Now that December is here and the Holidays are upon us, this can become a natural time for us to begin pl
anning out the New Year. With this in mind, what do you want to do differently now in 2016? In addition, most specifically, what do you want to do differently around commercial real estate in 2016?
Do you want to own more commercial real estate in 2016 than you do right now? And if so, what type of commercial real estate do you want to own…and where?
What is your game plan for buying this type of real estate? In addition, when do you intend to own it by, and when do you intend to begin looking for it?
If you’re a tenant, do you need to begin looking for a new location for your business? If so, what size of a
facility do you need, where do you want it to be located, and when are you planning on moving into it?
If you’re planning on buying a building, have you looked into getting your financing yet? Finding out in advance exactly what you’ll need to qualify for the loan, and finding out how much you’ll need as your down payment, what the interest rate will be, and what your monthly payments will be, will let you know with much more certainty what lies ahead for you.
In addition, there’s been so much talk about interest rates rising, and when they finally do rise, your monthly payments will now be higher when you finally take out your new loan. So in order to avoid this, buying the building sooner rather than later will help to ensure both the lowest interest rate, and the lowest monthly loan payment imaginable.
Do you own any property that will be coming onto the market for sale or lease within the coming year? If so, what will the timing be around this, and what preparations do you need to be making ahead of time? Ideally you’ll want your property to be looking great for the new tenant or buyer, so make sure that you fix it up so that it has good curb appeal.
When putting your property on the market, how it shows as compared to the other competitive properties on the market will help to determine the amount of activity that you’ll get on it, so you’ll definitely want to make sure that your property both looks great and shows great.
Keeping all of this in mind, what do you need to do now to get ready for 2016? Because if you don’t plan for it now, you could easily find yourself falling behind in your preparation, and then trying to catch up. With this in mind, it may be wise to make a list of all of the things that you need to get done around your commercial real estate requirements for 2016, and then schedule and plan out all of your actions around this.
As an alternative, if this seems like it’s too detailed for you, schedule reminders in your calendar or in your contact management software, reminding you in the future that it’s time for you to now get started on one or more of these requirements. This way at least you’ll notify yourself of this sooner…instead of later.
In addition, if I can ever be of assistance to you in telling you what’s going on in the market right now to help you with your plan, give me a call.