildings can become certified, so your currently owned property can be upgraded to the green standard.
The safety of your premises is another way to maintain its value. Installation of security cameras and proper lighting are two ways to secure your building and grounds. Arrange for monthly maintenance audits and ensure that the auditor is looking for tripping hazards and building damage that could be dangerous, etc.
A clean and well-maintained property will have a solid reputation in your area and place you at the top of the list when it comes to desirable places to do business. A commercial property owner will want to avoid their building and grounds standing empty while waiting for a new tenant, so keeping your property looking both attractive and safe is a wise choice and will ensure that you are always in business. Upgrade your property when it makes sense to do so; don’t wait for things to fall apart, and eliminate clutter permanently.
Satisfied tenants will stay longer. Keep the channels of communication open and make sure they can always reach you or your property manager immediately if something goes wrong. Surveys of your tenants and their satisfaction levels are a great way to know if they think you are doing your job and will help you make adjustments or changes that will elevate their satisfaction levels. The loss of income suffered while a building or grounds stand empty can make it difficult to maintain that property at high standards, so keeping your tenants happy just makes good business sense.
The Ascension General Contractors team has your business in mind. Visit our website or call us with all your property needs. (615) 750 2345.