Tips to Turning a Commercial Property Into a Bonafide Productive Workspace

 While it may seem like it, creating an office doesn’t end with the acquisition of a commercial property as it merely serves as the bone or the skeletal foundation. It needs additional work for the structure to turn into an effective and efficient productive haven.

Now the job is easier said than done and we all know that this will take both time and resources to come into reality. So to make things even the tiniest bit easier, we’ve gathered the professionals to come up with the following list of tips to turning a commercial property into a bonafide productive workspace.

  • Illuminate the space. It’s important to invest in the right type of fixtures as productivity can be hampered by the lack or excess of light. Depending on how a certain room is to be utilized, the type and number will vary. As a general tip, opt for large glass windows and doors to allow as much natural light as possible.
  • Add a personal stamp. Nothing beats the effect of corporate culture in the office in terms of work and productivity. This is why it pays to ensure that the space is designed in such a way that it reflects not just the brand but also the organization’s vision and values.
  • Allow enough space. Mobility and accessibility may seem like obvious requisites in the office but many companies fail to value these. Cramped spaces and underutilized rooms not only eat up floor area but they too can pose risks to injury and accident as well as lower productivity and creativity levels.
  • Invest in smart storage solutions. Most commercial properties come as blank canvases so it pays to analyze the space and learn how to incorporate the right type and amount of storage units and systems. This ensures that everything is kept, has their place, can be found in a pinch and are preserved.
  • Create the habit of organization. While filing and labeling may seem like boring tasks, they do wonders in keeping the office tidy and making it easier for everyone to find what needs finding.
  • Nourish creativity. There are many ways by which organizations can nurture the innovation and creativity of employees through their commercial property. The use of color and patterns for instance are the cheapest and easiest options and we don’t just mean walls. Even the tiniest of details can create an environment that makes work feel leas like work and a space where people want to bounce off ideas, create, produce and enjoy. Because really, boring is out.

Establishments in Need of a Commercial Property for Sale London

commercial property for sale londonThe city of London as we all know is home to several organizations from all over the world all thanks to its strong economy, healthy population, and tourist count to name a few. The area is very strategic and enjoys massive foot traffic which any business would love. Therefore, it’s no surprise that a commercial property for sale London does not stay listed for long. They get easily snatched up the moment they go for sale.

We all need a place where we can put our hard earned earnings into safekeeping or an institution that can lend us resources when we need to and with the city as the biggest financial capital in the world, it’s no surprise that financial establishments and institutions flock the area, all in need of space for their business. In fact there are numerous legal and accounting firms with headquarters here.

Food businesses also flock the city. Not surprising because the demand for these establishments are high given the healthy population of both residents and tourists. Dining establishments like cafes, restaurants, bakeries, pastry houses as well as retail outlets like convenience stores, groceries and food specialty shops abound. They all need a commercial property for sale London.

Retail chains can also be found in numbers. These include just about anything from furniture to department stores to trinket shops to antique stores to school and office supply chains to craft shops to gadgets and electronics to appliances and the list goes on. Oftentimes, these companies will purchase multiple spaces across town and spread their reach as much as they could. Apart from acquisitions, retail establishments are also massive consumers of leasing commercial assets.

Beauty and fashion houses, outlets and similar establishments will also be in the purchasing game. They are, if anything, one of the most aggressive and competitive of commercial space buyers because they want to take advantage of the highest foot traffic areas in London. Skin care clinics, spas and salons aren’t any different.

Even moving and transportation related companies will find themselves in the game board. At first glance, people won’t exactly consider them to be among the top buyers of a commercial property for sale London but because these companies need the most mobility and convenience, they want to establish headquarters or even satellite offices in the city where their clients can reach them the easiest.

The Art of Staging a UK Property Investment

staging propertySelling a UK property investment fast demands more than we’d come to expect. More than skill, it requires talent, some grit and at times even a dash of luck. But any seller or expert broker will guarantee you that one of the best ways to achieve this is through the art and magic of staging.

Staging is defined as the act of preparing a UK property investment for the market. It is used to create appeal, introduce use for the space and pretty much attract buyers and make them want to purchase the asset stat. But it takes a while for any individual to actually get it right especially without help and tips from the professionals. Worry no more because we took it upon ourselves to tap the pros for the following tricks.

Start from the outside. When it comes to real estate, curb appeal matters. Why? First impression begins outside because it’s what people initially see. Moreover, most buyers will opt to drive by first and take a glimpse of the asset before they actually attend an open house.

Repaint dingy walls. The easiest and most cost efficient way to liven up any space is by adding a fresh coat of paint. You’ll be surprised that these cans of color can do so much. Also, opt for colors that open up rooms and create an illusion of a bigger space.

Make it squeaky clean. A dirty UK property investment is a surefire deal breaker. Even if the asset has so much potential, buyers won’t see that with all the clutter. Mess is a very effective distraction and we don’t want that.

Remove anything personal. When staging, it is important to allow potential buyers to imagine themselves within the space. This would be particularly hard to do if remnants of the old or current owners are still lying around. Make sure to depersonalize every nook and cranny.

Use the right furniture. We want to strike a balance between new and cozy. We want buyers to see the potential of the space too. In order to achieve all these, you might want to consider hiring someone with a good eye for home décor and styling.

Keep things gender neutral. When staging a UK property investment, remember that you’re not certain of who may want to purchase the space. To make it appealing to everyone, keep the colors and theme neutral and all encompassing.

Crimes You’re Likely to Make at a Commercial Property Auction

Business owners and even real estate investors know that in order to score the best deals, one has to be aware of the various methods and venues by which assets are sold. One very popular platform would be commercial property auction.

Described as a highly competitive open cry public sale, commercial property auctions prove to be very efficient for most buyers. Despite its set up, many people will actually find it surprising that one can acquire for lower than market value. Yes, you’ve read that right. But that’s not our topic for today. We’re here to warn you against the various crimes that you might commit and should do well to avoid when buying at auctions. Here, take a look at the following list.

CRIME: Inexperience

Experts highly advise that any newbie to the world of auctions must spend at least their first few ones observing instead of bidding. This should allow them to get better acquainted with the process and the environment. Research should initiate them as to what to expect but being there in the moment will allow them to really learn by experience.

CRIME: Overspending

Before even coming to any commercial property auction, one has to assess their needs as well as their financial capabilities. This means setting up a budget and a spending limit. Because these are very competitive platforms, it’s easy for anyone to feel overwhelmed and get swept into an emotional impulse. Biting off more than what you can chew is suicide.CRIME: Ignorancecommercial-property-auction

Knowledge is power. This adage has been as old as time and even perhaps present even before written script was invented. It makes absolute sense too. You need to research and get to know the assets up for grabs to determine which one is worth the trouble. You’ll have to look into the sellers and the auction houses and organizers. You’ll need to understand the terms, policies and requirements otherwise it’s a downhill stretch,

CRIME: Gullibility

Sales talk never goes out of style. Some do it blatantly while others aren’t even aware they’re doing it. As an investor and buyer, your job is to see beyond mere words. To do so, we go back to research. Always validate seller given facts. Have the asset you fancy pre-surveyed and visit it yourself prior to the scheduled commercial property auctions. Never rely on words alone and be so gullible you end up getting something you never bargained for.

Signs You’re Ready to Purchase a Property Investment

purchase propertyPurchasing a property investment is a huge commitment, much like deciding to raise a family if you ask us. It takes a lot of planning, caution and research and at times an ounce of luck.

These acquisitions are serious business and you need to be ready, completely and atrociously geared up, to have a shot at succeeding. Do you want to know if you’re all set for the part? Check out the following signs and find out if you’re ready to make that purchase.

  • You know your needs. You can very well distinguish which ones are needs and which are wants. On top of that, you’ve got the negotiables and non-negotiables clearly established. There’s no more confusion at this point because the list has been settled and the property you seek pinpointed. You know where to look and which assets to consider.
  • You’ve prepared adequate financing. Either you’ve saved enough and/or your credit financing has been approved. By this time, you can grab the opportunity without fear of inadequate resources. Down payment? Security deposit? No problem. You’ve got this covered.
  • You’ve set your limits. Apart from getting your needs and financing settled, you’ve also assessed your capacity. By now, you are very well aware of how much you are willing to and can spend on the acquisition. In simpler terms, you have managed to write and create your investment budget.
  • You’ve done your research. From the requirements to the location to the property and even to the sellers, you’ve done your fair share of background checks. In other words, you have completed your homework and are ready for the next phase which is the actual purchase.
  • You had the property surveyed. A wise investor knows that hiring a chartered property surveyor prior to a purchase is a must. You need them to examine the asset. First of all, they will validate seller provided information for you. Moreover, they shall uncover other pertinent data that will be needed in your assessment and decision making such as ongoing cost estimates, current market valuation, structural survey and the like.
  • You have the legalities in check. You’ve validated the title and have confirmed that the person selling the property investment is indeed someone who has the rights thereto or was given the power by someone who does. At the same time, you have checked if there are any liens or encumbrances on the asset.

How to Effectively Market a Retail Property for Sale in London

retail-property-londonMarketing, as the dictionary defines it, is the business activity of presenting products or services in such a way as to make them desirable. It covers and spans an entire process and advertising is just one of them. It’s important when one aims to put a retail property for sale in London because no matter how great the offer, it will remain unsold if one fails to put the message across.

So how does one achieve and effective marketing strategy? In other words, how do we sell a commercial asset fast and profitably? Here’s how.

  1. Start with a plan. – It’s always this tip at the top of any list and the reasons are obvious. Adequate planning and preparations helps one set their goals and device methods to their achievement. It’s a map or a guide that keeps everything organized, systematic and goal-oriented.
  2. Go over the options. – There are many strategies or routes to follow and it’s important that we carefully assess each option to come up with the best for our case. It’s not a one size fits all concept so what marketing trick worked for someone else might not hold true for us. Weigh each alternative carefully and study how it will apply to you. It’s also possible to use a combination of marketing options so don’t feel restricted to just one.
  3. Set a budget. – Advertising a commercial property for sale is not free, at least for the most part of it. Majority of the mediums available will require costs to produce and spread. For example, we have newspaper ads or paid online ads and listings. Word of mouth and social media is mostly free but will require a combination of work and luck.
  4. Know your market. – To whom does the commercial property appeal to? We can’t just market the asset in general. Technically we could but that would be a very costly feat. To drive better results, it helps to tailor fit one’s efforts to people, organizations and investors who are genuinely and keenly interested to buy and look for the asset we’re offering. This drives the message to those who want it and need it. Target your market.
  5. Use correct visuals. – When putting up a retail property for sale in London, it is important to take interested buyers in a visual tour of the asset. This does not only apply to their actual visit but also in the advertisement itself. Make use of good photos that showcase the unit.

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Why Investors Should Consider Commercial Property Management

commercial-real-estateCommercial real estate is not an easy industry to tackle. The assets are larger not only in size but also in value thus further escalating risks and the work. This is why many investors have sought the help of commercial property managers.

These professionals tackle a lot if not all of the requirements and responsibilities when it comes to owning commercial spaces put up for lease. Among many of the tasks they handle on a day to day basis includes the following.

CHIEF OF COMMUNICATION – Should the tenants have any questions and concerns about the rental, these managers will be the ones to pick up the phone and answer them. They simply make life stress free for investors. No phones buzzing at the dead of night!

TENANT-LANDLORD DISPUTES – Sometimes unlikely disputes happen and not all owners and investors have the time, energy, ability and desire to deal with these. Property managers can handle these troubles in the most professional and legal means possible.

DOCUMENTS – There are a lot of responsibilities and requirements in terms of finance and documentation when one chooses to lease out their assets. This includes taxes returns and income and expense reports to name a few.

EVICTIONS – Bad tenants are hard and tiring to deal with. A manager can stand as the owner’s representative in these cases. They will look into the matter and within the terms allowable by law and as per contract; they will carry on with all the tasks necessary to evict your bad tenants.

MAINTENANCE – Likewise they will ensure that the repairs and maintenance of the assets are done by all parties liable to do so. This avoids any possible dilapidations issues in the future.

RENT – Managing commercial properties for rent is tough business. Collections may sound pleasing but they’re no easy task. This is especially true if one has other business endeavors, a day job or lives somewhere far off. A manager will help you when it comes to rent collections. You don’t have to go to each tenant every month and do it on your own.

TENANTS – Rental vacancies are massive blunders. After all you are putting them up for lease for a reason and that is to get a return on your investment and profits to boot. If vacancies are rampant then this would be hard to achieve. Commercial property managers not only look for tenants but they screen them as well to ensure that you only get the good ones.

Things Not to Do at Commercial Property Auctions

commercial-property-auctionCommercial property auction are a great venue to score that perfect asset to add to your portfolio or to utilize for your business. However promising they may be, these things aren’t very user friendly. If you want to participate in one then you’re going to have to make it a point to avoid any blunders and mishaps that come your way. In fact, make sure that you don’t commit the following crimes.

  • Coming Unprepared

Auctions are like wars in a way although less bloody in the literal sense but just as much figuratively. You need to have your strategies mapped up. You have to know how to play the game and you need to have a god gauge of what you’re fighting for. There’s a lot of prior work to do and you need to accomplish all of them.

  • Failure to Understand Terms and Procedures

Not all commercial property auctions are the same. Each one can differ either slightly or by a large scale. This makes it important that you read and understand the guidelines, procedures and requirements of each one before jumping in on the train.

  • Absence of Adequate Research

You’re going to have to research not only about the auction house and the event but also on the properties being sold off. A newsletter or catalogue shall be sent via mail and/or digital format which showcase the assets up for grabs. Take a look and research about them and distinguish which one’s you’d like to bid on.

  • Not Checking on the Property Prior to the Auction

Visiting the property ahead of time is highly recommended. Just because it’s not sold the traditional way doesn’t mean that you can’t take a closer look and have a personal visit. You can and you may likewise have a surveyor uncover and validate more facts.

  • Not Preparing Your Finances Ahead of Time

These things still involve a legal and binding contract which is why you need to be able to come up with your end of the bargain. In other words, you’ll have to provide for the upfront costs once you win the bid. You need to have money prior not after.

  • Sharing Too Much Information

Last but not the least, see to it that you play your cards as close to your chest as possible when participating in commercial property auctions. Doing so otherwise may have other bidders and even agents make use of such information against you and to their advantage.

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Pitfalls to Leasing Out Your Commercial Property Investments

commercial-property-investmentsLeasing out your commercial property investments is one way to garner great returns and a steady income stream but it’s not one without its drawbacks and challenges. Like everything else, landlords and owners can find themselves swamped with a dilemma or two. If you’re not careful enough, you might just find yourself in the same boat.

So what are the pitfalls to leasing out your commercial property investments? Check these out.

Pitfall #1 – Rental Vacancy

It would be awesome if each and every rental unit is filled throughout the calendar year but what if they’re not? Long rental vacancies can signal not only a cash flow issue but also a depreciating asset that does not generate income.

It takes a well-situated, adequately maintained and effectively advertised asset to drive enough demand to fill the commercial properties with lessees.

Pitfall #2 – Bad Tenants

But not every potential tenant means income. Some of them present quite a burden. Let’s not even begin to talk about the losses. That’ll take up an entire day to finish. Bad tenants do more than just hand out delayed payments or no payments at all. They too present other issues such as a poorly maintained asset that’s been damaged beyond repair.

The fix? Make sure to screen tenants too. If you don’t, you’ll get yourself a headache. Filling up your investments with tenants may be a priority but make sure that they are good ones.

Pitfall #3 – Dilapidations

Dilapidation refers to an asset falling into a state of disrepair as by misuse or neglect by the party responsible for its upkeep and care. Part of leasing out commercial spaces includes repair and maintenance responsibilities. These tasks can be divided or assigned either or both to the tenants and the landlord. These must be carefully laid out and discussed ahead of time and put to paper by means of a contract.

An asset that has fallen into a state of disrepair is a huge loss so be sure that you make the responsibilities of all parties clear ahead of time. Do your part and let them do theirs.

Pitfall #4 – Soaring Ongoing Costs

Repair and maintenance requirements come with costs to investors. This is why it is important to opt for commercial property investments that don’t require too much or too high of a cost in such matter. After all, they’re regular expenditures that will be spent for the entire duration of the asset’s useful life.

What to Ask a Chartered Surveyor About a UK Investment Properties For Sale

uk-investment-propertyBefore closing in on a property, experts would always advise investors and buyers to consult and hire a chartered surveyor to assess and look into things. There’s valid and logical reason to that and we’d like to explain further but it will take us a whole day to finish. Instead, we’re giving you a list of things to ask these professionals when you go about buying a UK investment properties for sale.

  • Market Value – You’ll want to compare the asset’s current market value against its selling price. They’re not one and the same and variances may occur. More importantly, a surveyor can validate the numbers. If you’re a smart investor, you’ll take everything sellers and brokers say with a grain of salt.
  • Useful Life – How long will the property last from today? This is an important detail for you to know as this will showcase whether or not the asset shall serve a purpose for as long as you’d need it for.
  • Condition – Is the structure and foundation still strong? Will it take, say, an earthquake? What are the renovations to be done if any? Are there any necessary upgrades in terms of the building, fixtures, plumbing, roofing, wiring and the like?
  • Ongoing Costs – Have a clear estimate of the repairs and maintenance costs that you are likely to face should you pursue the property. Some assets pay appear affordable upfront but have staggering ongoing expenses that will leave you in the dumps in the long run.
  • Depreciation – All properties depreciate and these are expressed in terms of expenses deducted on the asset’s value. You’ll want to know the rate at which it goes so you can determine if the investment is good for your equity.
  • Appreciation – In the same manner, there are chances that a particular UK investment property grows in value. This is of course given several factors like upgrades, renovations, the economy, nearby establishments, location and more. It’s great to know should you want to lease out or resell the asset now or sometime in the future.
  • Safety – Is the asset itself safe? How about the neighborhood and its location? You can have your surveyor look up on safety issues and details as well. Besides, why won’t you?

Remember to ask regarding these things from your chartered surveyor before getting a UK property investment!