Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
Issue link: http://cire.epubxp.com/i/206598
5. Improve Insurance. In the wake of Superstorm Sandy, the Colorado foods, and other disasters both natural and human, it is important to review your coverage and your tenants' coverage to know and understand what risks your property is protected from — and where exposure exists. Don't rely on certifcates of insurance that may not protect you; make sure that all insurance is up-to-date, accessible, and provides adequate coverage for the most likely damage in your area. 6. Manage Risks. Review and update your compliance procedures, employee handbooks, and other documents and procedures to prevent problems. Other ways to reduce costs are by considering available dispute resolution options to improve and expedite resolutions, using estoppel certifcates and releases to prevent lease problems, and using lien and claim waivers to avoid construction claims. 7. Improve Properties. Have you recently developed or remodeled your real estate to attract and retain the best tenants and increase rents? You may also be able to transform vacant spaces into new uses, add pad sites, and lease to temporary tenants. Other sources of potential income include charging for underutilized spaces, and charging other fees. And you may be able to save money by adding solar panels. 8. Increase Collections. Make sure you are collecting your unpaid debts while complying with the Fair Debt Collection Practices Act and other applicable laws. It is important to expedite collections while also ensuring that your strategies and procedures will reduce future debt collection problems. And it is essential to enforce all your bankruptcy and other rights. 9. Improve Your Deals. Do your documents maximize recovery of operating expenses and unpaid rent? You can also increase income and cut costs by improving leases and other documents. For example, by avoiding dangerous use and building restrictions, co-tenancy clauses, termination rights, and unexpected obligations, landlords can avoid lease landmines that can kill deals, prevent operation and development, and cause lost rent and damages. 10. Get Deals Done Faster. Do your negotiations take too long? You can increase income and cut costs by expediting the negotiation and drafing of letters of intent, leases, amendments, contracts, and other documents. These are just a few examples of how landlords can improve the bottom line now. Evaluating these questions requires careful review on an individual basis with experienced counsel. Jerry A. Nelson, Esq., is a shareholder and member of the Commercial and Industrial Real Estate Group at Stark & Stark. Contact him at jnelson@stark-stark.com. WARDCENTERfor Real Estate Studies online winter classes Higher Education for Today's Real Estate Professional Understanding Argus: What it Does, How it Works, & Interpreting Argus Output Dive into Argus Valuation DCF, a popular commercial real estate software application. NEXT ONLINE OFFERING: Nov. 19 - 21, 2013 Fundamentals of Real Estate Auctions Learn the key factors regarding successful real estate auctions. NEXT ONLINE OFFERING: Nov. 21, 2013 Advanced Market Analysis for Commercial Real Estate Improve your understanding of market timing and analysis tools through hands-on instruction. NEXT ONLINE OFFERING: Dec. 3 - 12, 2013 (4 Sessions) Disposition Analysis for Commercial Real Estate Master the art of knowing when to hold or dispose of investment real estate. NEXT ONLINE OFFERING: Dec. 9 - 11, 2013 CCIM.com Register at www.ccim.com/education or call (800) 621-7027, option 2. November | December | 2013 19