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An owner’s goal is ultimately to attract high-credit tenants for long-term leases with market (or above market) lease rates. Investing in affordable and desirable renovations can significantly enhance the property’s appeal. By focusing on practical improvements to boost security, efficiency and functionality, property owners can attract quality tenants while maximizing investment returns.

There are numerous ways to prepare a property with relative ease and affordability. When a clean, safe and secure property is presented, this sets the right tone for prospects and demonstrates the owner cares for the property. Updates with the highest return on investment may include the following: 

Exterior
1. An updated exterior façade with low maintenance landscaping. 

2. Adding or updating signage on the building or monument sign are helpful, especially along high traffic roads with clear visibility. 

3. Resurfacing and re-striping the parking lot is economical and improves the longevity of asphalt. 

Interior
1. Repair damages to the walls and ceilings with a good, deep clean. 

2. Upgrade interior lights to LED bulbs or, at minimum, ensure all lights function when a light switch is turned on.

Anything that can be easily removed or altered by a tenant may remain “as is.” Leave cosmetic changes such as paint, flooring and light fixtures to the tenant, as these types of improvements are typically going to align with their line of business and aesthetics. 

To find out more tips and ways a property owner can prepare a property to be actively listed for lease, visit xplorcommercial.com to read the original article. 

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