Shake Off the Vacancy Dust and Upgrade Your Rental Property

It's time to bring your vacant storefronts out of hibernation. We're continuing our post on managing difficult to lease spaces by giving up suggestions for how to upgrade your rental property to attract occupants. While your thoughts have probably turned away from spring cleaning to thoughts of sunshine and vacations, it's important to upgrade your property now so that you can enjoy summer without having the burden of worrying about the cost of your unleased properties. Upgrading your property gives it a fresh start and will help you to attract renters.

Eliminate clutter. Over the years, it’s easy to become accustomed to the quirks of your property, but to attract new investors, consider out with the old and in with the new. Think about small changes in lighting to brighten up an area or purchasing a new piece of furniture to replace something a bit worn in. It can make all the difference! While decluttering, also think about reorganizing for a simpler, sharper appeal. If a client sees that your property is clean and easy to navigate, the odds are in your favor.

A 360 Cleaning. If you don’t know where to start your makeover efforts, a good old-fashioned deep cleaning is a good place. Debris and grime make your property look unkempt and just dirty. Make sure you scrub the floors, wash windowsills and glass, and dust off any shelving and ceiling areas. To control odor, try restocking all bathrooms with fresh toiletries and air freshener. Potential investors will desire a finished look, too, so patch up any holes in the wall and paint when dry. Maybe even consider an entire fresh coat of paint to add some shine to the property.

Outside Appeal. The outside area should mirror the inside. After all, a first glance is what peaks the interest of future buyers and renters. If your property has a lawn, make sure it’s manicured. Maintain the landscaping by filling in groundhog holes, trimming foliage, and mowing the grass to enhance the outside appeal. If your property does not have any green, it’s a good idea to just keep the area swept and tidy. A nice outside is the key to attracting people inside.

Invest in help. Time is definitely a factor when it comes to running a business and keeping it up. Sometimes you’re too busy, and the to-do list is just too lengthy. If you can, consider hiring professional maintenance care to help finish the chores outside, or hire a cleaning service to dig into the nooks and crannies of your property. You can also ask a professional management company, like IKO Community Management, for advice to stay on top of the trends in your market if you’re unsure about your upgrading decisions.

Receive feedback. If you’re not sure about where to put the new furniture, whether to redo the paint job, or add a plant for a homey effect, don’t be afraid to ask. Be creative when surveying clients and ask for their opinions on what they want to see and what would be useful. It’s a direct link into the mind of your buyer, and they will appreciate your inquiry. You will probably receive a few solid ideas along the way, too.

Upgrading your office space and storefronts is all about change, which can be difficult, time-consuming and stressful. It’s OK to relax and take a deep breath before tackling your ideas. Plan, strategize and research before you dive in headfirst. All of the time and energy will be worth it! In order to attract and keep investors and buyers, you need to present a clean, professional environment to them. Hope these tips we shared help upgrade your properties to their highest potential! Good luck!

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