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Articles Tagged with: Property Ownership

Top 4 Qualities of an Attractive Business Space

Are you a small business owner looking for the perfect business space? Finding an attractive, valuable business space can be tricky. But with the right features, your business will have all the ingredients to succeed. Here are the top 4 features that make up a great retail or commercial business space: Openness, Complementary design, Location and Reliability. With these elements in place, your business is sure to thrive!

Openness

Openness is an important feature to consider when designing or choosing a business space. It creates an environment that is inviting and comfortable for visitors. Open business spaces give customers a sense of freedom by allowing them to move around without feeling cramped. Additionally, open business spaces tend to feel more spacious, which can make customers feel more relaxed and comfortable while they peruse the business’ offerings.

It’s best to have at least 8 feet between the walls of the business space to maximize openness. This allows shoppers to walk around the business space with ease and browse items in comfort. The amount of open space should also take into account any furniture or fixtures that are incorporated into the business space’s design. Having too much furniture or fixtures can make a business feel confined rather than open and inviting.

Open business spaces also make it easier for customers to interact with staff members as well as other customers, which builds a sense of community among shoppers and enhances customer experience. Open spaces also help create better communication between staff members, allowing them to collaborate more effectively on different tasks or projects.

Overall, openness is essential for creating an attractive business space that makes customers feel welcome and comfortable inside your store or office. By carefully considering the open features of your business space, you can ensure that visitors have an enjoyable experience while shopping or interacting with your business in some other way.

That being said, too much open space can also be uncomfortable and, more importantly, a waste of space. If you’re building or choosing a space to fit a small business, odds are you’re not going to need 20ft ceilings or vast open areas, and you probably can’t afford to waste money on them either. Real estate isn’t cheap, and small businesses need to be even more careful about how they spend their money than larger companies that have more overhead to experiment with.

Complementary Design

When choosing a business space, it is important to pick an interior design that matches what you are offering. The design should not be too distracting or boring. It should help people focus on the business and its products or services.

While a vibrant and colourful interior design is likely to be memorable and engaging for customers, it shouldn’t distract them from the reason why they’re there in the first place. How much vibrancy and complexity your interior design can include without detracting from the business offerings will depend on your business model.

A service or experience-based business model, like a restaurant, a barbershop/salon, or a club, will have more freedom to be creative and exciting than a product/retail-based business. However, they’ll need to keep in mind the tone or type of experience they want to provide.

For example, some restaurants choose to feature large, attention-grabbing murals or quirky colour schemes to ensure that customers’ experiences are memorable. Others, who may be trying to provide a more formal or high-class experience, will have less room for creativity as they need to match cultural expectations for what counts as a “formal” or “fancy” dining experience.

A product/retail-based business also has some room for creativity in how it’s laid out, but the need to keep attention focused on the products themselves puts a tough restriction on complexity and uniqueness. The right colours and materials can direct attention to the products and exude an atmosphere or tone that fits the product and target demographic.

While a simple design doesn’t distract too much, a completely bland one will bore people. In fact, flat, undecorated white walls can be such an unnaturally bland environment that the lack of visual stimulation can also be distracting or unnerving.

Your building’s interior design is a part of your marketing, just as much as it is a part of the experience you’re offering to your customers. The next time you walk into a restaurant or retail store, take a second to ask yourself what message the interior design is trying to send you. What image is this company putting forward with its specific design?

Fancier, more formal business spaces will typically have smooth, aesthetically refined designs with a minimalist or avant-garde feel. The specific design will vary slightly from place to place, and greatly between cultures, but the message is always the same: this is a high-class, high-status dining experience.

*Expensive materials, comfortable colours, and minimalist aesthetic all communicate refinement and*

On the exact opposite end of the spectrum is a place like Five Guys Burgers & Fries, where a basic, bare-bones interior featuring concrete or tiled floors, industrial lights hanging from a ceiling of rafters or panels, an open kitchen, and an extremely simple colour scheme all tell you one thing: “we’re just here to make burgers, nothing fancy.”

More than being uninterested in portraying a classy or fancy atmosphere, Five Guys keeps their interiors deliberately basic, barer even than similar restaurants. In the first example, the aesthetic flourishes and expensive materials communicate status. In a Five Guys, their absence communicates confidence that their food is good enough that they don’t need to charm you with aesthetics.

Neither one of these approaches to design is inherently better or worse; they’re just aiming at different goals and different demographics. Each one is deliberately sending a different message.

In designing or choosing your business space, you need to keep in mind the practicalities as well as the message you’re trying to send your customers. What’s your ideal customer, and how do you want them to see you? What do you want them to believe about your company?

Location

The importance of having a highly visible, accessible, and functional business location cannot be underestimated. Having an excellent location is key to getting the necessary customer foot traffic for business growth and success.

First of all, a business should be located in an area with sufficient foot traffic. A retail business may need a spot on a major street or shopping center, while a business offering services may need to invest in prime real estate that attracts customers from the surrounding neighborhood. A good business location should also be easily visible and accessible – there’s no point in being located somewhere that potential customers can’t find or don’t feel comfortable entering.

It’s also important to have a business location that is functional for the business model it serves. For example, if you’re running a restaurant business, you’ll want to find a place with enough room inside for seating as well as outside space for outdoor dining when weather permits. If you’re running an online store, you’ll need storage for products and warehouses for the shipment of your items. In short, any business should strive to find a suitable spot where everything needed for its operations fits into one convenient area.

The benefits of having an ideal business location go beyond just the practical; it can also affect how customers view your business credibility-wise as well as their sense of comfort when they visit your establishment.

If a business is located in an up-and-coming area or part of town known for its lively atmosphere, it can give off an air of modernity and sophistication that will attract more customers than one located in run-down parts of town or one surrounded by empty lots and shabby buildings. On the other hand, if customers feel unsafe entering your establishment due to its poorly lit surroundings or unfavourable reputation in the neighbourhood, they will most likely not spend money at your business – even if you offer high-quality service or products at low prices!

Ultimately, choosing the right location has many factors involved, such as foot traffic level and type (pedestrian/vehicular), visibility/accessibility from nearby streets and other businesses in the area, amount of space available both inside and outside (if applicable), related amenities nearby (parking spaces/public transportation) etc., so keep these considerations in mind when selecting your ideal business location!

Reliability

Having reliable infrastructure and equipment is vital for business success, as it helps to minimize business costs and prevent disruptions to business operations. Not only does having reliable systems and hardware offer cost savings, but it also ensures that a business can provide uninterrupted service to its customers.

First of all, business owners should ensure that their business space is well maintained and regularly serviced in order to avoid costly repairs or replacements. This includes checking lighting fixtures, plumbing fixtures, HVAC systems, elevators and escalators, electrical outlets, fire suppression systems etc., on a regular basis. Regular maintenance ensures that each system functions optimally, thus reducing the chances of malfunctioning or breakdowns which can cause business disruption. Additionally, business owners should consider investing in energy-efficient technologies such as LED lighting or energy-saving appliances in order to reduce energy costs over time.

Another important factor for business continuity is having the right tools and equipment available at all times. This means making sure you have enough computers and office supplies on hand so employees can continue with their work without interruption if a product breaks down suddenly or needs repair. Businesses should also invest in quality machinery for manufacturing processes; this not only improves efficiency but also reduces downtime due to malfunctioning parts or lack of maintenance.

Overall, ensuring reliability in infrastructure and equipment is essential for business success; not only does it help reduce costs by preventing unnecessary repairs or replacements, but it also minimizes business disruption by providing continuity throughout any crisis situation. Investing in high-quality materials alongside regular maintenance checks will help ensure business continuity no matter what!

Conclusion

Having an attractive business space is essential to business success; it can help to create a positive first impression, boost business credibility and attract more customers. However, none of these benefits matter if the business space isn’t reliable. Without reliability, business operations are at risk of being disrupted due to sudden breakdowns or lack of maintenance. This can cause costly repairs as well as business losses due to customer dissatisfaction.

It is therefore important for business owners to invest in quality materials and tools that will last them for many years. Regular maintenance checks should also be carried out to prevent unexpected breakdowns or malfunctions in infrastructure and equipment which can harm business continuity. Additionally, investing in energy-efficient technologies such as LED lighting or energy-saving appliances can further help reduce business costs while improving reliability.

In short, a reliable building should be the foundation of any successful business space.

Bilt is proud to offer reliable property maintenance services as one of the cornerstones of our business. Check out our property maintenance service packages guide, or contact us to learn more.

Also, check out our construction consulting and design-build services if you’re looking to build or renovate a new space for your business. Our experienced project managers would love to get in touch and see how they can help you with this exciting step forward.

So you’re thinking of renovating your rental property…

If you’re a landlord, the process of renovating your rental space to attract new tenants without breaking the bank can feel like a daunting task. Renovations need to be done quickly and cost-efficiently to minimize downtime between tenants while following building codes and safety regulations.

Start by making a list of any repairs or improvements that need to be done before the next tenant moves in. Consider both safety regulations and any aesthetic upgrades you would like to make. Once you have your list, prioritize it by which repairs or upgrades need to be done first. This will help you focus on what needs to be done immediately and what can wait for later.
Review local building codes in your area to make sure any renovations you do are compliant. Take time to familiarize yourself with safety regulations as well, such as ensuring handrails on stairs and smoke detectors throughout the rental space.
When it comes to materials, opt for cost-effective solutions that don’t compromise quality or safety. Look for places where you can save money without sacrificing the end result. For example, purchasing standard paint and simple fixtures such as cabinet knobs may be more cost-effective than luxury finishes.
Finally, keep communication with your tenants open and honest throughout the process. Renovations can be disruptive, so make sure to provide them with ample notice if you plan to access their rental space for repairs or upgrades.

For larger projects such as plumbing or electrical work, consider hiring a professional to ensure safety and accuracy. However, if you’re confident in your skills, there are plenty of DIY tutorials online that can help you do the job yourself.

Ultimately, however, your most important consideration should be longevity and durability. If you want this rental space to be a long-term investment, then the repairs or upgrades you want to make should be worthy of your time and the tenant’s rent.

Cheaper solutions or parts might save you some money in the short term, but they’ll break down and need to be replaced sooner, costing you more time and money in the long run. Better to install one high-quality, expensive replacement once than have to replace the same cheap part over and over. This is especially true of parts that you hire someone else to install for you, as installation and repair fees can start to add up quickly.

Not only are cheaper solutions likely to fail sooner, but it’s harder to predict when they’ll fail. Unexpected breaks or failures aren’t just a problem for you, they can also seriously inconvenience your tenants, damaging your reputation with them and potentially costing you stable renters.

By taking the time to plan renovations carefully, you can make sure your rental space is both safe and attractive for future tenants without breaking the bank. Renovating quickly and cost-efficiently is a great way to minimize downtime between tenants while still following building codes and safety regulations.

Renovation and refurbishment are some of the main services we’re proud to offer here at Bilt. We’ve worked with property owners to refurbish and renew commercial and residential spaces throughout Edmonton and beyond.

Whether you’re just getting started as a new landlord or property owner and don’t know where to begin or a seasoned property manager with a detailed plan already prepared, we’d love to help you bring new life into your space.

Get in touch with us today or request a quote to explore the possibilities with one of our experts. Or, check out some of our past projects to see what we can do.

A simple guide to Hotel Maintenance

Maintenance of a hotel property is an essential part of running a successful business. Ensuring that all systems and components, such as HVAC (heating, ventilation, and air conditioning), plumbing, electrical, and elevators, are functioning correctly can help create a pleasant environment for your guests while also avoiding potential disasters. By performing regular inspections, repairs, and preventive maintenance on these systems, you can help extend the life of your property and ensure that it is operating at its best. Regular property maintenance also helps to protect your investment by reducing the need for costly emergency repairs.

At the same time, property maintenance should be viewed holistically to identify which areas are more critical than others and require more attention. HVAC systems, for example, typically require frequent maintenance to keep them running smoothly, while elevators may only need attention once or twice a year. Knowing which items are the most important can help you prioritize property maintenance tasks so that your property is always kept in peak condition.

By understanding property maintenance and how to maintain your property properly, you can ensure that your property is operating at its best and maximize the potential of your investment. With the right knowledge and tools, property maintenance doesn’t have to be a difficult or time-consuming task.

HVAC (Heating, Ventilation, and Air Conditioning)

The HVAC system of a hotel property is one of the most important aspects to consider when it comes to property maintenance. Not only does this system provide comfortable temperatures and air quality, but it also helps to control humidity levels and circulation of fresh air throughout the property. To ensure that the system is functioning correctly, inspection and maintenance should be completed regularly.

Inspection of the HVAC system should be done at least twice a year, while repairs or maintenance should be done as needed. During an inspection, technicians will check for any signs of wear or damage to the components and make sure that all parts are working properly. This includes checking the air filters, blowers, and evaporator coils for any obstructions or signs of damage.

In addition to inspection and repairs, regular preventative maintenance should also be done on the HVAC system to keep it operating at its best. This includes checking and cleaning the air ducts, adjusting the fan speed, replacing worn parts, and ensuring that the system is properly insulated.

By performing regular inspections, repairs, and preventive maintenance on your property’s HVAC system, you can help ensure it is functioning correctly and provide a comfortable environment for your guests. This can help to extend the life of the system while also reducing the risk of costly emergency repairs in the future.

Plumbing

The plumbing system in a hotel property is one of the most complex and important aspects to consider when it comes to property maintenance. From toilets, faucets, and showers to drains, pipes, and septic systems, ensuring that all components are functioning correctly can help provide guests with a comfortable stay while also avoiding costly damage due to faulty plumbing.

Regular inspection and maintenance are essential for keeping the property’s plumbing system running smoothly. This includes checking for any signs of wear or damage to the components, as well as making sure that all parts are connected properly and functioning correctly. If a repair is needed, it should be done promptly to avoid further damage and potential emergencies.

In addition to inspection and repairs, the property’s plumbing system should also be maintained regularly. This includes checking for any clogs or blockages in the pipes, tightening connections, and replacing worn parts as needed.

By performing regular inspections, repairs, and preventive maintenance on your property’s plumbing system, you can help ensure it is functioning correctly and provide a comfortable property for your guests. This can help to extend the life of the system while also minimizing the risk of costly emergency repairs in the future.

Electrical

The electrical system of a hotel property is one of the most important aspects to consider when it comes to property maintenance. Not only can faulty electrical systems be dangerous, but they can also lead to costly repairs in the future if not properly maintained.

Inspection and testing of the property’s electrical system should be done regularly to ensure that all components are functioning correctly and safely. This includes checking for any signs of wear or damage to the components, as well as making sure that all parts are connected properly and securely.

In addition to inspection and repairs, property personnel should also be sure to perform regular preventive maintenance on all electrical systems. This includes checking for any loose wires or damaged components, making sure that all outlets are properly grounded, and ensuring that the property’s wiring is up-to-date with current building codes.

By performing regular inspections, repairs, and preventive maintenance on your property’s electrical system, you can help ensure it is functioning correctly and safely. This can go a long way in helping to extend the life of the system while also reducing the risk of costly emergency repairs in the future.

By paying attention to property maintenance items such as HVAC, plumbing, and electrical systems, hotel property owners can help extend the life of their property while also minimizing the risk of costly emergency repairs. Regular inspections, repairs, and preventive maintenance are essential for ensuring that all components are functioning correctly and safely. By following this advice, property owners can help to ensure their property is comfortable and safe for guests while also avoiding any unexpected expenses down the road.

Elevators

Elevators are an important part of any hotel property and should be given special attention when it comes to property maintenance. Not only can faulty elevators be dangerous, but they can also lead to costly repairs in the future if not properly maintained or inspected regularly.

Inspection and testing of the property’s elevator systems should be done regularly to ensure that all components are functioning correctly and safely. This includes checking for any signs of wear or damage to the components, as well as making sure that all parts are connected properly and securely. If a repair is needed, it should be done promptly to avoid further damage and potential emergencies.

In addition to inspection and repairs, property personnel should also be sure to perform regular preventive maintenance on all elevator systems. This includes checking for any loose wires or damaged components, making sure that all parts are well lubricated and functioning correctly, and ensuring that the property’s wiring is up-to-date with current building codes.

Allocating your Maintenance Resources

No business has limitless resources. Scheduling as many inspections and repairs as possible, acquiring the best possible replacement parts for your assets, or buying the best possible equipment for your property, are all going to require a huge amount of money, money that will probably have to come from other parts of your budget where it might be put to better use.

Clearly, then, you can’t just throw money at the problem of good maintenance for your hotel, at least not without overspending with diminishing returns. Property owners and managers need to be able to allocate their limited maintenance resources as efficiently as possible. From one perspective, this is fairly simple:

Figure out what the lifecycle of each of your assets is supposed to be, and compare it to how old the asset is to estimate how long it will last without further repairs.
Get an inspection done, or review the notes from a recent inspection, and use that information to adjust your estimate of the life left in that asset. If the asset is doing unexpectedly well, extend the lifespan estimate; if it’s in surprisingly poor condition, decrease it proportionally.
Schedule another inspection for the estimated end of the asset’s lifespan.
Make plans and/or preparations for repair or replacement of the asset, depending on its condition.
Set a portion of the budget aside for emergencies, should any arise.

This is probably the essential framework of most property managers’ maintenance plans (if in a less formalized form), regardless of what kind of property they run. In this model, owners and operators should allocate their maintenance resources based reactively based on what’s currently causing problems and proactively based on what is likely to cause problems in the near future. There’s nothing wrong with this model, but it could be better. If you don’t think that there’s much room for improvement on this model, then ask yourself this one question:

How much influence does each of your assets have on your overall profit margin?

Intelligent allocation of maintenance resources is about more than just ensuring that all of your property is in good condition. It’s about prioritizing those repairs and maintenance items which are most likely to affect your property’s bottom line so that you can maximize the return on each of your investments.

In other words, property managers should always be asking themselves: what items need attention right now? To do this, property owners and managers should have a good understanding of what their property’s most profitable assets are and how likely those assets are to fail before the end of their lifespans. With this in mind, property owners and managers can allocate their maintenance resources efficiently and effectively.

By maintaining an effective property maintenance plan that focuses on the property’s most profitable assets, property owners and managers can ensure that their property remains in good condition and generate a healthy return on investment. With the right maintenance plan in place, property owners and managers can rest assured that their properties will remain profitable for many years to come.

Property owners and managers should always remember that good property maintenance is an investment, not just an expense. When property owners and managers can prioritize their property’s most profitable assets while still paying attention to all of the property’s other maintenance needs, they will be able to get the most out of their property and maximize its value. Investing in property maintenance is key to ensuring that your property remains a profitable business for years to come.

Bilt’s Asset Management consulting program equips property managers in many industries, not just hospitality, with the knowledge and expertise needed to develop and adapt top-tier maintenance plans and practices. Get in touch with us today to schedule a free meeting to see if our program is right for you and your property.

What is Asset Management Consulting?

We here at Bilt recently launched our new Asset Management consulting program, and today we’re excited to share some details about it from our President, Jeff Gould. We sat down with him recently to ask some questions about what it is, how it works, and what clients can expect when they sign on.

What is Asset Management?
What value does Asset Management offer property owners?
How do you generate an effective asset management plan?
Why should property owners trust that this service has value for them?
Not convinced?
More info about the program.

1. What is Asset Management? What aspects of property ownership does it cover?

Asset management covers the entire lifecycle of an asset, like a property or a building, including optimizing maintenance expenditures and maximizing its utility.

This kind of management is focused on the asset and its maintenance, not on the business you use it for. We leave the running of your core business up to you.

2. What value does asset management offer property owners? How are these benefits achieved?

Excellent asset management involves optimizing maintenance costs, which reduces expenditure. But it also ensures that your property is always in good condition, so maintenance issues don’t get in the way of your revenue generation.

So increased profit is the main benefit, but it also maintains the value of your property, making it more likely that you’ll get a surplus should you decide to sell.

3. Generally speaking, what questions do you ask about each property to generate an effective and efficient asset management plan?

We look at the financial details of the asset, the ways the asset is used, the most significant cost issues, and consider both tangible and intangible costs of maintenance failures.

If a room in a hotel is unusable due to maintenance failures, that’s tangible lost revenue. On the other hand, if you lease out a property and a maintenance failure impacts your tenants, they’ll still have to pay their rent, but there’s an intangible cost in terms of your reputation with them and the likelihood that they’ll renew their lease.

The goal is to identify high and low-risk maintenance failures, consider the likelihood of failure and the long-term consequences, and allocate maintenance costs accordingly.

4. Why should property owners trust that this service has value for them? What makes Bilt qualified to offer this kind of consultation?

Well, for starters, we want to show property owners how we can help so that they can decide for themselves; no trust required. We offer free consultation meetings with any owners wanting to see how we can help them.

Owners of individual, small properties might be more than capable of handling their asset management independently and won’t need our help. However, owners of multiple properties, or very large properties like hotels, are more likely to benefit from our insight and assistance.

As for qualifications, Bilt is unique in this industry, as we have extensive experience in every step of the construction process, as well as in renovations and property maintenance. Many of us also have experience in industrial settings where asset management is more common and are now carrying those insights into this new asset class.

5. What would you tell a property owner who is interested but not entirely convinced that asset management consulting is right for them? What other services can Bilt offer them?

We also offer property maintenance services they might find valuable, even if they’re not interested in asset management.

However, I’d encourage property owners to get in touch with us and go through a free consultation before making that judgement.

6. How can owners get more information about the asset management program?

They can visit our website to contact us or download a free information sheet about the program, or they could meet with us for a free consultation session to discuss how the program can help them.