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
Posted by ERA Landmark Real Estate on
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