1. Reduce your expenses
Consult with a real estate professional to look for ways to cut costs. Especially with new technologies like insulation and utility upgrades, there are plenty of ways to reduce maintenance or running costs. It can be as simple as switching to LED lighting or replacing aging filters or heating and cooling systems.
2. Change the use of the building
Take a close look at the building, zoning regulations and assess if it could be reconfigured into another type of space to add curb appeal. If this was a small market, what would it take to make it function as a cafe or bookstore? If it is an industrial space, can it be renovated into modern, open-plan lofts or large artist studios to live in?
3. Upgrade and refurbish
Consider small upgrades like painting walls, updating wall outlets and switches, adding landscaping and replacing interior doors, are all topical upgrades that a building can give a building older look new and improve its aesthetic.
While these can be more expensive, they are more likely to result in the possibility of charging higher rent.
4. Improve your marketing strategies
Consider marketing strategies that will meet an even wider audience. Review your marketing plan. What has been done in the past to present the building to the right kind of audience? If a rental sign in the front window represents the magnitude of the effort, consider setting some money aside to launch a comprehensive marketing plan.
If the building is vacant or partially vacant, hire an agent to take photos and professionally describe your property
5. Make it green and sustainable
The desire to be part of sustainability is growing. People no longer just recycle bottles and reuse plastic bags. Sustainability extends from the person to the workplace, and tenants are looking for real estate that matches their desire to go green.
Old buildings are particularly disadvantaged and investments to improve them will be greater. Achieve increased efficiency by replacing or adding insulation, installing photovoltaic solar panels, switching to renewable heating or low flow water systems, or adding energy efficient lighting throughout. Not only will the building become more attractive to tenants, but landlords could also benefit from tax advantages.
In conclusion,
With a limited budget, you can make visual improvements to your building. With a more attractive and modern space and advertising your property in a particularly strategic way on the most powerful property portals will certainly increase your property's income.
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