Essential Renovation Strategies for Retail Shopping Centres

Renovating a shopping centre is a frequent and planned event to keep the tenants happy, the customers coming back, and the property looking good. This underpins the rental so that the property can compete with other properties in the local area. Failure to renovate or refurbish puts you on the path to poor property performance and rents; this can happen all too quickly. Tenants and rent are a critical part of property strategy.

Renovation plans should incorporate your major tenants, specialty tenant mix, landlord investment plans, and the community needs. It is a fine balance. Give due regard to the terms of all leases in the property before you start, as some may have clauses that will impact the project planning or staging. Local property legislation relative to retail property could also have allowances and procedures for property renovation and or demolition.

Renovation therefore becomes part of retail property business plan and you must know what you are doing before you start; the lead time can be months if not years. Minor renovation is something that happens in one form or other each 5 years or so in a retail property, and with a larger renovations happening on average every 8 to 10 years.

Property renovation is a strategy that needs careful planning when it comes to shopping centres. The property should not be renovated at the peak shopping times of the year, and the renovation should be kept to a strict time schedule and outcomes. The builder or developer you use for the project is the first critical decision that you will make; they should give evidence of other renovation projects in similar high impact retail properties. They should be able to tell you exactly how they managed critical daily issues at the property such as noise, dust, storage, lighting, foot traffic, and tenant relationships; they should show how they completed other similar complex retail projects on time and within budget.

Make your property renovation a community event and build excitement around it. Make big statements about the renovation before and during the process so that the community knows what is going on and has an air of expectation with the outcome.

Get the community involved in the future of the property by undertaking surveys about needs and concerns. The survey outcomes can be built into the project if they are warranted and will build better community interaction with the final property release.

Informative signage should be placed on all the safety barriers and renovation hoardings around the property clearly telling the community what is going on. The more they know about what you are doing, the more likely they will come back when the works are finished. Shopper tolerance is what you need from the outset.

Always keep the tenants abreast of stages and progress in the renovation. It is their income and business that is affected. They want your renovation to be successful so that their business will be successful. The communication links in a shopping centre renovation are critical to the process and outcome.

When nearing the completion of the shopping centre renovation, a shopping centre should undertake a series of community events and special trading days staged over a period of 2 to 3 months. It can begin with a major coordinated, two-month grand-reopening campaign. It should be many fold and broad to attract as many shoppers as possible. The local area community needs to get involved and visit the property to see exactly what all the changes are and see what the property now offers. Build a degree of expectation in as many media outlets as possible as you lead up to the completion of the renovation.

Local service groups and sporting organisations will likely seize the opportunity to have space in the shopping centre mall to raise money and their profile. This can be integrated into the busiest shopping days of the week.

The promotional campaign at the end of a shopping centre renovation should have key objectives such as:

Creating a new identity for the shopping centre in the retail and business community as a viable centre offering fresh new shopping options suited to the community’s needs.
Giving the property a name that means something positive to the local shoppers. If in doubt create a competition for shoppers as part of the process.
Creating a program to increase awareness and use of the new tenants – cinemas, an anchor and a sandwich shop – through the participation of as many tenants as possible
Provide valuable community services to the children and families of the area in ways that strengthen community bonds an interaction.
Connect with the Chamber of Commerce, Rotary, Local Hospital, Jaycees, Police and Fire Departments, Rescue Organisations, and the media. Give them ways to interact with your shoppers on busy shopping days but ask for some benefit in return.
Improve customer perceptions of the property by introducing customers to new tenants and services that are new to the property.
Promote all the attractive and convenient new shopping at the centre. Show your customers how the property is easy to visit and use.
Upgrade all common areas and amenities so that the shopper feels and experiences the real benefit of the property upgrade.
Provide a mechanism that would stimulate cross tenant shopping, increasing customer awareness of new and existing tenants.
Build relationships with the media to generate free publicity where ever possible as the renovation proceeds.
Provide press clippings and collateral materials that would support leasing efforts as you seek to fill any remaining or upcoming vacant areas.

John Highman is an expert in investment real estate strategy, property performance, and tenant mix analysis and strategy. He is an author and coach that helps property investors, and real estate agents improve their retail, industrial, and commercial real estate opportunities and targets.

John has specialised in major commercial, industrial, and retail property for over 30 years. He knows what works and what doesn’t. He gives you the ‘good oil’ on getting active and achieving results.

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Money-making investments in the real estate market?

The real estate market is one where a profitable investment is always to be found; somewhere amidst the foreclosure lists or lying dormant on a real estate agent’s desk. This guide aims to give you the background necessary to allow you to find profitable investment real estate.

The first key to profiting from real estate is to find a highly motivated and urgent seller. The idea is that to negotiate a lower price on a piece of real estate requires the seller to want to sell their house quickly or desperately. If you are talking to an unmotivated seller on the telephone then it will soon be very clear that you are not going to get a discounted price on this real estate. If the seller is unmotivated then you will be unable to negotiate a lucrative deal.

One counterintuitive aspect of real estate investment is that you normally make a profit when you buy real estate and not when you sell it. This means that, while there is often little you can do to increase the value of real estate; sellers are human and are often willing to negotiate their price. Saving money while buying real estate is the key to selling homes for a profit in the real estate market.

With that in mind, your first step is to develop a list of real estate properties that you are considering investing in. You are going to need to view around ten pieces of real estate before you careful choose which one will be your chosen investment.

One useful technique for sourcing profitable real estate properties is to interview real estate agents; the people that profit from real estate on a daily basis. Interviewing a real estate agent and finding out if they own any investment real estate they would be very useful. Remember, they will be more than willing to be interviewed because you are offering them your regular custom.

Real estate agents understand the market “inside out” and can be an excellent source of investment properties with low prices because others have not seen or understood the potential of them. After you create a good relationship with some local real estate agents you will typically receive a phone call every time they notice a good property reach their desk. Remember, they receive a lot in return for this relationship because the more real estate that they sell the more commission that they earn.

Another very useful method for sourcing great real estate deals is the use of foreclosure lists. All you have to do is to search Google for “foreclosure lists” in your local area. Typically, you will have to pay a subscription fee to access this but it is definitely worth the cost.

In order to profit from foreclosure lists easily and quickly, follow these steps:

* Firstly, buy the daily foreclosure list for your area and flip through the pages.
* Select the only the real estate that has been on the list for less than thirty days.
* Highlight the real estate that is within your budget.
* Look particularly for real estate that is located in nice surroundings or desirable neighborhoods and only select properties that are within fifty miles from where you live.
* Using the internet, access the local tax records and obtain the tax value of this particular piece of real estate.
* Also, search for the real estate in question on meritrealty.org. This website is also designed to give clues as to the value of real estate.

Once you have picked a few potential properties then ask your real estate agent to take you for a viewing. If you are happy with this real estate then hire a real estate property surveyor to make sure that the house is structurally sound. This step is necessary to ensure the value of your investment.

After this point you will be in a position to make an offer on this real estate and to attempt to “buy low” in order to “sell high”.

Admittedly, finding a profitable piece of real estate is usually the result of a small amount of hard work. However, this article has put you at a great advantage in the real estate market. Also, the rewards of finding valuable real estate speak for themselves. Buying an under priced piece of real estate can mean profits of tens of thousands of dollars.

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The Pros and Cons of Bathroom Remodeling for Resale Homes

On each flip project a decision must be made as to whether or not the bathroom(s) need to be remodeled. The decision to remodel the bathroom of an investment property is one of the biggest you’ll make as it will also result in one of the largest costs in terms of time and money. The net financial result is what should concern you. Will the remodeling yield a profit on it’s own, or at least contribute proportionately to the overall profit.

The Pros of Remodeling the Bathroom of an Investment House:

Give it the WOW factor! The Wow factor is probably the major reason you would renovate the bathroom. There are three rooms that you want to be impressive; and the bathroom is arguably number one. Mr. and Ms. Buyer will often make their decision based on the condition of the bathroom.

Whether you choose to remodel the whole thing or just replace certain components should be based partly on the criticality of the bathroom in the buy-decision. Done properly a bathroom renovation could well be the deciding factor between getting your price and not selling your house.

An ugly, poorly maintained bathroom will have the potential buyers lowering their pricing expectations disproportionate to the amount it would cost to renovate it. A buyer purchasing a renovated house has expectations that certain things are in good shape – that’s why they’re buying a house that’s already been renovated.

Whether it’s a facelift or a total gut, that one room can make or break the deal.

If you’re working with a very limited budget you can decide which particular parts of your bathroom that you would like remodeled, such as the tub or the toilet or the sink.

If money is not an issue, you may make the decision to remodel your whole bathroom. In addition to deciding what parts of your bathroom you would like remodeled, you will also have complete control over the products and materials used.

For instance, if you wish to replace the toilet, you can choose the quality which suits the budget. What matters is that it’s new. Knowing that the toilet is new and has never been used is a big deal to some people. They may think “I will replace that toilet someday”, but it’s good enough to help facilitate a good overall impression.

Bathroom remodelling can be relatively easy to do depending on the depth you want to go. It is something an average handyman can do by themselves in order to save expenses.

Although you can save yourself money by doing your own remodeling, you may not want to or you may be unable to do so. If that is the case, you still have a choice. That choice is seeking assistance from a professional contractor.

Despite costing more money, your bathroom will be remodeled professionally and often in less time.

It is also important to mention that bathroom remodeling projects can help to increase a home’s value. That is one of the biggest pros to having your bathroom remodeled. The increase in value, if there is one, will depend on a number of different factors. Those factors include what type of remodeling is done, as well as how well it is done. Whether you choose to hire the services of a professional bathroom remodeling expert or if you have prior home improvement experience, the decision to remodel your bathroom could significantly increase the value of your home.

Although there are a number of pros to bathroom remodeling, there are also a number of cons. Those cons mainly include the cost of doing so. When it comes to deciding whether or not you want to remodel your bathroom, you will have to make up your own mind; however, when doing so you may want to keep the above mentioned points in mind.

The Cons of Remodeling the Bathroom of an Investment House:

There are two major cons to remodelling for a flip; cost and the impact of a poor job.

If you are contemplating a bathroom remodeling project, these cons may make you want to rethink your decision.

The biggest con to remodeling is the cost, particularly if you go high end on your fixtures. Remodeling for resale is not the same as remodeling for yourself. You must keep this in mind for a flip. The character of the end result should match the character of the house not your idea of what the perfect bathroom should be. Remember, you are in this for profit.

The extent to which you remodel will affect the price as well. If you gut the bathroom down to the joists you will be looking at a lot more than if you simply replaced the toilet and added a tub surround. In addition to the cost of supplies and materials, you also need to determine whether or not there will be any additional costs. For instance, if you make the decision to have your bathroom professionally remodeled, you will need to pay a professional contractor. Although a professional contractor often produces better results, you will find the cost of hiring one fairly high.

In addition to the cost of bathroom remodeling, it is also important to note the time that it will take. How long a bathroom remodeling project lasts will all depend on what is being remodeling. If you are simply looking to replace your toilet, you will find that your remodeling project takes less time than it would if you were planning on remodeling your entire bathroom. The amount of time it takes for remodeling will also depend on how much time can be devoted to it. If you make the decision to hire a professional contractor to remodel your bathroom, the remodeling will likely be done quicker. In addition to knowing exactly what they are doing, professionals can usually devote more time to work than someone who is only doing the work on the side.

Another one of the many cons to remodeling your bathroom is what it can do to your home. As you may already know, it is possible for a bathroom remodeling project to increase the value of your home. While an increase is likely to occur, it is not guaranteed. If your home’s value does increase because of a bathroom remodeling project, it will all depend on how much remodeling was done and the result of that remodeling. A professional or quality remodeling job is likely to produce the best increase in value.

What you need to be aware of is what a poor remodeling project can do for your home. There is a chance that a poor bathroom remodeling project could also decrease the value of your home. The chances of that happening are slim, but there is always a chance.

As previously mentioned, when having your bathroom remodeled, you have a choice as to whether you want to do your own remodeling or a have a professional do it for you.

When it comes to bathroom remodeling, you will find that are more cons to do it yourself bathroom remodeling.

As you can see, there are a number of bathroom remodeling cons. Although it may seem as if it isn’t worth it to remodel your bathroom, there are also a number of bathroom remodeling pros. These pros include a new bathroom and the possibility of increasing your home’s value. If you are interested in remodeling your bathroom, only you can decide whether or not it would be worth it and given your skill set and time, what the best approach would be.

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Obtain Professional Services For Kitchen Improvement

The renovation is one of the most difficult tasks to be accomplished. Sometimes, it becomes the headache and a reason for tension in ones life. However, for some people takes it very easy to renovate their complete house or any portion of the house. Why there is so much difference in the views for the same thing? It is only because some people do the proper planning in advance and execute it in the same manner. But some people do the renovation with no experience and planning. It is recommended to the inexperienced people to take the services of the professional decorators; specifically for some of the areas of the house like bathroom or kitchen. These areas require an expertise in designing the layout as it involves a number of things to be installed.

The kitchen renovation requires a specialized skill to design its layout. The proper planning for plumbing, lightings and placement of the kitchen appliances of daily use are needed to be considered. This type of work can only be done by a professional experienced kitchen decorator. Professional kitchen decorators have the full knowledge of the things required in the kitchen such as appliances, stoves, ovens, refrigerators and the kind of issues may arise while moving on with the renovation work. A contractor will do the task of kitchen renovation with full preparations and prior arrangements.

An experienced renovator will also help in planning the things and will give valuable advice on how to carry out the work with out any hurdles. He can also suggest you better designing ideas and placement of appliance in the kitchen at the most convenient place. A good renowned kitchen decorator offers various services to its clients. He performs number of tasks on behalf of the client to make the project convenient to them. The selection of cost effective appliances, installation of cabinets and other needed accessories of daily use of the kitchen are some of the included points in the contract.

They start their work with proper planning; beginning from the measurement of the size of the kitchen to drafted a layout with all the ingredients and execution of the same in the most cost effective options. The contractors usually maintain good contacts with the wholesalers of kitchen appliances and equipments. This helps them in acquiring the products at best possible price for their clients. Assigning the project of kitchen improvement to the contractor will prove a good decision as the clients will get the professional services with in the budget. Trust your contractor and convey your needs and ideas to him and stay relaxed till you see a new improved kitchen.

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Everything To Know About Cork Floating Flooring

This article will discuss the most important things you need to know about cork floating flooring and how to choose the best one for your house. All the information will be divided into three sections covering maintenance, finishing as well as installation. Keep an eye on all the details and you will have it simple when handling your cork flooring.

Cleaning and maintenance

This is not a very demanding type of flooring when it comes to maintenance. The number of times and when to do that will be determined by the level of foot traffic it is subjected to on a daily basis. If the people who are stepping on the floor every day are high, the maintenance practices will be often while you can do that sporadically if the traffic is low. This will entail just sweeping and vacuuming while any cleaning of the cork floating flooring must be done using a damp piece of cloth or mop.

If the people who are stepping on the floor every day are high, the maintenance practices will be often while you can do that sporadically if the traffic is low. This will entail just sweeping and vacuuming while any cleaning of the cork floating flooring must be done using a damp piece of cloth or mop.

You should avoid as much as possible to have the flooring come into direct contact with water which is destructive. Actually, you are advised to always wipe out any liquid that spills on the floor as soon as it happens.

Finishing

Naturally, cork floating flooring comes with its aesthetic value and no additional finishing will be necessary. However, you can have that if at all you feel additional protection is necessary but it’s not a mandatory requirement. It will help in keeping moisture and humidity at bay. If you are to use varnish for your flooring, it must be of the highest quality and the recommended ones are water-based or oil-based products.

Just like any other coating, the varnish you apply to your flooring might begin to fade out or wear making the flooring look ugly. In such a situation, the only suitable option is to seek a replacement by applying a fresh coating.

Installation

Acclimatizing your floating cork flooring to the room of installation will be a highly recommended step to take and that should be in the region of 48 hours. This helps to make the flooring well adaptable to the new environment and bonding will not be difficult after installation. You must factor in the aspect of humidity change and that will be covered through allowing some expansion room for the flooring. The surface area should be greater because expansion might be big enough. The flooring will get damaged in case the expansion rate is high while the room left is small.

Unlike many other types of flooring in the market, cork floating flooring will bond immediately thus you can start using without delays. Take a walk on the floor and you will have a direct experience of how that happens.

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