Unlocking The Hidden Gold In Your Commercial Real Estate: A Baby Boomer’s Guide

Introduction:

Commercial real estate is one of today’s most valuable and stable assets in the market. Numerous financial advisors recommend avoiding investment risks as individuals age, which may involve transitioning from stocks to a greater emphasis on fixed-income investments, such as those generated by cell towers. Suppose you’re a senior citizen born between 1946 and 1964 and inherited real estate property such as land or building space suitable for commercial use. In that case, it can give you a steady post-retirement income or tax benefits, and you might even see an appreciation of its value over time. However, many people currently 65 and over, especially baby boomers, are unaware of the potential of their commercial properties, and they may be missing out on opportunities to maximize their wealth and plan for their retirement savings. Baby boomers who own or inherit real estate property suitable for commercial use are essential for today’s economy because they can contribute to the development and growth of various sectors, such as retail, office, industrial, hospitality, and healthcare. They can generate income, create jobs, and support local businesses and communities by leasing, selling, or investing in their properties. In short, if you are a baby boomer with commercial property, you may be sitting on a gold mine without realizing it.

What Baby Boomers Should Know:

Due to the increasing number of retiring people, there is an ongoing demand for a skilled young labor force. Interestingly, as a trend, many employees of today’s generation want to be independent through an online business and voluntarily resign from their jobs. For this reason, not just in the US, many global companies are increasingly relying on robotics technology as today’s generation is less interested in doing repetitive and hazardous manual work like young people did in the late 40s and 50s. That’s why, in this tremendous technological shift and economic uncertainty, most people with commercial property from the baby boomer era would look to maximize the potential of their assets.

Many of these senior citizens are looking for a professional appraisal to understand the current market value of their commercial property, as this will be crucial for making informed decisions. So, if you’re 65 and above and residing in Indiana, you must stay informed about the local commercial real estate market trends. This knowledge might help you set competitive rental rates. Some consider consulting a financial advisor to assess how the income from their commercial property fits into their overall retirement plan. As an older person, you should regularly maintain and upgrade your property to keep it attractive to potential tenants. Such renovations can also contribute to the long-term value of the property.

If you have existing tenants, nurture positive relationships with them. Good tenant-landlord relationships can lead to longer leases and stable income. Stay updated on any changes in local property laws and ensure your property complies. This can prevent legal issues and protect your investment. You can also review your commercial property insurance to ensure it adequately covers potential risks. This includes liability coverage, property damage, and natural disasters.

Additionally, consider diversifying your investment portfolio. Depending solely on one property can be risky; exploring other investment options may provide additional stability. You can also plan for the future by developing an exit strategy. This could involve selling the property, passing it on to heirs, or transitioning to a different investment. 

Why You Should Consult With Brokers:

Sometimes, it is wise to do some of the above tasks alone; however, when dealing with commercial real estate transactions, you might seek help from property managers and commercial real estate brokers. Their expertise can be invaluable, especially if you manage the property from a distance or have limited time due to family trips. Working with a commercial real estate broker can be a very beneficial experience for baby boomers looking to sell or lease their commercial properties. A good broker can save you time and money and help you avoid costly mistakes. They can advise you on the best market conditions, pricing strategies, and legal issues. They will have a deep understanding of the local CRE market. They can find suitable tenants for your needs and help you negotiate the best deal possible. A commercial property broker can help you avoid making costly mistakes when selling or leasing commercial property, as they’ll be able to identify and address potential problems before they become an expensive headache for you. Also, commercial brokers are often skilled at negotiating the best deal possible for their clients. So they’ll be able to represent your interests and advocate for your needs. They will act in your best interest and ensure you’re treated fairly throughout the leasing process. They often handle all the paperwork so you can focus on your family.

How Our Professionals Can Assist:

We’re a commercial real estate brokerage company based in Indianapolis specializing in asset disposition, acquisition,  investment advisory, and BOVs (Broker Opinion of Value). As the proud owner of valuable real estate, navigating the CRE market can seem daunting, especially as you enjoy the golden years of retirement. Our commercial property advisors should be your go-to guide for maximizing the potential of your property investments. You can picture us as your real estate heroes, armed with investment advisory services designed to simplify complex market trends and provide expert insights. If you ever wondered about the true worth of your property, then our BOV services offer a clear and comprehensive evaluation. It’s like having a magic key to unlock your land’s or commercial space’s total value. Whether you aim to sell, lease, or enhance your property’s overall value, we’re here to make the journey seamless and profitable.

Allies Commercial Realty professionals can help you unlock the hidden gem in your commercial real estate by providing valuable advice from property valuation and market research to financial planning or maintenance and upkeep. Moreover, we have tenant relationship experts who can guide you in legal compliance, insurance coverage, or asset disposal strategy. We can help you evaluate your current portfolio, identify your goals and objectives, and advise you on the best methods to optimize your returns. Whether you want to sell or hold your commercial properties, we can guide you through the process and help you make informed decisions.

We can provide you with a professional and unbiased opinion of the market value of your commercial properties based on the latest data and trends. Our BOV service can help you understand the current and future potential of your assets, and it can also help you prepare for financing, refinancing, or selling. We will be able to guide you through the process and ensure that your best interests are protected. 

Our professionals can provide valuable advice on all aspects of CRE, including investment strategies, tax implications, and property renovation. Our brokers can price your property competitively and market it to potential buyers. They can also negotiate on your behalf to ensure you get the best possible price.

Conclusion:

Baby boomers were born after World War II amid the worldwide political tensions of the Cold War. These senior citizens are called baby boomers because there was a boom in the birth rate during that period, and America’s average household income was growing. Unfortunately, by the end of this decade, most baby boomers will reach retirement age. So, many senior citizens would like to spend quality time with their families. They would be interested in entertainment expenditure or family vacations and thus require money. Many are turning to commercial real estate brokerage firms as they have access to a network of buyer contacts, including lenders and appraisers. These firms are a valuable opportunity when looking for a buyer or tenant for your property.

In the same way, our brokers can give you access to a network of contacts and save you time and hassle by handling the day-to-day tasks involved in selling or leasing your properties. This includes marketing the property, showing it to potential buyers or tenants, and negotiating contracts. By working with us, you can benefit from our extensive experience, diversification strategy, market knowledge, and agent contacts in the industry. We would love to hear from you and prepare your commercial property for lease. Allies will assist if you’re ready to embark on an adventure where success is guided by experts who know the local market. Remember, your property is more than an asset; it could be a potential goldmine, and we’re here to help you strike gold.