Victor’s Insider Scoop on How To Weather The Commercial Real Estate Storm …
November 15th, 2009 | top of page
Here’s a few quick tips on what you can and should not do come out of the current downturn without only a barrel to wear:
1. Keep your tenants happy! Maintain regular contact (what’s bugging them?) and treat them with respect. Within reason, do whatever you have to do to keep them in your building.
2. Stay current with any ongoing maintenance issues including landscaping. You want your buildings to look good to new prospective tenants.
3. Keep abreast of local real estate news and deals. Reading my two newsletters is a good start.
4. Take your broker to lunch and ask her to keep you up to speed with what she sees happening in your trade area.
5. If you can buy more now jump in as just about everything is on sale. The bottom of the market only becomes apparent after it has passed.
6. Make sure you have a plan in place to keep your buildings financed while you weather the storm. You don’t want to wait and get caught with a loan you can’t refinance.
7. Stay current with your monthly mortgage check. Stay in touch with and, if necessary, negotiate with your lender. Remember, lenders don’t like surprises so if you see trouble on the horizon, have that difficult conversation with them as soon as possible.
Dedicated To Multiplying Your Income
PS – If you are ready to begin to thrive again by getting off the sidelines and putting your money to work give me a call at 602-320-6200. I see lots of deals and may have just what you are looking for.