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Are you considering Tenant Improvements?

Are you considering Tenant Improvements?

The industry agrees: frequent and appropriate tenant improvements will be worth your time and money, increasing your overall ROI. Regular maintenance and upgrades keep your property investment looking fresh and your tenants content. Examples of upgrades are drought tolerant landscaping, ADA compliance, and energy efficient standards like adding EV charging stations. Throughout the properties we own and manage, we are always keeping an eye out for necessary tenant improvements. We suggest following three simple steps when taking on a tenant improvement project.

1. Research and Plan Ahead. In your research, you should be learning the various regulations you may encounter during your tenant improvement and plan ahead for any foreseeable complications. Take a look into marketplace trends and things tenants are looking for in an office space or potential home. It is important to prioritize various tenant improvements. At the end of the day, you want to also make sure your next project is feasible.

2. Budget Wisely. This practically goes without saying, but make sure your tenant improvements are in sync with your operating budget. The old saying remains true, “You have to spend money to make money.” However, it is important to ensure you are not going over the top with unnecessary improvements that do not add value.

3. Be Flexible. You can have a perfect plan, but that does not always mean everything will magically go along perfectly. Make sure you are paying close attention to the construction process, while being flexible as problems arise. At the same time, start planning for the future. Perhaps something to be flexible about will be saving a change for down the road or implementing a part of your future plans earlier than you expected.

In conclusion, we recommend thoroughly evaluating opportunities for tenant improvements around your property. If done properly, they can add great value to your investment, keep tenants happy, and increase your ROI. We are always happy to help owners with best practices during their tenant improvements. Give us a call for more information on how we can serve you.

 

By |2019-09-14T00:08:00-07:00September 16th, 2019|Property Management Tips & Tricks|0 Comments

About the Author:

The MGR Review is designed to bring you the top news and tips regarding property management and real estate in Southern California. Our near forty years of experience in these industries give us a keen insight on how best to succeed. Let us know if there is a topic you would like us to discuss!