It’s practically a no-brainer that the best way to impress potential or existing tenants is a fresh new coat of paint on your commercial property. Painting is the easiest form of maintenance that provides the biggest bang for your buck. A simple coat of paint in a fresh new shade can do wonders for improving tenants’ perception of the property, making the difference between giving the impression of a dull, boring building, to one with a completely new dimension. In fact, many high-end property managers provide repainting for their tenants without prompting. This usually happens towards when contracts are up for renewal, and often sufficiently convinces existing tenants to stay on in the property instead of being seduced by another unit elsewhere. But not to be taken lightly, a new paint job could also go horribly wrong – unless you make sure you do it the right way.
Safety First, for Your Property and Tenants
A professional contractor would already have all the workplace safety measures in place when starting a job, so hiring professionals especially to paint high ceilings and tall buildings would take a load off your mind as you know the risk of accidents is very low.
Aside from that, the health of tenants and workers is very important, as some paint products using strong chemicals do emit toxic fumes which are hazardous for health. Ensure that the paints used meet LEED standards for green building certification, and are low- or no-VOC so as to not release harmful toxins even years after application, as these would be safe to use indoors where tenants reside.
Bring In A Professional
While painting in itself is not a highly skilled job, it is dangerous to underestimate the power of interior design. Having a skilled and experienced designer come into the space and give a consultation of what colour or design would best liven up your property, can significantly increase chances of existing tenants staying on for another term. Furthermore, a designer would be on top of latest trends in interior design and be able to create moods within the space which your tenants would truly appreciate.
Make Economical Decisions
Try to book your painting contractor to work during regular hours while tenants are in the space, if possible, as after-hours work is usually very costly. In particular, if it is an external paint job you are looking at, more research needs to be done as many companies flat out do not do this service, and you would most likely have to book way in advance.
Assess Your Financing Options
There are a multitude of financing options for commercial properties, one of which is fix and flip funding which might be very suitable for your upcoming repainting project. Don’t miss out on the crucial step of speaking to a specialist whom you can consult on how you can fund your new project. LP Capital Group have 30 years of experience in commercial real estate and are the go-to for funding advice. Let them use their expertise to plan your finances wisely so you can manage your project without additional funding stress.