Commercial Property Renovations That Benefit Tenant and Owner Main Street America is a picture of old style store fronts, wooden floors, and squeaky floor boards. The nostalgia is irresistible but that fondly remembered aroma is probably coming from something you would rather not know about.
How do owners keep the nostalgia, or over all ambiance of old fashioned service while running a modern commercial property?
On the flip side, the condition of an occupied property you own has deteriorated to the point of being dangerous. A renovation of this type of property is necessary to increase revenue, safety, and tenant comfort.
Can the tenants remain in the building while renovations are going on? How will a major renovation impact the owner and tenants?
Careful planning for both jobs is the first step. Begin by deciding exactly how each renovation needs to be done. First you will need to research the building codes in your county. This can be done online by using a search engine to find your city’s website.
Some websites charge a fee for looking up archived information. You can go to your county assessor’s office and request copies of the building codes for your town. You can also hire an experienced contractor to inspect the property and give you a written estimate of all that needs to be done to get the property up to code.
Knowing the basic needs of the property will give you a starting point in developing renovation plans.
- The contractor you chose to do the actual renovations takes more research. Again, you can use the internet to find and research contractors in your area.
- Most will have pictures of renovations they have completed in the past as well as testimonials from clients. Visiting the actual properties will give you even more insight as to the work potential contractors do.
- Select the contractors you feel are the most competent from your research and schedule interviews with each separately. Take them through your properties and discuss your ideas as you do a walk through.
- Let the contractor see everything and encourage his feedback and ideas. Sit down with each and discuss the impact renovations will have on customers and tenants. Get detailed outlines for each step of the renovations.
- It is important to know how customers will be able to get in and out safely. You will need an idea of prospective drops in business due to customer inconvenience.
- You may need to make allowances for relocating tenants or alternative parking for part of the renovation.
- Once all the contractors have seen the properties, give a deadline for final bids.
- Give your tenants notice of the plans as far in advance as possible so they are prepared for any inconvenience they may suffer.
- Also let them know the renovations will impact their lives in a positive way.
- Share the plans with them and show them all the ways the property will be improved. You may even take suggestions because the tenants are on site more than you. Assure them that once it is done they will be much happier. Last are the actual renovations.
- Visit your properties often so the contractors and tenants know you are concerned with the progress.
- Attend inspections when you can.
- Other than that, you wait until your properties are updated and bringing in more profit than ever.
Renovating commercial properties is expensive. Planning the process step by step will make it easier in the end. Through careful planning the job will be less daunting for everyone involved. Letting your tenants have plenty of notice and having input into the project will give them more ownership of the renovations. The end result will be a business property renovation that benefits the owner and tenant. Happy renovations!
Peter Wayne writes on behalf of Tfin. It is a company which supplies commercial renovation team to the industries. It mainly works on the theory of reducing the commercial renovation costs and thus leading to an increase in the average revenue of the company.