As with any investment strategy there are several ways to maximize profits. Here are a few basic tactics to focus on that will assist with your ROI:
- Look for multi-use zoning to increase value
- Place your Commercial Real Estate acquisition into a separate holding company.
- Screen tenants – A bad tenant can cost you if they refuse to pay rent or destroy the property. This will help decrease vacancy rates and minimize turnover.
- Be Competitive with Rent – Keep your space competitive with other commercial spaces like yours in the area. You want to attract tenants while also paying the bills.
- Enforce Rules – If a tenant is late with rent, follow through with a late fee charge.
- Work Hard to Keep Good Tenants – Good tenants pay rent on time and care for your property.
- Make Sure Your Commercial Property is in Good Shape
These are just a few strategies to consider.
You also need to consider:
What do you do when you’re building your organization?
Who do you hire first?
What kind of organization do you need/want to run?
Learn more by watching the video below:
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