There are many things that investors must keep in mind when they are purchasing a piece of commercial real estate, but their learning should not end when they find the property that they want. These investors must know how to properly manage their purchased properties to make sure that they can maintain a profitable investment. Here, Fielding Investments provides information to help these investors maintain their properties in the coming year. These tips are especially useful to first time investors.
- Keep tabs on utility usage: Some states are starting to require buildings of certain size to report their energy usage. Properties in California, for example, may be held to a new state law that requires such reporting. To comply with these laws, it is important that owners get this information from their clients when the tenants pay their own utility bills directly to the power company. Having established open relationships between tenant and landlord will help this be accomplished.
- Keep track of dates: There are many things that a commercial real estate owner must do each year, as well as deadlines that they must keep careful track of says Brian Fielding. He advises that these investors take the time early in the year to lay out these dates, from the expiration of lease agreements to payment due dates, and do it in such a way that they can easily keep track of them all. Doing this will help the owner keep tabs on these dates and avoid missing deadlines.
Keep agreements up to date: When a property owner has tenants, they need to have up to date agreements in writing with all of these tenants. Brian Fielding shares that it is smart for owner operators to even have an agreement for themselves as a tenant so that they may keep policies consistent with all of their tenants.These should all be updated regularly reminds the expert.