This summer, Max Peng, a rising senior in high school, worked at Global Street Partners as an intern and got a good grasp of the behind-the-scenes operations of the commercial real estate industry. Here are four tips he came up with based on his experience and research:
- Make a Plan
- Real estate investors should adopt a professional approach to attain their short- and long-term goals. Our current lending climate has shown that well capitalized investors, with a strong portfolio foundation, ride through the uncertainty relatively unscathed. Working with an experienced real estate professional like Global Street Partners can help you focus on your essential objectives, develop a comprehensive plan with financial projections, property decisions, upgrades, and demographic considerations ensures efficient management.
- Know the Market
- Successful real estate investors, with the help of their broker partner, specialize in their chosen markets, focusing on specific regions and property types. They monitor trends like consumer spending, mortgage rates, workplace and leasing trends to comprehend the present and anticipate shifts for future planning. This enables them to foresee potential real estate opportunities and mitigate challenges arising from changing trends.
- Understand the Risk
- While stock market investors are regularly warned about risks, real estate investors often see ads portraying real estate as a lucrative venture. Dig deeper – while real estate investment can be a vehicle for wealth enhancement, understanding the transaction, legal, environment and portfolio management pitfalls will allow them to adopt strategies to minimize these risks so long term wealth goals can be achieved.
- Build a Network
- Creating a professional network benefits both new and experienced real estate investors by providing essential support and opportunities. This network includes not just subject matter experts to help you through the transaction; but also business partners, clients, and nonprofit members that can help you build a tenant base for longer portfolio management solutions.