Are you looking for ways to increase the earnings on your commercial property? Don’t be afraid to get creative. There are several ways to maximize your investment.
When you first buy a property or when you’re looking to fill an occupancy after a tenant leaves, consider how you can divide up the property space. See if there are ways to create more spaces that you can rent out. This will allow you to pull in more businesses and charge each a reasonable rent that adds up to more than one business would have paid for the whole space.
Also, consider any additional areas you have available to rent that wouldn’t provide space for a store or an office. Maybe your commercial property has a basement or another area that you could rent out as storage space. And don’t forget the parking. You can rent out parking spaces to the business owners that are renting the property or to others. Parking spot rentals can be priced by day, week or month. You may also consider throwing in one parking spot per business, but you’re not required to do so.
Another way to bring in some added income is to rent cell towers. You may also want to consider solar panels on your property. Solar panels can appeal to those looking for a building that’s eco-friendly. Plus, you could sell the energy to the business owners for a reasonable price.
When creating the lease, consider some other add-ons you could give your tenant the option of leasing. You could have maintenance packages and trash removal as two potential add-ons, for example. They can choose if they want to pay an additional fee for these items or not.
Offering advertising space as a billboard on your property could potentially be another way to bring in some added income. You could give your tenants first dibs, offering a discounted price for them. But if your billboard remains unoccupied you could rent it out to other businesses.
One more way you could bring in a little extra is to allow vending machine companies to lease out some space in the building. Offices and stores will be happy to have the option to treat themselves and you’ll be bringing in a little more to bolster your bottom line.
These are just a few ways you can maximize your rental income. We’ll be happy to help you find more ways to make the most out of your property, find the right tenants and maintain your property. Check out our website and connect with us today: .
