Questions to ask for improving your commercial property value
It can be very easy to slip into a comfort zone concerning the actual saleable value of your Commercial property.
You have been conscientious and kept up maintenance and presentation. Your pricing is comparable to your competition. You feel you are OK with your investment and look forward to a reasonable profit margin when your Commercial property sells.
It sounds as though it might just be time to take a few steps back, take a long hard look at the facts and the circumstances — and consider ways that your Commercial property value can be increased! Settling into a comfort zone where you feel enough is enough might be a mistake!
It helps a lot if your property is already in good shape in the usual, basic aspects: The grounds are kept clean and groomed; the exteriors of buildings are freshly painted every few years; there are no obvious trouble spots such as broken windows or shabby awnings, etc. It's a simple, tight ship where care is concerned; nothing fancy… it will eventually sell.
Because you are so close to the overall conditions and circumstances, you might not see some of the ways you could push that profit margin up! Let's take a look at some simple questions with some easy answers.
When was the last time you toured your competitors' facilities to see what services and amenities they may not offer, and that you could facilitate as a “value added?” One way to improve your market edge is to get and stay steps ahead of your competitors' offerings. What those advantages might be, of course, depends on the specific Commercial property being considered.
Does your Commercial property consist of empty lots in areas at the edge of expanding development? You can do more than just mow the weeds! Grooming that property with attractive perimeter landscaping can illustrate and enhance ideas for future use. Perhaps you have unoccupied Commercial buildings with limited zoning allowances. There are opportunities to showcase such property — while it is on the market. Perhaps there are
features to add; or, you might consider interim community use for special events and (by default) create opportunities to showcase to a broader market.
Some “added value” is simply value perceived by prospective buyers. As Seller, you have the opportunity to suggest various use ideas in your promotional materials, and in your dialog when showing the property. Leaving creative ideas for your Commercial property's use solely to the imagination of the prospective Buyers can be a missed opportunity.
If your Commercial property houses an active, operating business, there are many ways to add value and improve your anticipated profit at sale. Your business may be hospitality — hotel/motel, restaurant or resort. What amenities can you add for your guests — that you have noticed your competition does not offer? Adding benefits that support your improvement goals can bring returns in near time as well as when you sell. Customers and guests are the best promotional tools you have! They will recommend your operation based on their experience at your facility, on what is different, and on what was memorable.
Improving your Commercial property's functional potential can almost certainly improve your competitive edge! Increasing the potential can be as simple as providing actual plans for future expansion. Re-assessing your space use plan, increasing or modifying service areas or giving the interiors a face-lift — all can improve profit potential.
Your professional Commercial property real estate agent knows many ways to help you increase your Commercial property's value. Obviously space permits just a few above! But think about it: Have you simply settled into a comfort zone, and see no need to do more to enhance your sale? Think again!
Jim Magliulo is the leading Commercial
Real Estate Agent in
Lake County. He can be reached at County Air Commercial at 707-2635729, at jim@countryair. com, or at www. CountryAirCommercial. com