Working in the commercial property industry, you have a couple of business segments that need further examination if you haven’t thought about them as much. They would be acquisition and redevelopment. Both of these segments are critical to the success of any commercial property venture. Those who are looking to make commercial property their business need to think about both of these segments and have a plan on how to deal with them successfully in order to grow and progress their business forward.
Acquisition is simply the buying of something – in this case, commercial real estate. And when it comes to this industry, the money to be made is in the buying phase. What you do and how you do it determine the profit you’ll see at the end of the day. And there are several elements involved in a good real estate buy. Some of those include understanding what is happening under the surface – a sort of insider knowledge. What is happening purely on the surface of an industry is not the whole story. You have to be knowledgeable about what’s going on behind the scenes, too. You have to have a good plan and you must be able to execute on that plan effectively. You should have an eye for a good deal. A feel for analyzing metrics and knowing the area where the property is located are definitely big plusses. And then there is timing – as the famous saying goes, “Timing is everything.”.
All of these elements, and more, are essential to making good acquisition decisions . And once you’ve purchased the property, you need to understand the next steps when redevelopment is called for in order to turn the profit you’re looking for. Because here is where the biggest risk comes into play. You need to put a significant amount of cash into a redevelopment project in order to see results – if the project doesn’t go well, you could be out that money and not be able to recoup. There are, once again, several elements that are essential to making a good redevelopment project go well: budgeting, schedule, making that budget and schedule stick, knowing the right general contractor for the job, hiring the right architect for the job, riding heard on the contractor and related associates, getting inspections done, and making sure the project is up to code and compliant with all local regulations – to name just a few.
Seriously, if you are not one hundred percent on top of all of this, you should consider working with a team who is immersed in it like Retail Solutions Advisors. This team of experts understands how to bring your projects in on time and budget – from acquisition through development and to the final payoff, Retail Solutions Advisors has the talent to see you finish strong. With a combined 100 years worth of experience across all levels of the commercial property business that they can make work for you, it would be worth your while to invest in this expertise – take a few things off your own plate and let experts take the wheel. You will be so glad you got assistance from Retail Solutions Advisors for your acquisition and redevelopment projects.
If you own commercial property in Florida, you need the services of Retail Solutions Advisors to help you make the most of your investment.