Fri. Dec 13th, 2019

wemogee.com

wemogee.com

Building a commercial property portfolio

3 min read

Property is a great industry to be in.  Many people are afraid of it, but once you understand how it works it is not a difficult way to make money. You need to make a couple of good decisions in the beginning, to ensure you find the right places in the right locations, but after that, it is a simple management process for which you can employ a team of people to help you with.  It is definitely a scenario where you can save money by going alone, but you will go further by going together.  Your ability to manage your property portfolio is stronger by who you have on your team.  And this doesn’t mean people you have to employ, but experts with lots of experience who you can count on as and when you need them.  Here are a few people you will need to have in your team if you’re looking to build a commercial property portfolio.

Have a lawyer on standby

If you’re building a commercial property portfolio, you’re going to need to have a lawyer at your side to help you with your legal needs.  This can either be a commercial leasing lawyer or contract lawyer, it can be a lawyer who specialises in property and specifically commercial property.  Find people you know and trust and who won’t charge you for every conversation you have as you will want someone that you can call and get a quick idea of a situation.

Engineers to count on

Depending on what operation is being done on your commercial property, you may need an engineer to ensure that the building and the property as a whole are able to withstand the demands of the commercial practice underway on the property.  This could be connected to the structure of the building itself or the access roads.  If you need to erect new structures of build on top of your current building, your engineers can do an assessment as to whether this is possible or not.  They can suggest ways to work around the demands of the business and the constraints of the property.

Keep the maintenance guys close

The better looked after the place is the more respected it will be.  If it is in excellent condition and everything is working and you’re on top of all the details, this will communicate an air of value and it will transcend into the way your tenants will treat the place.  If you let things run down a bit, it will send signals of lack of money and care and you will very quickly find your tenants mimicking this same attitude.  Have a maintenance team close by that you can count on to deal with issues pertaining to your commercial real estate.  It doesn’t matter how big or small, you want people who can deal with a wide range of needs so that you’re not having to work with multiple contractors, but you can know that they’re your go-to people.

 

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