According to IBISWorld, there were more than 2.5 million commercial real estate businesses in the US.
With so many investors out there, it's important to keep up with the competition. You need to implement effective methods and strategies if you want to achieve commercial property growth. There are various things you can do to get the most out of your commercial property investments.
In this guide, we'll go over some key commercial real estate tips that investors in Topeka, KS, should know. Keep reading for more.
1. Understand How to Find Quality Tenants
You can't make an income from a commercial property without tenants, so it's vital that you know how to find them. The first element of this is marketing.
You need to know how to effectively promote commercial properties in a way that will appeal to potential tenants. Make sure that any properties you list contain all of the important details that tenants may be interested in such as:
- Property size
- Location
- On-site amenities
- Type of building
On top of this, you want to make sure you have high-quality images showcasing the entire property. Video tours are a good addition, and you can even implement VR (virtual reality) technology to provide virtual tours. AR (augmented reality) can also be suitable for some properties.
These help people get a better idea of what a property is like without having to view it. If any potential tenants are interested but aren't currently close enough for an in-person viewing, implementing these advanced marketing techniques can be incredibly beneficial.
2. Understand the Local Market
If you want to be competitive, you need to understand your local market. Look at other investors in your area and observe what they're doing.
Determine what strategies are proving effective, and which ones aren't providing the best results. Based on what you see, you can implement new techniques into your own property investment strategy.
You should also observe commercial tenants in your area. Consider what properties are in the most demand. These may be the best ones to look at when investing in real estate.
3. Reinvest in Your Properties
Real estate investing isn't just about buying new properties, but also looking after the ones you have. Establish routine maintenance schedules and perform regular inspections. These will help you keep your properties in good condition and the chance of major maintenance issues coming up will be much lower.
On top of this, you should regularly review your properties and consider potential upgrades that will make them more appealing. For example, installing energy-efficient windows or smart technology can increase the value of your properties and help you attract more tenants.
Getting the Most Out of Your Commercial Property Investments
You should always be working to improve the ROI of your commercial property investments. Know how to attract tenants, keep an eye on the local market, and reinvest in your properties for the best results.
PMI Advisory Group is a full-service real estate asset management company that provides professional residential, commercial, association, and realty services in Topeka and the surrounding communities. We have years of experience and implement the latest technologies and strategies to drive better results for our clients. Take a look at our commercial property management page to see more about our services.
