Choosing a venue is one of the most important preparations people make for their wedding. While some people are content to have a backyard wedding, many people prefer luxurious venues that offer more than just a building.

Some of the coolest wedding venues are located on large properties with multiple attractions and are fully staffed with coordinators and even caterers. For example, the House Estate near Houston, Texas is set on 18 acres with a restored Victorian mansion, beautiful lakes, and amazing views. This particular venue has an onsite coordinator.

If you’re searching to acquire commercial property in Katy, here are four reasons to make your next investment a wedding venue.

1. You can hire someone else to take care of the back-end

When you buy a property designed to be used as a wedding venue, you don’t have to run the wedding venue business. You can turn the property into a venue and then market the property to businesses that look for wedding venues for their clients.

You may be able to land a long-term contract with a wedding business and offer them exclusive use of your property. If you’re not sure how to market a wedding venue, that’s okay. Hire a property manager to market your venue to the right audience.

While property management companies traditionally manage tenants, they can do plenty for your property even without tenants. For example, a property management company can handle all of your maintenance, repair, and inspection requirements. They can also handle all of your marketing needs.

2. Wedding venues can pull in plenty of cash

Wedding venues are generally more valuable than standard commercial properties. That’s because they’re rented out by the day and that amounts to a significant amount of money.

If you own a commercial property that is in high demand as a wedding reception venue, you’ll have a steady stream of bookings. In 2019, the average wedding reception venue cost $10,500. That’s plenty of cash for a single day.

Even though you don’t need to run a business coordinating or planning weddings, you’ll make far more money if you do own such a business. If you don’t want to be involved in the day-to-day details of planning weddings, you can always hire a team of people to manage the entire business for you. There are many businesses that operate where the owner is completely invisible and silent.

Once you get your team together and build a strong foundation for the business, you’ll find it relatively easy to generate revenue.

3. You can fix it and flip it

Not all wedding venues will be suitable as a wedding venue right off the bat. However, you can buy a commercial property and turn it into a wedding venue. The process would be similar to rehabbing a house, except you’re making improvements and renovations with the intention of turning it into a venue.

Once you build up the property into a beautiful venue, you can sell the property to another party for a cool profit.

If you choose to fix up a property, it’s worth developing the entire property into a full experience. People don’t just want a flat two-dimensional wedding reception; they want an entire experience. People want entertainment, fun vendors, and other extras to make every aspect of their wedding memorable.

The desire for extras at a wedding reception is the main reason the average cost has gone up over the last decade.

4. You can rent it out for more than weddings

When you own a beautiful venue for weddings, it’s probably going to be a great place for other events as well. For example, people might want to rent the space for birthday parties, special occasions, personal celebrations, or holiday gatherings.  

Although weddings will likely generate the highest dollar amount per day, with a good venue, your income doesn’t need to be limited to weddings. If you’re not booked up all the time with weddings, you can expand your marketing efforts to reach people who need space for other gatherings.

Commercial property is highly profitable

If you’re new to investing in commercial property, you’ll be happy to know it’s one of the most profitable types of real estate you can own. If your end goal is to acquire property to generate passive income for your retirement, commercial property is a great option.

Because of the high demand and high profit potential, wedding venues are one of the best types of commercial properties you can own.