Do’s and Don’ts to Commercial Property Upkeep

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commercial-propertyThere’s more to the maintenance and upkeep of commercial property than meets the eye. It may be a lot of work but it’s a requisite if you wish to keep the asset functional and valuable for as long as possible. Care to learn a few tricks? Check out the following list of do’s and don’ts that surely come in handy one of these days.

Do remember that prevention is better than cure. This old adage has been present for time immemorial and it has been repeated and breathed down our necks for a good number of times. There’s good reason for that. Preventing damage is far cheaper and easier to do than trying to fix or replace the asset. This makes repairs and maintenance efforts all the more crucial.

Don’t forget the safety checks. You’ll earn more than a migraine if you fail to assess the safety and condition of your building. Add in the fact that the property is for commercial use, there’s bound to be a lot of repercussions should safety be left untended. Make sure to regularly check and inspect to address issues early on and solve what needs fixing.

Do work with the experts. There’s no time to play amateur here not with such a huge and financially valuable investment. See to it that all work is done my skilled and experienced professionals who can deliver the quality needed and deserved. There’s no need to get below par.

Don’t put things up for later. A small blemish may seem harmless at the time but things can escalate faster than you expect it to, most of the time at least. This is why you shouldn’t put things off for later when they can be done at present.

Do mind the roof. Because it’s far up there, the roof and other related parts like the downspouts and gutters and the like must be inspected and cleaned on the regular. Remember that this part of the property is one of the biggest and most expensive repair projects to tackle if left unchecked.

Don’t leave wires and plumbing untended. Because pipes and wires are left out of sight, it’s fairly common for owners and landlords to oversee them. This should not be the case though because they spell a lot in terms of safety of the commercial property. At times, they may require replacement which must be part of the budget as they are necessary and can never be cut.

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How to Successfully Put an Investment Property for Sale

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investment property for saleIf you plan on putting an investment property for sale, you should know that the task requires a lot; so much to the point that it’s definitely not for the weak. We’re not even talking about money here alone. There’s time, patience, hard work, research and the list goes on. Care to know how the pros do it? Check out the following tips.

  • Get on with a budget. – Most people think that with selling comes an inflow. Sure it does if you get a successful transaction but don’t forget that there are costs to it as well. With that said, establish and carefully draft a financial plan or budget to ensure that your expenses in selling do not exceed what you are expecting to receive.
  • Prep it up. – No one will purchase an asset that appears valueless and dilapidated. Humans are visual beings and whether or not we admit it, first impressions count. They count a lot. Plus, even the smallest of repairs and renovations (e.g. paint) can help increase demand and even value at some point.
  • Determine your market. – Who’s going to be interested? Which needs will the investment property for sale satisfy? You need to know because the marketing and selling efforts you’ll take will depend on it.
  • Advertise it well. – Like anything else, failure to communicate the offering will only draw mediocre result. No matter how great it is, you won’t be able to get the best offer from buyers if you can’t tap into their attention. Choose the right form of advertising. How do you do that? You choose one to which your target market responds to.
  • Know your numbers. – Know how much your asset is worth and how much it’s possibly going to be sold to a willing investor. Get to know the nitty-gritty about it too such as an estimate of ongoing costs, depreciation rate, remaining useful life and so on and so forth.
  • Set a limit. – Set a bar not only on your expenses but also in the amount for which you are willing to compromise with buyers. You want profits and so you need to know how to play the game.
  • Arrange the papers. – Buyers will want as fewer headaches as possible when they assess your investment property for sale. One way to turn them on is to prepare the papers beforehand. Surely, they’ll want a look on the documents like ownership titles and contracts.


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Buy a Retail Property for Sale or Lease Instead?

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retailpropertyAs an entrepreneur, one is bombarded with different questions and decisions to make on a daily basis. One of these queries pertains to fixed assets: Should you buy a retail property for sale or lease one instead? Today we shall help you find out the answer to that by checking out the pros and cons of each option.

Option #1: Buy a Retail Property for Sale

Pros:

  • You have ownership and therefore control over the asset. You don’t have to abide by the rules and restrictions of the owner or landlord.
  • You can gain equity. If all the right factors align, the property’s value can be appraised and this value increase shall be seen as an additional worth in your company.
  • In some cases, the amount of rental and mortgage payments comes close. With the latter, you gain ownership over time unlike the former.

Cons:

  • It wouldn’t be beneficial if you see your business moving to a new place in a few years time.
  • It requires a significant lump sum value to make the purchase happen.
  • There are various costs to maintain the asset and keep it functional and valuable.
  • Prime locations for sale are more often than not either too pricey or unavailable.

Option #2: Lease a Retail Property

Pros:

  • Many retail assets for rent are situated in prime locations with heavy foot traffic providing maximum exposure of one’s brand and offerings.
  • You don’t have to worry about maintenance and repairs cost because that is the job of the landlord. Sometimes though, this can vary depending on lessor-lessee agreements.
  • It doesn’t require the use of a hefty amount of cash in one sweep.

Cons:

  • There are risks of moving out even if you don’t want to and losing a good location. At the end of contracts, landlords can replace tenants. Competition is pretty tough.
  • You don’t have ownership so instead of being recorded as an asset, the rental costs are recorded as expenses in the financial statements.

Whether you buy a retail property for sale or lease one instead is completely up to you. After all, no two entities are exactly alike. You need to cater to your unique needs so careful analysis should be done before a decision has to be drawn. Consider all variables and factors first.

Moving to Your New Residential Property Investment

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residential real estateMoving to the big city or the metropolis isn’t as easy as it sounds. As much as we would like to think it is, it simply doesn’t work that way. As a matter of fact, relocating to an area or a nearby town or a new residential property investment isn’t a piece of cake either. So what can you do then? Will it be forever tough or can you do some things to make everything run smoother? Yes you can and that is by doing a few certain tasks before the moving day itself.

·         Don’t go in it alone. – Ask help from family and friends or you can hire professional movers for the job. You have to call them up early on and not when the moving date is nearing. The earlier you do this then the better. There is so much to do when it comes to moving that you simply could not leave everything to the last minute.

·         Gather all your needed tools and supplies. – You have to pack your belongings and you cannot do that without the things to do it with. Make an inventory and assessment of your items so you know how much and what kind of supplies and tools you will need.

·         Create a packing schedule and stick to it. – This makes it easier to track and determine the tasks to be done in terms of the packing which is no doubt one of the most tedious tasks in any move. By making a schedule and assigning people to do certain tasks, you will be able to course through the transition more systematically.

·         Keep utility services in mind. – Be sure that once you move out, the utilities at your old place have been cut so you won’t be paying for services that you don’t even use or need anymore. At the same time see to it that you’ve already had the said utilities up and running at the new home even before you move in so you won’t have to suffer a no-electricity and no-water move-in day.

·         Update your address. – Do this early on so there won’t have to suffer any mix-ups and lost mails and packages. This is very important so as not to lose confidential information such as mail sent in from your bank and credit card companies.

·         Get up and get to know your new town. – Familiarize yourself with the city and with the community you live in. Know where certain establishments are located and familiarize with roads and transportation routes in lieu, adjacent to and near your residential property investment.

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Aesthetic Improvements for Commercial Properties for Sale

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commercial-properties-for-saleCommercial properties need not only be functional. They have to be aesthetically pleasing too. You do not want you offices and retail spaces to become one huge eye sore. It will not be good for your employees who need to get constant creativity and energy boost throughout the day nor for your customers who might see it as poor maintenance and quality. This is all the more true if you are putting these commercial properties for sale. You won’t get any buyers if the assets look forlorn.

So how do you initiate and create improvements then? Read on as we ditch some of the simplest and most effective methods of doing so.

    • Clean it up. No sane buyer would love to get a commercial asset that is covered with dust, grime and dirt. This is true even if the property is not brand new. So be sure that you pick up some cleaning tools or hire professionals to do so. You want everything to look polished and dirt free when the buyers come and pay a visit.
    • Weed out the lawn. Cleanliness does not only apply to the structure alone. It also includes that of the entire property. The lawn for example must be cleaned with weeds taken out. You might even want to consider putting in some plants and bushes. Don’t worry about the costs since such expenses are oftentimes capitalized.
    • Apply a fresh coat of paint. If the walls are adorned with cracked paint and peeling wallpaper, it might be a good idea to add in some fresh coat of paint. Opt to choose a primer color such as beige, light gray and white. When in doubt always go for white as it tends to make the room appear big, airy, bright and clean.
    • Change damaged fixtures. Inspect the comfort rooms and check if any faucets and tubes are leaking. Keep in mind that most buyers are very keen when it comes to the rest rooms. Change the fixtures whenever necessary.
    • Keep the building smelling clean and fresh. Moldy smelling commercial properties for sale tend to have low demands on the market. Besides, would you even want one if you swap places with the buyer? Open up some windows to let air and sunlight through.

  • Repair damaged structures. Should there be any repairs needed be sure that you comply. Cracked floors and walls, rotten doors and staircases and other damages in your commercial properties for sale are a huge deal breaker.

Learn more about commercial properties here singerviellesales.com.