If you’ve been wondering about potential income streams that you can leverage to make some money, one of the best ones is leasing venues for various events. This is because every single day, there’s one event or another taking place. A good number of them need to be held at a rented venue, so if you feel like you have a calling in real estate, this is one of the avenues you could pursue. You may benefit immensely from purchasing fixer-upper properties and converting them to venues for rent. If this is something that appeals to you, have a look below to see just how you can go about gaining wealth by leasing a property to event venue.
Find a Fixer-Upper With Event Potential
The most important thing for you to do is to pick the right property. The fixer-upper that you purchase must have potential as an event venue in order to make it easy for you to get returns out of it with minimal effort. To get an idea of the best property to event venue you should consider purchasing, think from the perspective of someone who wants to hold an event. Think about the kind of venue that would appeal most to you for various events, from weddings and baby showers to birthday parties and graduation celebrations. The qualities that you would expect in a property that you find to be ideal need to be easy to realize in the fixer-upper you buy.
A good appraisal service should help you gauge the value of a property before you put money down on it. This means that you should be ready to spend some money in order to make more in the future. If the professionals advise you against getting a certain property, it’s important to keep in mind that they have experience in such matters. You could therefore benefit from following their advice and doing your due diligence on every single property that you come across.
Renovate With Events in Mind
Once you have an event-worthy fixer-upper, the next step is to do renovations. These should be done with the aim of improving the comfort and function of the property in question. These improvements need to be focused on making the property worthy of holding various events. Since there’s only so much you can do in terms of improvements, this is where picking the right property to start with will come in handy for you. You may have minimal changes that you need to make to your property to event venue as a result of this.
To get a good idea of what you need to look for in terms of design and amenities, have a look at some of the event venues in your area. This will give you a standard to uphold or surpass, depending on the specifics that you want. Keep in mind that it’s best to do renovations once and try to stick to a budget while doing so. This could help you keep your overheads manageable and give you the chance to get good money when all is said and done.
Cater to Formal and Informal Events
While you may have a certain set of events in mind for your property to event venue, it’s a good idea for you to cater to a wider market. You can do this by setting up your property for both formal events and informal ones. This way, all it will take to turn your venue from an amazing pre-wedding celebration space to one that’s perfect for corporate retreats is to change the decor a bit. The more versatile the space that you get, the better chances you’ll have of always having one user or another in it.
Since you want to do good business at the end of the day, you should open your doors to different events. This could help you break even a lot faster and start making profits from your venture. Remember that the initial fixes will only need to be done once. As long as you do them with a lot of allowances for people to turn the space into one that works for them, you’ll have made a sound investment.
Upgrade the Property’s Security
Security might not be at the top of the list for people who want to hold a wedding party, but it will definitely be for people who want to hold a political event or another gathering at which there will be high-profile people. That said, it’s better to err on the side of caution in this case. Do so by setting up a robust security system as a part of the remodels you do to your property to event venue. This may help your space develop an amazing reputation for security and safety. As a result, you’ll appeal to more people since everyone will be covered by the considerations that you make.
Start with a good security gate system which you may back with support from a reputable security firm as often as the need for their services arises. This should regulate everyone and everything that passes through the gates to and from your property. In this way, you can expect minimal or even zero likelihood of a burglary or vandalism occurring. With proper security, you can also be sure that you’ll keep your own investments safe. This is because there might be costly items that are a permanent part of your venue, and you don’t want to expose these to any issues that may lead to more expenses in the future.
Install Appropriate Audio and Lighting Systems
Good audio and lighting are non-negotiables for any property to event venue that hopes to make money with its operations. That said, you ought to find a reasonably-priced but qualified sound technician to make a good setup for your space. This should make it easy for audio mixing to have the desired outcome when done by a professional DJ or another person. The lighting also needs to be versatile but reliable. This way, people with different requirements for lighting can get what they want in your venue without a lot of hassle.
Good lighting and audio systems can be expensive to get, especially if you have to get them twice as a result of getting the wrong ones the first time. That said, take time and seek the advice of professionals to make sure you do the right thing. If you can’t afford to do it all at once, make provisions to do it in the future to completion. This way, you won’t have to compromise quality for a faster job.
Reach Out to a Lawyer
To be able to rent a venue for hosting various events, you need to have the relevant licensing and other legal details. This is why it’s crucial for you to reach out to a good lawyer while looking for your ideal property to event venue. A premises liability lawyer may prove especially important to you as they’ll enable you to find out the details of the property you’re buying to fix. If they determine that a given property may be unsafe or just not worth the cost, they’ll let you know and thus save you from making a bad investment.
Take time to find a professional with whom you feel you can work for a long time to come. This way, you can have the same legal professional by your side for years to come. The better they understand your business model, the easier it will be for them to guide you accordingly. Their time will be worth it in the end as they can help you avoid a lot of legal pitfalls.
Get Insurance Coverage
Remember that you also need to get insurance coverage for your property to event venue. At the top of the list of various types of coverage, you should secure event planner insurance. This can protect you from the negative outcome that you may have to face as a result of suffering damage to your property or something similar. The people who rent your space should also be covered by your insurance in order to improve their safety and the security of their property if they bring any to your space.
Do research to find the best coverage as well as the details to make sure you include all of them. This can be done by checking online and also asking people who rent events themselves. Find a professional as well so that you don’t end up getting more or less coverage than you need. With the right coverage, you can be confident every single time someone rents your space as you know that everything is in good shape.
Create Connections With Local Vendors
Local vendors can be your closest allies when you have a property to event venue. From catering professionals to decor experts, there are many vendors that various events will need in order to be complete. It makes good business sense for you to create connections with the local vendors as you can provide referrals to people who have an event but don’t know where to source the supplies that they need. To make it even better business for all of you, you could find a way to give amazing prices that will be hard to beat. People renting your venue will be happy when they learn that they can get the vendors they need and therefore have all their needs covered under one massive roof.
Market Your Fixer-Upper Property to Event Venue
You may not be able to get business for your property to event venue without good marketing. This is why it’s crucial for you to find a way to advertise your venue to as many people as possible. This way, you may get inquiries, some of which will translate into business over time. Soon enough, you may not need to do extreme marketing because word of mouth and familiarity in the industry will propel you forward.
For the immediate moment, however, you’ll have to find professionals who know about lead generation and the right way to leverage SEO. This may enable you to get amazing exposure that will result in interested parties asking to use your venue for various events. Make use of all possible channels, including print media and social media, to widen your reach in the market. Your efforts will pay off and you can benefit from marketing well and early.
Work With Your Clients’ Vendors
Last but not least, make it possible for client vendors to work with you. This may make your services more flexible and increase the demand that your property to event venue has. When potential clients know that they won’t have a hard time trying to get their vendors to work with you, you can expect to get more business. From wedding videographers to private caterers who deal with special diets, put into place measures that make it possible for different professionals to plug and play in your premises.
A legal professional should also help you to come up with paperwork that’s straightforward but protective for all parties involved. This way, you can ensure that everything is professional and make it easy to get to the root of any issue that could come up, especially legally. You may have to take time to make sure that you draft the best document that’s going to be easy to adjust for different clients who have different needs. This will prove to be time-saving for everyone and benefit you by ensuring that after the first initial bookings, everything can be put on auto-pilot.
These tips and considerations should prove to be adequate help for you before you proceed to get into the business of buying fixer-uppers to convert to event spaces. Remember that you may need to do some practice at the beginning in order to get it right. Once you have it all figured out, you can be sure that this may be the best investment that you ever made and you can even turn it into a full-time business venture.