Once you own a commercial real estate property in Alaska, you may find yourself wondering what happens next. Do you simply begin to collect income from your tenants? How do you go about finding a tenant if your space is vacant? How do you ensure your properties run smoothly? As your commercial real estate experts, Northern Edge Commercial Real Estate has compiled below a list of important points for new property owners to keep their business running as planned.
Even if managing your investment is not your full-time job, it’s important to be professional and treat every aspect as a business. Uphold a business relationship with tenants, write out procedures for everything from lease agreements to taxes, and learn the local laws for landlords and tenants.
Learn your market
As mentioned above, learning the local laws that pertain to landlords and tenants can help you better understand your responsibilities, rights, and risks. Do as much research as possible about your market, including what other landlords offer and charge in order to keep your own business up to par.
Inspect your properties
By being attentive to every detail of your Alaska property, you can ensure they are running as they should. One way to keep things on track is to inspect your properties regularly, being mindful of what needs replaced or repaired and adhering to a reasonable timeline.
While you may receive a lease agreement or other documents from prospective tenants, know that not everything may be as it seems on paper. Go the extra mile as a landlord to verify all information to protect both yourself and your asset.
Stay the course
Growing your wealth as a real estate investor is often a marathon, not a sprint; it is not a get rich quick scheme. Despite any hurdles you may need to jump or dozens of problems you must resolve, stay the course and keep your eye on your financial goals as an investor. You can generate wealth in the long-run if you remain focused and structure your investment well.
Contact Northern Edge Commercial Real Estate today for more information about investing in commercial real estate this year or for a list of available properties in Anchorage, Palmer, Eagle River, Wasilla, or the surrounding areas.