In Missed Management we look at opportunities any commercial property owners miss when managing commercial property; Providing tips you can use to make more money, save time or just make your life a little easier is our goal.
The leading missed opportunity in 2022 is maximizing your rental income. Whether it’s been COVID restrictions, business closures, job losses, or other reasons, the common perception of owners is that tenants are struggling.
While there are owners who have been double gut punched by the pandemic and pandemic legislation, there are others who because of pent up demand are willing to do what it takes to get in a residential unit or commercial space. We’ve recently consulted with an investor who owns an office building which they are asking and getting far higher rates than expected in this environment.
One of our agents advised an apartment owner to up his rents by $500 knowing the area and value of his place. He received the extra $500. From owners of office buildings asking and getting higher than expected to multifamily owners following our advice and getting $500 more than they expected, it has been proven possible to get more out of today’s market.
Real Estate has historically been a great hedge against inflation and with a trailing 12-month CPI inflation rate of 8.5%, lease rates are following the trend. Do you think you can be getting more from your rental properties?