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Brush up on Your ROI: How a Few Cans of Paint Can Impact Your Commercial Property Value (copy)

Writer's picture: Procoat PaintingProcoat Painting
commercial property value

Picture the ugliest property in your town—the most offensive eyesore you can think of that has to have zero commercial value. Go ahead; we’ll give you a second…

Got one? Great! What’s so ugly about it? Bad landscaping? Broken windows? Is it the kind of building you look at and think, “Yup, that place is 100% haunted”?

Now, here’s the tough question: does your commercial property look like that? Even if it’s not as bad, there are some easy steps you can take to boost its value. Maybe, juuuuuust maybe, it could use a fresh coat of paint.

Let’s splash into the colorful intersection of paint and commercial property value. How can a few cans boost your return on investment (ROI)?

Decoding Commercial Property Value Assessment: A Splash of Knowledge

“Property value assessment”—is there a more boring combination of words? Probably, but we’re focusing on these three today.

Boring as they are, they’re also critical to making money as a business owner. When you’re ready to sell your commercial building, you’ll likely have it assessed before it hits the market. Some Ben Stein-looking fella (Bueller? Bueller?) will come and determine the assessed value of your commercial property. This figure is critical for two reasons:

  1. Your assessed value tells you how much you can likely sell the building for.

  2. The figure determines your property tax bill.

The assessor will consider square footage, similar buildings in the area, and current market conditions to determine your assessed value. He’ll also inspect and account for any nuances, such as damage or upgrades (like fresh paint!).

commercial property value

Here’s where you may need your decoder ring. Assessed value and market value are NOT the same thing. Assessed value has more to do with taxes, while market value determines how much a buyer will spend on your building.

Your assessed value should always be lower than your market value. This makes it a good low-end indicator of what you can expect to sell the building for. When it comes to increasing your property’s value, know that you’ll pay more in taxes if the assessed value goes up along with the market value.

Paint’s Superpower: Elevating Commercial Property Value

It’s a bird! It’s a plane! No, it’s a…can of paint??

You won’t see paint flying through the sky, but you will see it flying onto the walls of your building! Here are all the magical ways fresh paint can add value to your commercial property.

Quantifying the Palette: How Much Value Does Paint Add?

If you’re buying something, are you ever going to pay more than what the seller is asking? You’re smart, so no way. In fact, you’re going to look for any reason to pay less!

Now, switch places. As a seller, you want to get the most out of your commercial property. Well, a fresh coat of paint is the easiest way to do it. It’s also the least expensive investment you can make compared to the return.

Consider this: one study shows that fresh paint can increase a home’s value by 25%. Even better, a 2012 survey from HomeGain found that painting the exterior of a building can lead to a 55% ROI. That means you’ll make back the cost of painting plus an extra 55% on top!

Fresh paint immediately increases your building’s curb appeal. It can cover up any blemishes, stains, or unsightly scratches. It’ll also take a load off the buyer’s back. They see plenty of value in not having to paint the building themselves.

Colorful Appeal: Why Paint Matters in Commercial Spaces

You may not realize it, but certain colors paint a picture in people’s minds. Different hues make them feel a certain way and can even tell people about your business before they ever step inside. All these feelings and impressions combine to increase the value of your commercial property.

For example, retail buildings may opt for brighter, more vibrant colors to attract people from the street or the highway. But more professional settings like offices, law firms, and doctors may go for muted colors, as if to say, “We mean business.”

commercial property value

Fresh paint also helps from a branding perspective. That’s because people easily associate colors with specific brands. You know exactly how green “Starbucks Green” is, don’t you?

But say you’re not selling or leasing the building. Fresh paint is still a great way to boost team morale. Employees like walking into a freshly painted and well-maintained building (you shouldn’t need expensive studies to prove that point).

Painting a Value Picture: Colors That Wow in Every Room

We know painting increases your commercial property value, but did you know that certain paints are more “valuable” than others? Of course we do, so we’re letting you in on some of the best-kept industry secrets:

  • It’s All the “Greige”: Experts agree that neutral colors like white, taupe, gray, and beige lead to faster sales. These colors are more accessible to potential buyers because they offer the creative freedom to do as they please with the space once they purchase it. For example, Agreeable Gray by Sherwin Williams is a neutral “greige” that gels with almost every interior design style.

  • Striking Iron: Want to spruce up your accents? Sherwin-Williams’ Iron Ore is a crisp black color that’s perfect for shutters and other accent areas.

  • Mural, Mural on the Wall: If you really want to make a statement, hire an artist to paint a mural. You can showcase something special about your brand or use it to tell the story of your local area. Homegrown buyers might be willing to spend more if the mural’s message connects to them.

Preserving Property Pizzazz: Top Reason to Keep It Painted

Your building’s facade is the “face” of your company. If you had something on your face, like traces of that chocolate cake you stole a bite of, you’d do something about it, right? The same is true for your commercial property and its perceived value.

New paint keeps your property looking clean and fresh. It can make an old building look young again and turn dull and boring into glitzy and glamorous. Fresh paint can even accomplish the most important feat of all: it can preserve your building’s pizzazz (cue the *jazz hands*).

That might sound silly, but it’s true! Pizzazz will make your building stand out among the crowd. As a result, it’ll look modern and exciting, which combine to increase the commercial property value.

Paint is only the beginning. You can also consider landscaping work, new lighting, and attractive signage. No matter what direction you go, the more pizzazz your building has, the more valuable it will be.

Kindness Without Borders: Worldwide Feel-Good Gems We Had To Share

The Kelces are the NFL’s most famous brothers. They’re also two of the nicest guys you’ll ever meet, especially Jason. Nobody knows that better than this McDonald’s worker who got the surprise of a lifetime.

Danielle is a lifelong Philadelphia Eagles fan. So, when beloved Eagles center Jason Kelce pulled through her McDonald’s, it was like an answer to her prayers. Danielle was going through a divorce at the time. Kelce gave her the confidence boost she needed and has since become a regular customer.

Toward the end of January, Kelce pulled up with a surprise for his biggest fan: a signed #62 Eagles Jersey. It was a moment Danielle will never forget.

So, in honor of Jason Kelce: What do you call a lineman’s kid? A chip off the old blocker!

Give Your Commercial Property the Value It Deserves

As they say, time is money. The more time you spend thinking about painting your commercial property, the more time it has to decrease in value. We understand it’s a big decision; that’s why the pros here at Procoat Painting are standing by.

When you’re ready to increase your commercial property value, head to our website, scroll to the bottom, and dial those big white numbers. Our team of painting professionals will be more than happy to inject some pizzazz into your commercial property.

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