3 Non-financial Factors That Could Help You Decide
Location – What’s happening in the area where your property is located? Has it developed or declined? Your impressions of a location may change over the life of your ownership. You may have anticipated – or hoped for – improvements in the community that didn’t pan out, or conversely, intense development may be pushing your ideal tenants out. You may find that selling is better than trying to make a go in an area that is no longer in sync with your goals.
Which leads you to…
Goals – What are your goals? Is the property fundamental to your business success? If not, evaluate any upcoming maintenance or operating expenses (such as vacancy/turnover reduction programs) you will need to undertake to maintain the property’s performance. Ask: If I was starting from scratch, would I buy this property, now? If the answer is “no”, then you likely shouldn’t continue to invest in it.
Options – Are there better options out there? After considering the first two questions, spend some time browsing the market for properties that best fit your answers. You may see opportunities that were not available the last time you looked, or you may see options that are more in line with your current needs and goals. Again, imagine that you are starting from scratch – what would you look for and how would you look for it? Becoming enthusiastic about new opportunities may help you “let go” of a bad fit that you are hanging onto for convenience or sentimental reasons.
When you are ready to sell, Francis & Company purchases all types of Real Estate from commercial and industrial buildings to residential and multi-family units in any condition. Contact Us Today.