Newport Crossing, a commercial complex in Newport News, Virginia, attracts the best businesses in the area as tenants. However, their property also experiences wear and tear and a continuous need to renovate units as businesses come and go. Renovations and repairs are already expensive, but their commercial property landlord found an easy way to increase profits after: choosing the right contractor.
Partnering with the right contractor can be a value-add because they can work faster, and deliver high-quality results. Their work requires fewer repairs in the future, cutting costs, and is high quality, meaning you can charge more in rent. Continue reading to learn what the “right” contractor looks like.
Renovations, Remodels, and Repairs: You Need to Do Them Anyway
Commercial property landlords in Virginia often need to repair their properties or renovate or remodel between tenants. Sometimes, tenants take this one themselves. Other times, landlords and tenants split the cost, with an agreement for higher rent. A commercial property landlord can also renovate a space between tenants, hoping the improvements increase the property’s value.
No matter the circumstances, renovations and repairs are inevitable, like death and taxes. However, that doesn’t mean you’re resigned to paying a high amount, only for the work to last for weeks and for the noisy construction workers to disrupt other businesses in your complex.
Instead, you can find the right contractor and have a speedy, high-quality renovation with minimal disruption. Plus, a reliable partner for future construction work.
Taking the Time
A speedy contractor who is good at communicating, does a good job, and finishes within budget sounds like a fairytale. If you take the time to find the right contractor, it can be your reality.
When looking for a contractor, take the time to research commercial real estate contractors in your area of Virginia.
And yes, the commercial real estate part is important. The contractor who renovated your sister-in-law’s kitchen may have done an amazing job, but they aren’t adept at working in commercial properties leased to tenants.
Once you have a list of specialized contractors, do your due diligence. Often, this looks like:
- Looking at past project highlights on their website
- Reading reviews and talking to clients
- Researching their track record for finishing on time and on budget
- Calling the contractor
- Comparing their past work to what you want done
This process can be slow, but it’s worth taking your time. With the right contractor, you not only get a job well done but a partner for future projects. The wrong contractor, however, isn’t a partner on future projects and often takes longer and costs more than their original estimate.
Works Well with a Commercial Property Landlord
When researching a contractor and speaking with them, some key qualities indicate they “work well” with commercial property landlords. Three of the most important are good communication, proven process, and knowing how to add value, though there are more general green flags to look out for.
It’s also important to make sure they have demonstrated these three traits in a variety of commercial properties.
Remember, to maximize profits and increase rent, we’re looking for a contractor who we can work with on future projects – and we don’t yet know the scope of those projects.
The right contractor will have experience working with commercial property landlords on properties that need to be renovated:
- After purchase and before leasing
- Between tenants
- While a tenant occupies the space
Good Communication
Communication is the key to a healthy relationship – that includes the one with your contractor.
When talking to your contractor, notice if:
- They respond quickly to emails
- Answer your questions in a way that adds clarity, not confusion to the project
- Can clearly articulate the work needed, budget, and project timeline
- They bring up similar past projects
- Seem knowledgeable and passionate about their work
It’s also important that you feel comfortable talking to a contractor openly. Comfort from the beginning leads to a smoother process, the ability to ask questions whenever you feel unsure about the project, and a better overall experience.
Pro-tip: there’s one element of a contract that proves a contractor is a good communicator. Learn what it is here.
Proven Process
Working in multi-unit commercial properties takes adept project management skills and minimal disruption to other tenants. The best contractors for these projects are those with a proven commercial process.
This construction process often includes:
- Regular updates on the timeline, work completed, and what’s left to do
- The ability to minimize noise and contain the construction so it doesn’t interfere with other tenants
- Informing multiple stakeholders about what is going on
- Coordinating smoothly with the best subcontractors on parts of the project
Bay Lakes, an assisted living facility, found a contractor with a proven process for their communal space renovation and their room renovations. The communal space renovation was completed quickly so tenants could enjoy these spaces. The rooms were done between tenants’ leases. While the latter took years to complete, their contractor maintained the same look between units.
The two projects were different, but both were both successful because Bay Lakes chose a contractor with a proven process.
Adds Value
Along with great communication and a proven process, the right commercial contractor can add value to the space, allowing you to charge more for rent.
A commercial property landlord purchased an industrial unit on Cook Blvd, intending to rent it out. However, the property needed some TLC after 15 years of neglect. Carlton Building Services didn’t just refresh the neglected space. Our team also maximized curb appeal, adding value to the property without going over budget.
Finding This Contractor
Now that we’ve discussed what this amazing contractor looks like, how do you find them?
There are a few ways, including:
- Seeing who previous or current tenants use, as was the case for the commercial property landlord who rented to Two Maids and a Mop
- Ask for a referral from a fellow landlord who rents commercial units
- Do a quick Google search for commercial real estate contractors in your area
Finding the right contractor is even easier for commercial property landlords in Virginia Beach, Hampton, Chesapeake, Newport News, Norfolk, Portsmouth, or Suffolk because Carlton Building Services works in these areas. Contact us for a free quote.
