New Tactics For Boosting Commercial Property Performance
There is more to achieving the best returns from commercial real estate in Canada than buying the right properties in the right locations. Although this can be an essential foundation to build upon, those interested in maximizing the performance of their investments have a menu of exciting options at their fingertips today.
Acquiring a commercial property at a fair price is just the beginning, as you will still need to leverage partnerships and obtain better financing in order to solidify above average yields. Value-add improvements can accelerate equity, while selecting the right tenants can impact both value and yield.
Regardless of the type of commercial property, every investor, landlord and property manager should be working to maximize the potential of each investment. Yet, for those that want to get ahead, there are a variety of affordable, high ROI and relatively easy to implement tactics to consider. Today these are mostly focused on community building.
It is advantageous for a property to build a strong bond with its tenants and the consumer community, as this will garner more loyalty from tenants. In turn, space will be more valuable, higher rents will be earned, revenues will go up and NOI will benefit.
Some of the best ways to do this today are with community events. This can be the tenant community, consumer community or both. This could include educational events, fundraising events, luxury car shows, afternoon and evening entertainment or getting together to plant sustainable gardens. Run events that get the whole family involved, and that engage couples and singles.
As they link positive emotions to the property, results will follow and grow exponentially. Much of the organization for these types of events can be picked up by tenants and community partners. Don’t forget to go online and develop a community blog, newsletter, and social media accounts.