At Lisamarie Wand Group we have supported many businesses throughout the years. The common understatement is ‘knowledge is power’. Since this is our career and livelihood we have knowledge that clients wouldn’t see until trial and error. We can spot mistakes and know how to catch them. We guide our clients to make the best decision for their business. Commercial real estate can be costly and impact your investment or business. Here are some common mistakes to avoid and services we provide to avoid them.
The first common mistake we see is insufficient research: Failing to thoroughly research the market, property, and potential tenants can lead to poor investment decisions. It’s essential to assess factors like location, demographics, vacancy rates, and future development plans. Here at Lisamarie Wand Our team spends countless hours doing research for our clients. Second, Inadequate Financial Analysis: Ignoring the financial aspects of a commercial property can be detrimental. Conduct a thorough analysis of the property’s income potential, operating expenses, cash flow projections, and potential risks before making a purchase. This is what here at Lisamarie Wand Group can spot with our research and experience. We can identify trends in foot traffic around certain areas in town and are knowledgeable about city zoning regulations.
Third, Overlooking Due Diligence: Skipping or rushing through due diligence can lead to unforeseen issues. Take the time to conduct inspections, review leases and contracts, assess property conditions, and verify any legal or zoning requirements. Lisamarie Wand Group is familiar with the Reno, Nevada area. We can assist with information regarding requirements and types of business that can be placed.
A factor we also see is Neglecting property management. This can lead to decreased tenant satisfaction, higher vacancy rates, and increased maintenance costs. Ensure you have a solid property management plan in place or hire professionals to handle it for you.This then can lead to underestimating expenses. Inaccurately estimating expenses can lead to cash flow problems. Consider not only the purchase price but also ongoing expenses such as property taxes, insurance, maintenance, and property management fees.
Last but not least is Failure to Seek Professional Advice. We see this often with clients not engaging the services of a professional early on in the process. Here at Lisamarie Wand Group we guide and advocate for our clients every step of the way. Whether you’re a new or seasoned investor, Lisamarie Wand Group is here to help you achieve your goals.
For more information contact:
Lisamarie Wand Group – Commercial Real Estate and Business Broker Experts
Mohr Partners, Inc
1325 Airmotive Way, #276
Reno, Nevada 89502
O: 775.224.5300
info(at)lisamariewand(dotted)com