How Today’s Technology Gives Commercial Tenants the Upper Hand

Posted on March 28, 2022 by bafcorp20

Although landlords and real estate developers also benefit from today’s technology, the current and evolving advancements available to commercial tenants really provides them with the upper hand in leasing commercial space. Continue below to learn the top 3 ways the technological advancements of today can help commercial tenants get the best deal in the best location possible, plus who to call for professional tenant improvement remodeling and construction in Central Indiana.

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Corporate Tenants Benefit From Commercial Real Estate Technology

The evolving technology of today has really affected corporate tenants in a positive way by enhancing their experience in the commercial leasing industry. Depending on which resources and technologies chosen, corporate tenants can benefit from easier lease management solutions, expanded property touring, and successful negotiations.

Lease Management Solutions

Landlords and property management companies have long had access to programs and software systems that help them organize, track, monitor, and management their leases. But today, corporate tenants also have access to such technologies. As a corporate tenant, you can procure your own commercial lease office management software to help you keep track of important dates within your lease agreement, terms and conditions, lease amendments, claims, and more.

Even better, there are brand new software programs of this sort that will keep track of occupancy expenses and compare such expenses to your lease terms. This software can help lower business costs, especially for companies with a portfolio of multiple office leases.

Expanded Property Viewing

Not only do tenants have the upper hand when it comes to staying on top of their corporate lease agreement, but they can now benefit from advanced property viewing and touring. With innovative technologies like exterior drones, interior infrared drone cameras, and 3D modeling programs, which work similar to virtual reality, allowing 360 degree views and a real-life perspective of a property. In fact, there is even talk right now about smartphone-compatible immersive virtual reality technology applications that can place potential tenants inside the property for an up-close look. Only the future will tell!

Effectual Lease Negotiations

Technology has by far given corporate tenants an advantage in terms of lease negotiations. With just a click of a button, potential leasers can view and adjudicate virtually all market data for a property before even making a call to schedule an on-site tour. This gain can trigger tenants to make more impulsive selections and de-selections during the initial phase of the commercial office search. Additionally, this access to market data tells corporate tenants what the current market conditions are for such real estate, which in turn allow them to better evaluate leasing deals.

But this is not the only market research tech that gives commercial tenants the upper hand; there is also commercial real estate data exchange platforms available, which combines market research and social media data. This program lets tenants get additional information on rent and lease deals, free rent credits, and even tenant improvement allowances.

Are you looking for a qualified tenant improvement contractor to help remodel your office space into a place that best meets the overall objectives of your business? Contact BAF Corporation at 317-253-0531 for commercial tenant improvement remodeling and construction in Indianapolis, Indiana. We serve commercial and industrial clients all throughout the state.

Important Repairs to Make Before Listing Your Commercial Office Space

Posted on February 1, 2022 by bafcorp20

There is really no limit to the number of repairs you can make to your commercial office space for the purpose of increasing its appeal to potential tenants. However, making all of these renovations is not realistic, nor is it in the budget. Instead, it is wiser to pick and choose the most effective repairs you make to maximize your cost-savings and return on investment.

Continue reading to learn the recommended major and minor repairs to consider before officially listing your commercial office space on the real estate market.

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Minor Repairs for Commercial Spaces

Turn-Key is the Goal

Commercial tenants are almost always looking for a turn-key property. If they aren’t, they are still always impressed by a freshly renovated and refreshed office space. For these reasons, repairing minor drywall damage and repainting your commercial office space are fantastic and profitable investments. Such renovations will make your commercial property more appealing to potential tenants.

Interior Paint Colors

When choosing paint colors, be sure to stick with neutrals, like beige, taupe, tan, and gray. These colors are more inviting and open up small spaces, but also allow potential tenants to imagine their personal touch. Furthermore, neutral colors are more calming for staff, which can improve employee contentment, and ultimately, employee productivity. All of these benefits are appealing for business owners looking for new commercial office space.

Fixtures and Focal Points

It is important to address any opportunity for improvement when it comes to the hardware, fixtures, and focal points of your commercial space. Floors and carpeting are often the first thing people see when they check out a new rental space. Steam cleaning all carpets and buffing or waxing the floors are excellent and effective strategies to enhance the appeal of a listed property.

Additionally, consider replacing or upgrading hardware on cabinets, plumbing fixtures, light fixtures (both interior and exterior), outlet covers, and intercoms. These small modifications can have a significant and lasting impression on a potential commercial tenant.

Exterior Building Care

As soon as a potential tenant approaches your building or office space, they will form an opinion before entering through the doors. Curb appeal plays an important role in attracting new commercial tenants. Consider exterior renovations like power washing the siding, exterior, and localized pavements, as well as a fresh exterior paint job, landscaping additions, and perhaps even new signage.

Major Renovations for Commercial Spaces

When it comes to selecting the most important or profitable major commercial office renovations, it is best to consult a commercial general contracting company in Indiana for an accurate assessment of your property. Safety is the number one concern, followed by liability and investment protection. This means it is important to fix anything that can jeopardize these areas in the short or long run.

Examples include roof repairs, siding repairs, plumbing repairs, crawl space and attic repairs, foundation repairs, and water leaks. Additional areas to examine when it comes to major commercial building repairs and renovations include security installations, fire suppression systems, touchless technology, electric gates, parking lots, parking garages, fencing, patios, underground pools, lawn drainage, container service, and wildlife control.

Professional Commercial Office Remodeling and Renovations

Once you decide which repairs are most important to your property, it is time to hire a professional Indianapolis commercial general contractor for all your commercial construction and facility maintenance needs. Be sure to choose a licensed and insured commercial remodeling company with sufficient experience in the building and construction industry. They should have the knowledge, skills, and resources to undertake your commercial renovations, plus complete the job in a time frame that is convenient for you.

Are you ready to spruce up your commercial space and attract new tenants? Contact BAF Corporation at 317-253-0531 for superior commercial office construction in Indianapolis, Indiana. We work with clients all throughout the state.

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How to Avoid Leasing to Bad Commercial Tenants

Posted on October 19, 2021 by bafcorp20

Halloween is certainly the time of year for nightmares, but your commercial tenants don’t have to contribute to the seasonal fright. As a commercial real estate owner or property management company, you are bound to be confronted with unqualified applicants. But if you want to avoid leasing to unreliable commercial tenants who have misrepresented themselves on their documents, is important to incorporate certain methodologies into your commercial leasing application process.

Continue reading for some tips that can help you avoid nightmare commercial tenants, plus where to find Central Indiana tenant improvement construction services that will improve your business’s overall success.

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Watch Out for Commercial Tenant Fraud

Unfortunately, commercial tenant fraud is all too common. Commercial tenants who commit tenant fraud misrepresent their qualifications or forge documents to present themselves as a qualified applicant for space, such as a retail store, office, or studio. After being approved for the lease, fraudulent commercial tenants often skip out on rent, damage the property, misuse the commercial space, or pose a plethora of tenant challenges and commercial landlord nightmares.

In order to deter commercial tenant fraud and application falsifications, you need to learn how to detect such fraud early on in the leasing and application process. Here are some tips that can help you avoid leasing to a nightmare commercial tenant, while keeping your commercial rental property business profitable:

Do Not Offer Online Application

It is not recommended to use an online application process for commercial leasing, even if you use a third-party platform. Many business application management websites say they will bring in all sorts of qualified commercial tenant applications, but their algorithms are basic and not comprehensive enough to weed out intentional fraud. When it comes to commercial leasing, it is best to always incorporate an in-person application and interview process to ensure that you are leasing to the right tenant.

Do Not Accept Incomplete Applications

There is not much to be said here. If you receive any commercial lease applications that are not filled out completely, shred them without giving them a second thought. An incomplete application is often a telltale sign of commercial tenant fraud. In most cases, applicants fail to complete the application because they are intentionally omitting information to avoid being investigated or denied tenancy.

Always Perform Credit and Reference Checks

Your commercial building or multi-housing property is an important investment that should only be entrusted to those who are dependable and qualified. For this reason, it is important to always perform credit checks and reference checks on all commercial tenant applications. It is common for commercial property owners to ignore references, but this is not a mistake you want to make. References are often more telling than a credit or income check, so be sure you do not skip this step during the commercial tenant screening process.

Advertise Background Checking

It is important to let all of your commercial applicants know that there will be a comprehensive background check during the application process. Advertise this information in the literature that advertises your commercial space openings. This way, tenants know they cannot hide anything or present themselves in a misleading way.

Advertise a Fraud Warning and Declaration

Along with advertising that a background check will be performed on each applicant, it is also important to advertise a fraud warning. A fraud warning will let potential applicants know that there are serious legal penalties and consequences for cheating or misleading their qualifications on their commercial leasing application. This is a great way to thwart commercial tenant fraud. Along with the fraud warning, it is important to include a declaration on the application. A declaration is a statement placed above the signatures of the applicants confirming that all information is accurate to their knowledge.

Require Supplemental Documentation

When you are getting proof of a commercial tenant’s income, it is important to also require supplemental documentation. Ask for more than one type of documentation to prove income when screening a potential commercial tenant.

Verify Identity With a Valid Photo ID

As a commercial building owner or property management company, you want to be sure that you are leasing to the person who is actually filling out the application. It is important to verify a person’s identity by checking their photo ID, or any other authorized identification documents, such as United States passport or military ID. Online applications present all sorts of opportunities for tenants to fraudulently upload their identity or use another person’s identity.

Are you looking for a qualified construction company to perform tenant improvement work to your commercial property? Contact BAF Corporation at 317-253-0531 for professional tenant improvements and remodels in Indianapolis, Indiana. We serve all corporate, commercial, and industrial industries in Central Indiana.