Are you looking to bring in some extra income at your commercial property? If so, there are a few things you can do.
Two things to consider are:
1.) How you’re utilizing the property.
2.) Are there any additional services you could offer?
You may want to provide some optional services for tenants. For example, charging for trash services or laundry.
You may also want to think about how you handle the parking. Is parking included in the rental price, or do you charge extra? Maybe your rental fee only includes so many parking spaces and additional ones cost extra, or maybe you have some coveted spaces that provide protection from the elements and those ones are fee-based. You could save some parking areas specifically for rent, either to your current tenants or others that may want to utilize the spaces. If you have more parking than you know what to do with, you could use some of that for storage facilities that could be rented out.
Adding a vending machine or renting out an area to a food service provider are other ways to bring in more income to the property. You may even want to add an area for tenants to advertise their businesses. For example, by installing a billboard in front of the building you could sell ad space to tenants.
Now that we’ve discussed a few ways to bring in some extra income, let’s consider how the space is currently being used.
If you own a large building, like a warehouse, you may want to think about breaking it up into a couple of spots so you can rent to more than one vendor. Maybe you have additional rooms that won’t work for a permanent vendor but are ideal for storage, meetings, or events. In this case, rent them out with those purposes in mind.
There are plenty of ways to maximize your earnings on a commercial property. We’d be happy to help you get the most out of your investment. Please reach out to us to learn more about how we can help you succeed: .
