You can have different checklists for different commercial buildings for sale, given the factors of leasing, occupancy, and property operations. You know your own city or town and you should know the variables of property investment performance that apply to different types of property. You should therefore create your own checklists and use them. You can refine them over time.
We will give you some help to ensure you get the most out of your property. Below is a list of some of the bigger issues that you should look at when it comes to taking on new management. You can also add to the list and apply locational factors that’ll have an impact on your property or occupancy.
Occupancy documents and leases
All real estate property tenancy documents and leases will be different. It is therefore important to ensure that you are looking for variations. A meaningful and deep review is done of all the paperwork. When you review the lease documentation, you need to capture the critical rental information and dates in a diary or your property management app.
Tenants and tenancy mix
When it comes to reviewing your tenants in occupancy. you’ll find factors relating to vacancy, tenant proximity, and occupancy conflict. Any real estate property containing a lot of tenants will require a mixed review of the full tenancy. Some tenants will be better than others from the investment perspective so you need to assess the relevance and occupancy strength of each tenant when reviewing a property on a commercial property buy sell platform. When you identify any weaknesses in occupancy, you need to plan to replace or even move the tenant as appropriately as at the right time in the future.
Cash flow
The cash flow from the property will be important to the investment performance. It is therefore important to look for financial factors of change of income and expenditure pressure. You should understand how the net streams of income will be changing for the property over time and how it can be enhanced and improved through the life cycle of the property.
You can become a strategist when it comes to investment performance and the stability of the rental over time.
Maintenance
You should review the physical aspects of the property for repair and maintenance. You need to look for elements of damage and risk that can threaten public safety and occupancy. There will be an insurance risk to consider as part of the maintenance review. You need to understand the safety and building codes that apply to the property as part of its daily operation and design. Safety codes and maintenance will change with time in the building so it is important to review the commercial property and everything for current code compliance.
The management of risk
Before investing in commercial buildings for sale, it is important to think about risk management. You can identify any factors of risk and resolve them before they impact the financial performance and occupancy of the building.
