If you are thinking of selling your commercial real estate, then you’re on the right path as U.S. property prices have been steadily increasing for the past years. While most financial experts would recommend waiting for your lot to appreciate in value further, if you have an urgent need or just want to get this space off your hair, there are ways to boost its price without having to spend so much.
Weather and general environment play a huge role in how a property is evaluated. For example, if you have real estate in the relatively sunny Fort Myers, Florida, you’d do well to get in touch with commercial landscaping services to enhance your property’s appearance.
The value of a commercial property is typically based its historical data, its current state, and its potential to grow further. Most appraisers peg its price based on how much cash flow it generates. This is why any value-enhancing strategy you employ will have the potential to increase its income, reduce expenses, or overall equity. One of the best strategies to help shore up market value is to make structural improvements.
Give it a fresh coat of paint
The easiest and cheapest way to make your property look more appealing to buyers is to give it a fresh coat of paint, both inside and outside. Depending on your intended purpose, colors can define how a property is seen, and when it comes to getting potential investors to go ahead with the sale, first impressions matter. For example, if you are selling a condo or a hotel, bright and playful shades can be off-putting, so go for muted and earth tones, instead, to give it a classic and sophisticated appeal. In addition, fresh paint also makes your property look new and well-kept; therefore boosting its listing price.
Update your electrical and plumbing systems
If your structure is still running on legacy systems, it’s time to make a switch to more modern setups if you want buyers to be willing to pay a premium price. Water and electrical lines matter to any investor, whether residential or commercial, so before you implement any cosmetic changes to your space, be sure to update everything that’s underneath the surface first. Having new and reliable plumbing and power lines in place not only increases your property’s price but also makes it a safer (and more appealing) option over those that do not have these.
Alter your facade
Similar to giving your structure a paint job, changing how the frontage looks sets the stage for positive feedback from interested buyers. When people are happy about how the space looks from the outside, the more welcoming they are of what they will see on the inside. In addition, investors are not likely to want to stop at a place that looks ill-maintained, making you lose all chances of making a sale altogether.
Consult an interior decorator or professional stager Styling the exteriors and interiors will help the buyer better imagine how he or she can best benefit from the property. You can bring an interior designer or stager in to help you set the place up according to your buyer’s taste.
Call a landscaper
Arranging some potted plants yourself is nowhere near hiring a professional commercial landscaping service to make your property look extra appealing to your target buyer. Commercial properties are difficult to sell because you will need to highlight its revenue-generating power today and for the long term. Investing in great landscaping will help convince investors that this piece of real estate offers a lot of promise.
Because the real estate market is constantly evolving, what you do to boost the value of your property for a planned sale will depend on many factors. Study your area carefully and see what you can add or reduce to increase your real estate’s resale price.