When things were great and your commercial property was 100% leased there were few worries. Operating Expenses were a necessary evil and besides, your brother in-law was handling the landscape maintenance and janitorial.
But now, with looming vacancies, late lease payments and lower market rents - it is time to scrub the expenses. Your lender is looking for a plan. You need to be proactive and if you have the dreaded late mortgage payment conversation, you can demonstrate a determined plan to keep your property running efficiently.
No, your lender does not want to foreclose, in fact that is the last thing they want. What they want is to be able to present to the powers that be a proactive solution driven plan. So, pull out the Profit & Loss and a wire brush and get to work.
For more information about how to "Scrub the Expenses" contact Steve Olson, Broker & Business Director for NAI Landmark in Bozeman, Montana. Call or email Steve today! 406-556-5074 or Steve.Olson@NAILandmark.com
©ERA Landmark Real Estate 2013. All rights reserved. Robyn Erlenbush CRB, Broker/Owner. Each ERA Office is independently owned and operated.
All information contained herein is gathered from a variety of sources deemed reliable, however, it is not guaranteed or verified by the seller, ERA Landmark, or any of its associates. We urge independent verification of each and every item submitted to the satisfaction of a prospective purchaser.
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