If you want to roll the dice, go to Vegas. If you want to profit from your commercial real estate investment, routinely assess your risk and act accordingly.
Any real estate investment has inherent risk. What separates the winners from the losers is the discipline required to keep abreast of the real estate market, assess the external factors that could put your investment at risk, and take steps to mitigate those risks as needed.
If you are a full-time real estate investor, these assessments are a normal part of your day-to-day responsibilities. But if you are a business owner and your only real estate investment is the office or warehouse space in which you operate, finding the time to assess your risk may sound like a daunting task. And it is easy to become complacent about your work space when the bulk of your attention is on sales, staffing, operations and profitability.
Risk thrives on complacency and is kept in check with regular assessments. There is no rule of thumb on how often you should assess your commercial property. The timing of an assessment is dictated more by the changing conditions in the economic market and how these conditions might impact real estate.
Five Steps to Assessing Risk
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