You may have just signed a new lease, renewed an old lease, bought or sold a building last year and are saying to yourself “I don’t need to worry about any real estate decisions this year.” Or you may be saying to yourself, “I need to make one or more real estate decisions this year, and I don’t know where to start.” Whether you fall into the first or the second category, or are somewhere in the middle, there are considerations to be made regularly to maximize the performance of your real estate.
As we embark on 2019, our objective as your advisor is to assist you to achieve success with your real estate, and to provide you with the benefits of our consulting platform which includes the following key considerations:
Your Local Real Estate Advisor
Our experience has shown that owners of real estate routinely get the most out of their portfolio when utilizing the services of - and consulting with - a seasoned real estate professional. This real estate service provider is in the market day-in and day-out and can provide you with real time market intel. Whether needing to make an immediate decision or casting a long-term vision, our team, along with consulting with your attorney or CPA as needed, can provide valuable insight to your decision(s). This is where it all starts.
Lower Your Cost of Occupancy
As market cycles shift and/or businesses undergo operational changes, there are potential ways to lower your cost of occupancy so that you can realize more net income. Since moving is not always an option, how can you reduce your costs? Is subleasing a portion of space a possibility? Would your landlord consider reducing your rent in exchange for a longer term lease extension? Are there potential energy inefficiencies that need to be addressed? Are your maintenance vendors providing sufficient service at competitive prices? And more…
Efficiency and Expansion
Should we expand or could we get more efficient with our current space? Working with both a quality materials handling company and a real estate professional, you can obtain insights into ways to maximize your existing space, what moving would entail, and the cost differential. It is never too late or too early to properly consider this.
Increase Investment Property NOI
How recently have you abstracted or reviewed your current tenants’ leases? Are there financial obligations the tenant is required to make, but you are not collecting on them? Are you paying for maintenance for which the tenant should be paying? What is the market rent and what are you collecting? And, most importantly, how are you reducing vacancy? We can help! Call us today to begin your unique property or portfolio evaluation.
Next Month we will continue with Part II, which will include these topics:
Christopher J. Destino, SIOR, a Principal at Lee & Associates, is an engaging, responsive professional who enjoys working closely with his clients and helping them succeed.