wood, hammer, and nails

Maximizing ROI in Your Commercial Renovation Projects

Ownership of a commercial property is an opportunity to maximize return on investment, or ROI, at every step, even when it means fixing things that have broken. Repairs could possibly be thought of as a drain on the owner’s resources and cash flow, but with proper planning and foresight, they can become a positive event, instead.

Here are some best practices that can help a commercial property owner maximize ROI when it comes to commercial renovations:

  • Maintenance. Don’t defer it. It’s not just bad business; it will have a negative impact on your property values and can become a serious financial liability. Tackle repair issues early to save money and increase equity. That way, when it comes to renovation expenditures, you will be able to spend your money on the things that really matter.
  • Professional help. No serious owner of a commercial property should be handling repairs and renovations on their own. A property management firm commitment can pay for itself by keeping your business in great shape at all times. They also can be leveraged for contacts in the contractor field. These relationships can often ensure that you get top priority when it comes to your needs and gain you discounts, as well.
  • Do it right. Don’t make the mistake of continuously re-patching and re-doing repairs just to save money. A “do it right the first time” maintenance philosophy will go a long way towards attracting, and keeping, the very best tenants, improving your total returns.
  • Reserves. Savvy commercial property owners understand that setting aside reserves for maintenance and repairs is a wise move. Even if resources are tight, it’s smart to contribute to a reserve account on a regular basis so that you can be prepared for replacements and other issues that will come up.
  • Public relations. With a bit of forethought, you can turn your commercial renovation projects into positive public relations opportunities, generating a fresh interest and image to existing clients and a buzz in your locale among prospective new customers. Using signage, social media, and other news sources, you can propel your new look to a place that is top of mind in your town or city.

The team at Ascension General Contractors is here to help you maximize your ROI on your commercial renovation projects.

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