Top Tips for Managing Your Own Commercial Real Estate Portfolio
Even though commercial real estate is a unique industry that contains many of its own practices and rules, a lot of the success still lies in good business sense. Whether you’re managing your portfolio on a full-time basis or you’re just getting to grips with it in your spare time, there are a number of things you’ll want to consider to ensure it’s a success.
Below, we discuss some top tips for managing your real estate portfolio:
Hire the Experts
There are a number of companies, like GVA Grimley Limited, that are experts in the commercial real estate field. They have experience in all the areas that are necessary in making your portfolio succeed, from managing your assets to putting the right strategy in place. Equally, professional property managers will be able to help you stay on top of your budget while also resolving any issues with your properties, i.e. boiler breakdowns.
So, it’s worth investing some of your budget in these experts because, in the long run, they’ll save you time and money.
Get the Right Balance Between Repairs and Maintenance
It doesn’t matter whether you own or rent your commercial assets because it’s inevitable something’s going to break down eventually. Therefore, you’ll need to decide how much maintenance your properties need to keep them ticking over. Too little and you could rack up costs in replacements, while too much maintenance could eat into your profits.
Ask a Lot of Questions
Within the real estate sector you’ll find a lot of negotiations. Everything is negotiable, which means when you’re presented with a change, it doesn’t necessarily mean that you have to accept it.
You can always try and negotiate a better deal for yourself and your company, and the chances are, you’ll get this. As commercial contracts tend to be over a longer period of time but businesses change over shorter periods, you might even need to do some negotiating mid-lease. However, if you need to make a change, there’s no harm in asking.
By negotiating and questioning everything it stops people from getting complacent. Asking questions and querying costs can save your company a lot of money over time.
Managing a commercial real estate portfolio takes a lot of time and scheduling. And because things tend to move slowly within the commercial sector, you need to be prepared to work on a much longer timescale than you might have previously expected.
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