Increasing the value of your commercial property is not something you should wait to think about when you’re ready to sell. Instead, you can constantly be making small changes that will work together over time to increase your property’s overall value. Some of these changes involve actual improvements to the property, while others are a matter of simply tracking and analyzing your income and expenses. By managing your property smartly, you can save a lot of money in the long run, while also increasing your commercial property value.

Make Improvements

You likely can’t afford to remodel your property’s whole interior every couple of years, so concentrate on improvements that will be noticable and widely used. Focus on replacements like lighting, floors, doors, and commercial hardware. These small, simple changes can make a world of a difference to the buyer.

Aside from indoor improvements, renovating the landscape of your property will greatly improve its value. Add a fresh coat of paint to the building to give it a clean, maintained appearance. Keep the property looking nice with regular yard work, like mowing the lawn, removing weeds, and clearing trash and leaves from the sidewalk and main entrance. Install and maintain a new security system to protect tenants and prevent robbery.

Add New Amenities

In addition to improving the appearance and functionality of the property, adding new amenities will act as a bonus for your tenants, while also attracting new tenants and increasing the property value.

Tenants appreciate having a place to go when they are not working. Providing a lounge will give tenants a space they can use during lunch breaks or off-hours to relax and socialize. A lounge will also make the area more comfortable and inviting.

Another amenity that people are beginning to expect is an on-site fitness center. If you own a larger property, you might consider offering a fully-equipped workout room with benches, racks, and weight machines. A smaller business might only have the space and budget for a couple of smaller machines—like a treadmill and bike—and some free weights.

Don’t make your tenants leave the building every time they want to buy food. Offer an on-site cafeteria, small restaurant, or food truck service. You might even be able to work out a deal that will leave you with a percentage of the sales made.

Increase Rent

If you’ve had the same tenants for a few years, it might be time to restructure your lease terms. Part of this process is adjusting the price of your rent. While you want to offer a fair rate, you can afford to increase the rent by $10 or $20 every few years, especially if you have been improving the property by updating appliances and adding amenities. Pay attention to who your tenants are and how often they rely on certain features, like lighting, water and electricity. If these utilities are not a separate cost, factor them into your rent.

In addition to increasing your rent, make sure you are utilizing your entire space. Your higher-paying tenants will be renting rooms—or possibly the whole building—but any space that is not being used can be rented to someone else. For example, smaller rooms and sheds can be rented out for storage and padlocked to be kept separate from other tenants.

Decrease Expenses

As you improve your property while gradually increasing rent, you will also want to focus on minimizing and eliminating costs. The key is to make smart decisions with regard to expenses. Compare prices, prioritize costs, and examine your overall spending history.

Consider energy-saving alternatives for lighting, heating, and air conditioning. Pay attention to how much these utilities cost to use, and compare their prices and efficiency to other models. Determine the cost for switching to a more eco-friendly model, and account in how much money it would save you in the long run.

Additionally, focus on the long-term. Regular maintenance will help you to avoid larger repairs in the future. Inspect the property regularly, and keep detailed records about when appliances have been repaired or replaced. Simply keeping track of these fixes will help you determine when and how often to schedule maintenance in a way that is most cost-effective.

Even if your budget is limited, you can still make changes to the way you manage your property, by simply cutting unnecessary expenses and making small improvements. Over time, these minor changes will help you to avoid major expenses, while also  increasing your property’s value.