How to Make Money out of Your Commercial Real Estate
It’s quite possible that you are not utilizing your commercial real estate to its full potential in a money-making sense. No matter what kind of space it is that you operate your business out of, whether it’s a store, an office, or a warehouse, chances are, you are not making full use of every square foot that you have to play with.
It’s okay if this is the case, as not many business owners realize that their workplace is a space that can actually make them some extra cash — now that you know, however, there really is no excuse!
Follow the advice below, and turn your commercial real estate into a cash cow.
Build it with money making in mind
If you are ever afforded the opportunity to play a part in building a brand new commercial real estate for your business to move into, you have to keep potential future money making in mind throughout the whole process. Quite simply, from the drawing up of the blueprints to filling the space with amenities once it has been built, everything should be about profit.
There are a number of architecture design approaches to take that will be sure to help you make some money in the future, the best one being the sustainable approach. By ensuring that everything about your new build is eco-friendly, you will make your commercial real estate far more profitable should you decide to sell it at a later date. This is because, today, all business owners want their businesses to have the tag of working from a green space, and they will pay a pretty penny to ensure this is the case.
Even if you do not decide to sell your commercial real estate, there are still a host of financial benefits that you can stand to reap from going down the sustainable approach. For one, you won’t find yourself spending as much on your electric bill, as your property will be sourcing energy naturally from the sun via solar panels atop of its roof.
Lease out extra space
No matter what type of commercial real estate it is that you currently operate your business from, it is incredibly likely that there is some extra space in the area that you can afford to lease out.
In this instance, there are a number of options that you can take:
- Rent out any extra enclosed offices that you are not currently using
- Lease empty desk space to individual freelancers
- Allow renters to use your office equipment and meetings rooms
- Arrange for your whole workspace to be used when you are not there to use it yourself, such as on the weekends
By taking this advice, you could stand to make an extra $400… per person per month. This means, that, if you were to rent out your office space to five individuals, you could make a whopping extra $2000 every calendar month for doing absolutely nothing at all!
Whether you just want to offset your monthly rent expenses or whether you want to make some serious cash, there are ways to turn your commercial real estate into a cash cow.