COVID-19’s sudden and continued impact on the economy has left many individuals and businesses struggling financially. Your tenants may no longer be able to pay rent, and as a result you may not be able to make mortgage payments. That’s why you’ll need to take extra measures to protect your property investments.
As real estate professionals, the members of Forbes Real Estate Council have navigated challenging times and understand how to adapt and adjust. Below, they share 14 ways to manage your property investments during a disruption in the real estate market.
Forbes Real Estate Council members offer ways to protect property investments in an uncertain market.PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.
1. Be Quick And Agile
In market upheavals, you must be very quick to act. How do you attain quickness? Information and quick decision making. You need to be plugged into great sources prior to any incident happening. Building out a network of advisors that you trust beforehand so that you are prepared is essential to getting the right information. Being diligent to maintain those relationships will always prove useful. – Amy Tiemann, TM1 Properties
2. Lower Your Costs
Take a look at the operating cost of your existing portfolio. Are there ways you can lower costs in marketing, utilities or overhead? Can you refinance to a lower rate? Examine your cash flow, but be careful. There are different types of cash flow that can be deceiving. Be informed with your numbers and know them like a hawk, specifically your operating cash flow. – Kevin Palka, MVP EQUITIESForbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?