If you are considering investing in an industrial facility and becoming the owner/operator, there are many important factors that you should consider. If you are one of the few determined enough to make your dream a reality, keep reading as we share some important tips to owning and operating an industrial facility.
Owning and operating an industrial facility involves a lot of work, patience and determination for success. Here are some tips that will make the experience easier and more efficient.
1. Plan. Before investing in any property, you should have a plan and timeline. This plan should include market research, a mission statement, your timeline and goals for the investment. Creating plans can help you achieve goals and stay on track to success.
2. Funding. Consider getting pre-approved by a lender before checking out properties. A good rule of thumb is to have at least two months of operating expenses in a business savings account. This will help you prepare for any emergencies or unforeseen expenses. Some of the costs you will need to consider include mortgage payment, utilities, insurance and liability and equipment and supplies.
3. Self-Manage or Hire Out. Managing property yourself will save money, but it will also take up a lot of your time. Consider a property management service to take care of the day-to-day activities and bills.
4. Market your Facility. Ensuring that people know about your industrial facility is important if you want to keep the current tenants happy and attract new ones. Marketing is the best way to keep your facility leased and increase your profits.
If you are considering owning and operating an industrial facility, contact the commercial real estate professionals at Odyssey Real Estate Capital today!
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