Posted on: January 5, 2015
The New Year signifies a time for fresh starts for many people, and though we move forward unchanged, we often feel renewed. It is a motivating force and a great opportunity to take stock of all areas of our lives, including our property investments.
Here are a few tips for getting the most out of your commercial and residential real estate investments in the year to come.
1. Review Last Year
Go through your portfolio and see how each of your property investments did in the past year. Did you meet your goals? Have you experienced any unforeseen problems? What have you learned from this year? Make a note of all these things and see the bigger picture. Consider where you have come from and what seems like the natural way forward.
2. Soak Up Annual Reports
There are tons of annual reviews out there that sum up how markets performed throughout last year. Read as many relevant articles as possible. Become one with market knowledge. Even when your commercial or residential property investments are fully managed, it is in your best interest to have an idea of the market climate. And remember, a weakened market may reveal a great opportunity to buy real estate investments under market value and turn a larger future profit. But always diligently analyze comparative prices to make sure you are genuinely getting a good deal.
3. Plan Your Investment Goals For This Year
Outline your investment objectives for this year; know where your funds are and what your strategy is. Do you need to change your strategy due to last year’s performance, a changing market place, or personal goals? Is it time to sell? How are you going to grow your portfolio? Now is the time to sit down and get it straight. Have a trusted advisor review your plans or hire a management firm to help oversee your portfolio. Just make sure you take the time to find an agent that truly has your interests at heart.
4. Update Your Exit Strategy
Part of real estate investment is creating a plan for selling your property. While formulating your strategy for this year, review each property to consider what makes it valuable and who will want to purchase it. Make sure you keep up aspects of the property that will make it most enticing to future investors.
5. Regularly Revisit Your Strategy
Decide now when you will check in with your real estate investments and schedule it into your planner. The best way to ensure you are on track to meet or exceed your goals for this year is to keep on top of your progress. If you review your portfolio and the markets regularly, then you will be better at weathering any storm that comes your way. Commercial and residential property investments also hinge on good timing, so if you aren’t keeping watch, you might miss your best opportunity for a huge pay out.
Take time to chart your progress and celebrate your gains throughout the year. We wish you all the best with your commercial and residential real estate endeavours!
For advice or help growing your portfolio, contact us at email@example.com or call us at 1.866.995.2929.