6 Ways To Enhance Your Property’s Valuation

Every property owner should strive to improve their commercial lot’s aesthetics and functionality. This not only helps in keeping the building look elegant and attractive, but it also helps keep your lot from getting overlooked in the ever-growing real estate market. 

Furthermore, making these enhancements also helps increase the market value of the property—which can increase its inherent saleability and marketability in both the short-term and long-term.

From facade renovations to room expansions, there are many ways you can increase your commercial property’s valuation and turn it into a money-making machine.

If you’re creatively stifled and unable to figure out the best ways to get your commercial property to stand out against the competition, we got you. This article will lay out six ways property owners can improve their property and increase its valuation with relative ease.

Let’s take a look at these enhancements in more detail.

1. Improve Curb Appeal 

A lot of people would say that first impressions make a big difference in how someone perceives a place—and this can’t be any more true with commercial property. 

Upon entering your property, one of the first things that enter a visitor’s periphery is your curbside. If you want to make an impact, then you have to make it look absolutely striking.

One easy way to give your curb a facelift is by touching it up with some shade structures. These structures, in essence, serve as a protective covering that shields people and objects from direct exposure to the sun and rain when outdoors. 

Besides its inherent protective function, various commercial shade structures, such as the  commercial shade structures with Greenline, can also be designed in a multitude of different colourways and materials. This creative flexibility allows property owners to bring their imagined architectural designs to life quickly.

Besides these architectural pieces, you should also consider landscaping your front lawn. Adding some potted plants, pruning overgrown shrubs, illuminating dark walkways, and cleaning your lawn can all contribute to a lush, green, and inviting space. 

These improvements can convey professionalism and care, thereby helping your property stand out in the competitive real estate market.

2. Increase Rental Price

Don’t get us wrong: you wouldn’t want to unjustifiably and suddenly raise rent prices to your tenants. This can cause a bit more than a scuffle. 

However, if you have slowly worked on improving your amenities and introducing new features to your property, and if local rent prices have also reached new levels due to inflation or other economic conditions, then you can justify increasing your monthly rental price.

An increase in rental price directly correlates with a higher property value in that it increases the building revenue stream. This doesn’t only make it more lucrative for the owner, but it can also be enticing for future investors looking to purchase a commercial lot with a good cash flow.

Furthermore, the increase in cash flow can also help you gain more money to improve your building’s operations. 

Be sure to inform your tenants well in advance so that they’ll have enough time to financially prepare for the change. This shows that you respect your client’s time, which can help reduce vacancy rates.

3. Increase and Expand Rooms

If your layout allows, consider expanding the room sizes of the rooms you currently have in your building. Alternatively, and perhaps even more ideal, consider constructing additional rooms in your commercial space.

Doing these things can help you cater to a wider range of tenants given the increase in room size. It also allows you to take in more tenants in general, thereby increasing your building’s income potential—whether it’s by an increase in income stream or an increase in the rental pay per client.

While you’ll obviously have to pay to upgrade your rooms to make them more spacious, this expansion can attract high-tier tenants who are willing to pay a premium for a fitting room. It also 

Furthermore, this renovation is also a permanent one, which means that your current clients and future ones can enjoy spaciousness for years to come, which adds to your property’s overall appeal.

4. Incorporate Smart Technologies

There are a lot of benefits to having smart technology in your standard commercial property. Smart appliances and fixtures have the power to turn a tech-deficient and unremarkable building into something state-of-the-art, convenient, and visually impressive. 

There are many types of smart technologies a property owner can leverage to upgrade their building. For instance, your building can run automated lighting and cooling systems in offices, allowing these spaces to run smoothly and allowing workers to engage in their tasks with minimal friction and with utmost comfort.

Besides that, the convenience provided by these technologies is also a major perk. For instance, you can install smart parking solutions to optimise traffic flow, payment processes, and space maximisation. You can also use these technologies to gather analytics and insights on your clientele and building management operations.

By making your building tech-forward, you’re helping your building remain competitive now and for years to come. This, coupled with the continued satisfaction of your customers with the help of these technologies, can create more opportunities that you can leverage with your customer base.

5. Keep The Building Facilities Maintained

Your property’s value doesn’t lie in just its structure, its amenities and functionality also matter a lot. Two important factors found in a building system are your plumbing and electrical systems.

Proper plumbing systems ensure that water is properly supplied, drained, and transported with as minimal leaking as possible. If your building often gets complaints of leaks or water shortages, then you should work to improve those conditions to maintain the value of your property.

Even if there doesn’t seem to be a visual problem, it’s best to call in a plumber and have them undergo a thorough inspection. They may spot corrosion or leaks that may lead to bigger and more expensive problems if left unchecked. 

Besides your plumbing system, it’s also essential to keep your place’s electricity in top shape. 

Ensure that your outlets are all working and supplied with electricity, and if not, fix it promptly. Use energy-efficient appliances to save on your utility bill—this will matter a lot over time.

Hire a dedicated electrician who can help your building out in case of sudden electrical emergencies. Alternatively, hire someone who can check on your electricity supply once in a while and correct anything that needs fixing.

If your building’s plumbing and electricity are well-maintained, you’re ensuring safety, efficiency, and comfort within the building. This, in turn, can lead to happy customers and a more attractive building overall.

6. Upgrade Security Features

No one wants to feel unsafe, especially in the workplace. Considering that fact, it’s crucial that you focus on improving your property’s security to ensure that your tenants and their customers are as safe as possible.

Your building, as you’re well aware of, has been fixed the minute you bought it. So if you’re situated in a shady area, then beefing up security is a must to ensure your property remains competitive in the local market.

You can improve security in multiple ways. The first and most reliable one is hiring security officers to rove and secure your property’s parameters. Besides hiring security guards, you should also invest in security equipment like CCTVs, identification turnstiles, and metal detectors to minimise threats.

You should also increase fencing around your area to ensure that your place can’t be easily accessed away from the entry points. In beefing up your security, you signal to investors that you care about the safety of your tenants and customers. This can bring your appraisal value up considerably.