If you look around at the many urban neighbourhoods, you may find many street-level shops, service firms and restaurants that might share the building...
If you look around at the many urban neighbourhoods, you may find many street-level shops, service firms and restaurants that might share the building with residential apartments on the floors above. When there are different challenges, many commercial and residential properties arise. But unfortunately, the real estate investors may find the idea of managing mixed-use properties a daunting task.
But then again, this dilemma can be easily rectified, especially if you’re in Colorado or Texas. These states are abundant with mixed-use properties. For this reason, you can find many mixed-use management Colorado and many high-rise property management companies in Texas, USA. If there is proper planning, mixed-use properties can bring in excellent results. If there is the right blend of tenants and amenities, the profitability of the property can be easily maximized!
Here are a few strategies that can be helpful in managing mixed-use properties:
Pick commercial tenants from complementary industries: Even though the property is intended and meant for mixed-use, you need to ensure that it is being rented to the tenants who have a good relationship with everyone. For example, a real estate agent, insurance agent and a mortgage broker might all be in the same building and might add value, for all three tenants from the referrals they may get.
Establish residential identity to attract commercial tenants: If there are mixed-use properties, you have to mind the mix. There is a residential component too. So you have to start with the price points of that. Determine the price point that the tenant can probably sustain. Tenants may be interested to know about the possible customers.
Make life easier for residential tenants: Based on the neighbourhood, property size and demographics, there should be co-working spaces. Outdoor space and playgrounds for both the community and retail owners like dry cleaners, grocery stores and office places. If there is space, you can also add a health club, a club house and various guest rooms which can be used for visitors.
Have a co-working space to earn profit and build relationships: A proper co-working space needs to be created. A simple space with open floor plans, lots of coffee and big spaces can be a simple, affordable and friendly way to create community within the community. If there is a monthly fee, you can even create some extra profit for the building.
Curate commercial tenants to mold out a lifestyle: A community would be interested in adding amenities that might appeal to their lifestyle. Finding the right mix to make use of mixed-use properties makes the place more desirable and profitable. Hence, if you allot the commercial tenants to fill the needs for residential tenants, you are making the location attractive for business as well as residence. Think of coffee shops, restaurants, gyms and all other common places that bring people together.
If you’ve been contemplating hiring association management services and looking specifically for mixed use management in Colorado and high-rise management Texas, USA, visit the website of Worth Ross to understand the services offered by them. Opting for the services offered by experts in the field can help your association progress and develop better.