Commercial properties include industrial buildings, warehouses, shops, office buildings, retail stores, etc. In order to earn good returns by investing in commercial properties, it is important to dedicate time, research thoroughly and have an understanding of about commercial real estate market.
Listed below are some tips to become successful commercial real estate investors:
- Space Optimization: It is important to pay attention to space optimization. Consider a good design that allows you to design units with better layouts or add more units in a given space without making an individual unit feel crowded. This results in increased revenue.
- Extra Services: To boost revenue, try to make the property appealing to prospective clients. You can do this by offering extra services such as cleaning and trash removal, installing vending machines for snacks and drinks in the hallway, offering ample parking space etc.
- Strategic Increase Of Rent: Another way of maximizing returns is to increase rent. However, it is advisable to strategize the percentage of hike, timing and reason for increasing the rent. To deflect resistance, consider offering quality services to your tenants prior to raising the rent.
- Maintenance: To keep your commercial property relevant amongst competitors and changing market trends, you should be prompt at maintaining it. Tenants are more likely to stay in properties that are repaired regularly and well-maintained.
- Building A Network: Build relationships to create a network of trusted professionals including other investors, mortgage lenders, contractors, home inspectors, etc. You can consult and benefit from your network in case of any doubtful situation.
- Marketing: Successful commercial real estate investors know the value of aggressive social media marketing and online advertizing. Learn ways to utilize social media for getting in touch with potential clients e.g. create a channel on YouTube to showcase the best features of your commercial properties.
- Keep Learning: Learn about the latest marketing techniques for commercial properties and also educate yourself on the local area in which the property is situated. Get well-versed with the customer demographic, medical aid, transport options, etc. around your property to be at a better footing when striking a deal with clients.
- A Mentor: A mentor can offer valuable advice on mistakes to avoid for successful investments.
John Reider Properties assist its clients in making commercial property investments. The company also provides commercial property rental and property management services. For more details on commercial real estate investments, visit 455 E. Central Texas Expwy, Suite 101, Harker Heights, TX – 76548. You can also call at (254) 699 – 8300.