Choosing The Best Office Building
Certain buildings seem to have people who simply stay forever. They like where they work, and they don’t want to leave. What makes those offices or business parks a cut above the rest?
The Most Space
Having the best bang for the buck comes down to a lot of different things, but the most important factor for most people is the space for the price. Price per square footage is extremely important, especially when it comes to families looking for apartments or large companies looking for more space. When you accommodate the needs or allow enough space to grow, you have a leg up on the competition.
If you can comfortably price your larger properties to be in competition with the market without sacrificing too much on the price, you should. You can create a long-time tenant by making the price right. Businesses will want to snatch up a great space in a business park like that in a heartbeat. If the space covers the rest of their needs as they grow, they will stay. It’s very similar if you look at creating rental properties or apartments. If you can appeal to the needs of a growing family, you’re going to keep your tenants for as long as they want to say.
The Best Parking Lots
Having a nice parking lot is a big factor in whether people want to be in your buildings. Seriously, having holes in the parking lot can drive a great tenant to another landlord faster than you would expect. Imagine buying a new car. That beaming glow of getting something shiny and new. You can’t wait to get it home and see it in the garage. You pull into the lot, hit a pothole, and dent your brand-new rims less than an hour after buying it. Sounds like a great way to lose a tenant.
Having a fresh parking lot is a hot commodity, especially when your properties are in areas known for bad parking lots. Heavy rains, soft soils, salt, and all the elements can beat down and destroy your parking lots. Make sure you know a great paving company in Charlotte to take care of the parking lot as it starts to age. If you keep your parking lot nice, you won’t have to worry about losing a tenant over something like a broken rim.
The Perfect Amenities
You have to have the right amenities for your building to thrive. When it comes to what people want, we already talked about having the right space for the right price, but there are other things people want. When it comes to normal housing, you want to have the best of the best. If it’s a building, try to include amenities like on-site laundry pickup. Places like DC have people looking for this amenity specifically, so having on-site laundry is a big one. Besides that, you want to be able to offer things like parking, safety, and location. If you can offer the best amenities for your tenants, you’re going to keep them there longer, and that’s good for your bottom line.
If you are talking about selling space to a company, you want to make sure they have what they need. Companies that run automotive garages will love to have air hoses and amazing lighting. Some places might look for the manufacturing equipment that comes with the building. No matter what it is, make sure you have an angle to market your property.
A Great Location
The final secret to having the best property on the market is the location. Shipping companies will love a building with a ton of space, but if it’s hard to get to, they might look somewhere else. Since shipping companies see traffic in and out all the time, they need this high level of accessibility. If you are trying to target transport companies and attract them to your properties, try to swoop up large locations with easy highway access. Transportation companies will want to flock to your location because it’s easy to get their journeys started when they are already close to the highway.
Keep These Secrets in Mind When You Acquire Real Estate
You now have the secrets to creating valuable properties that tenants will flock to. With this information, you can look for the best deals on the market. If you scope out a property that checks most of the boxes, but not all the boxes, you can always pay to have the other boxes checked. Just make sure you budget those repairs or renovations when you are purchasing. You don’t want to jump in headfirst and lose money month over month. Your gem real estate could turn into a money pit if you aren’t careful, so make sure you calculate those costs.