Both homeowners and property managers have to fight an uphill battle against wear and tear on their property. While keeping your home or business looking up to date is crucial for many, the costs can quickly add up, making these projects look daunting to take on. To mitigate risk, every property owner should learn about the common mistakes people make when choosing to renovate their property. Today we'll review five common ones, which are most applicable in a commercial setting:
1. Going with the cheapest price no matter what
Budgets exist for a reason, some projects can become way too expensive way too quickly! With that said, many property managers make the big, yet common mistake of choosing a bid based solely on price. Most would agree that price is one of the most important factors when it comes to renovations, but it should never be treated as the only factor. Too often I hear about people who took the lowest bid that came their way and had a nightmare of an experience. Remember to also review a contractor's portfolio, reviews, and accreditations. Be sure to take a good look of the scope of work as well, and compare it to other estimates you may have received.
However, a cheap price does not necessarily entail a worse product. One time I needed to rent a piece of heavy equipment for a job. One rental business quoted me over a thousand dollars just for one day, while a different rental company quoted me less than half that! The experience with them was overwhelmingly positive, and it taught me the importance of looking for more than one quote when making a significant purchase.
2. Styling based off of "fads"
Fads, or short-term styles or fashion, can often be dangerous when considered in a significant endeavor such as a renovation. Styling your business based off of a fad can result in your business quickly becoming obsolete and out of date. This is especially problematic considering the price tag associated with renovations. Instead, property managers should try to style their business in a way that appeals more so to the image the company wants to represent itself with. Focus on a timeless physical appeal, efficient use of space, and durability.
3. Biting off more than you can chew
This is especially crucial for those who choose to perform the work themselves: be careful not to bite off more than you can chew! The amount of time a job can take will quickly get out of hand, and the last thing any business owner wants is to close unnecessarily or reduce the efficiency of their workplace for extended periods of time. This can also reduce new customers and returning customers, debilitating your business' reputation in the future.
4. Inconsistency
Let's say you have a restaurant with two dining rooms, but you only have the budget to fully redo one. Instead of making one look pristine while leaving the other behind, see if you can simplify the scope of work that needs to be done and spread it over the two rooms. Having a pleasant dining room next to an unappetizing one wouldn't make our hypothetical restaurant look better than before, it would just make the bad dining room look worse! Try not to split styles or quality of work into sections in your building, but rather tweak your plans to make the style more consistent throughout. (There are a few exceptions to this rule).
5. Unnecessary Re-Branding
Sometimes it's just time for a new image. You can't keep your business stuck in the past, and need to update your style for new clients to come in. Other times, however, re-branding your business can cause confusion and inadvertently damage your company's reputation. Returning clients might look for your business and not be able to find it (because they don't recognize it), assume your business is an entirely new one, or leave because they preferred the older style.
Most of these issues will arise as a result of drastically changing your commercial image. To combat this, try to retain the same color schemes, shapes, and motifs your business has already established so that customers can easily recognize your business and appreciate the improvements made on it.
Conclusion
To summarize, there are many things to watch out for when planning a property renovation, but don't let that take the fun out of it! For those readers in the Southeastern Pennsylvania region, feel free to reach out to us and we'll be happy to walk you through the process and make your property look just that much better.
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