Even with so many good real estate opportunities out there at the moment that some investors and developers still do not want to buy at this point in time. However, the creative wheels should not stop turning no matter what the short-term goals may be. Now that Summer is almost upon us, the entire country will have outdoor activities in place, whether for commercial or residential use. From a business standpoint, it becomes the ideal time to plan for the cold-weather months when some properties become limited in scope. There are even more ways to utilize technology to increase use of many properties to year-round instead of limiting use to only when the weather cooperates.
Restaurants and hospitality venues with a beer garden, patio, or an outdoor gathering space are the best example when they sit empty for weeks or months at a time. Owners are paying maintenance and property tax for space they are not using. In many cases, TV screens, payment terminals, and furnishings needed to be strongly covered or moved inside (taking up more space which could be for customers). If the outdoor spaces could be used year-round, whether open air or enclosed, revenue would increase. Suppose you could get 20 more customers per night at an average of only $20 per person. That comes to $400 per night and $12,000 per month as a conservative estimate! Establishments could schedule holiday parties and year-round events and entertainment for space which now sits empty and costs money.
Locations such as Pickleball and recreational venues could use what are currently outdoor courts all year long, increasing hourly revenue and allowing leagues to play even more frequently throughout the year. Doing so may enable them to add a bar, smoothie stand, or comfort area to increase revenue further.
Luxury homes and upscale residential developments could add the benefit of year-round sports courts and gatherings to their amenities, giving potential buyers or tenants and edge over nearby competition.
Having options to increase revenue from a property is “easier” than researching and acquiring another property. Doing so might make the difference between having to close or sell or being able to stay open and thrive. As the link below explains, my team and I can make you “first in” on growing your revenue based on what you already have available!