Forgotten Your Password?

Need to Register?

Winstonrowe

How to Make A Commercial Property Stand Out

Tuesday, March 19, 2019 - Article by: Winstonrowe - Winston Rowe & Associates - Message

Optimizing properties is about more than installing new appliances and a fresh coat of paint. Here's a step-by-step playbook to help landlords target niche demographics and optimize their properties to maximize value.

Understand your tenants:

Always be transparent with clients and let them know how the value you present meets their needs, with an emphasis on accommodating their budget.

Trustworthy landlords not only empower tenants to confidently buy or rent from them, but may also ultimately improve their own bottom line with higher sales. When both you and the tenant understand the meaning behind what you're charging, both sides can feel confident that they're getting the most out of the transaction.

Understand your property:

Just like people, buildings age and require maintenance. Understanding the values and faults of your property helps fix problems as they happen, not as they spiral out of control. The last thing you want to sell is a flawed piece of property.

Location:

Connect with the property's neighborhood to understand of what you're presenting to clients. Knowing about amenities, transportation and demographics only scratch the surface -- if you're serious about investing in a particular neighborhood, consider opening local offices to show future tenants that you're serious about the area they're considering living in.

Renovations:

Regular property inspections allow landlords to find problems with the unit's structure right away. Renovations and updated finishes can increase your asking price. Based on property type, consider what kind of renovations will pop up in the future.

Develop a unique strategy based on that understanding:

Powerful and unique marketing strategies separate the best landlords from the rest. Strategies materialize from a deep understanding of your properties and the tenants you want to attract.

Data-driven leasing:

Over the years, I've seen the more renters have lease terms that appeal to them, they are more likely to stay at a property. Today's best leasing solutions use data and predictive analytics to assess patterns in consumer behavior so that landlords can attract and generate more qualified leads. Data allows landlords and brokers to work together to reach the right audience.

Timing:

Consider the timing and execution of your construction schedule. Marketing units during peak seasons can attract the highest rents and keep leases in the right cycle. These concerns demand collaboration between landlords, brokers, and contractors to deliver high-quality luxury units when the market needs them most.

Real estate isn't easy, and success requires more than drive. It calls for a deep understanding of the fundamental appeal of a great property, and without a solid underpinning, you're selling facades rather than strong foundations.

Related Searches:

Didn't find the answer you wanted? Ask one of your own.

Get an answer
Subscribe to our news feed.