1. Keep a focused investment planWhile a diverse property portfolio can sometimes appear fiscally attractive, the decision to focus on a specific location, or type of commercial property, can often prove to be of more benefit to an investor. Focusing on one location, such as the Las Vegas Valley, or even a specific area within the Valley, can take advantage of local demographics, regulatory considerations, and potential local investment benefits. By narrowing the investment reach, property owners can, over time, fully understand what locations and/or businesses are successful in their field of choice and make more informed, and lucrative investment decisions.
2. Work with local professionalsCommercial property owners are rarely situated in the investment area. Consequently, it is essential that experienced and knowledgeable Real estate brokers, and Property Management companies are hired locally to manifest the right investment opportunities and to manage the daily operations of the properties. For the investor, this ensures that commercial buildings are placed in the right location, are regulatory compliant, are efficiently maintained, and stay in step or ahead of evolving local trends. By sourcing trusted local professionals to make the right decisions when it comes to commercial space, a property owner can be assured that major projects and day-to-day issues are being handled efficiently.
3. Maintain a high standard of ethicsIn competitive commercial spaces such as the Las Vegas Valley, “word of mouth” is highly regarded and utilized. Therefore, it is important that investors follow existing industry standards, and that all local legal requirements are met. In addition, the most successful commercial property investors in the Las Vegas Valley follow ethical guidelines regarding their real estate investments and ongoing management of their properties. By utilizing local, trusted, property management companies, investors have the assurance that all property based operational activities are managed to the highest standard, and that their tenants are satisfied. This, over time, results in profitable referrals for investors.
4. Strive for excellent customer serviceIn growth locations such as the Las Vegas Valley, Commercial Real Estate is a highly competitive investment, and great tenant service continues to bring owners incremental referral business. Consequently, it is critical that commercial property owners provide excellent customer service to their tenants. The most effective way to ensure world class customer service is to partner with a local, well known, and trusted property management firm that can handle all operational concerns. Property management companies that afford extreme attention to detail, paperless accounting, on-line transaction visibility, and timely tenant response, not only affords a high level of investor transparency, it is also essential to ensure recommendations from current tenants.
To ensure that these guidelines are met, and that investors maintain competitive, current, and ultimately profitable investments, the key is simply to partner with locally based expertise, not only for location sourcing, but most importantly for the implementation of consistent, world-class, ethical, property management on an ongoing basis.