#1 REVIEW YOUR REAL ESTATE TAX BILLS
This is an area many owners may not be addressing. Make sure the assessor has your property described properly in the tax rolls. For example, if the assessor is showing that you have a full basement or large attic and you have neither one, then your taxes may be adjusted lower by this correction. Consult with several real estate tax reduction law firms. Most of these firms will not charge you up front for any reduction in yearly taxes. In both cases, this research and effort may increase your value and cash flow substantially.
#2 INCREASE THE RENTABLE SPACE OF YOUR PROPERTY
You can do this either by proper marketing, small improvement or conversion of unused spaces within your building. An example; many buildings have attic space that can be added to the rentable space simply by installing a bright light fixture and some sprayed on paint to the ceiling and walls. This enhancement may take many forms and ultimately is a factor of how much work or money you are willing to invest.
#3 HAVE YOUR PROPERTY INSPECTED FOR ENERGY EFFICIENCY
Most local utility companies will send out a representative free of charge and provide a checklist of things that may be done to improve the buildings energy efficiency.
#4 REVIEW CURRENT MORTGAGE STATUS
Depending on the type of property you own, different options may be numerous. For instance, a recent change in the laws for multi-family owners, has allowed new loans which are available through the Department of Housing and Urban Development. Many loans are non-recourse (no personal guarantee) and have very competitive rates in most any environment.
#5 REVIEW THE CURRENT BUILDING AND ZONING CODES OF YOUR PROPERTY
Frequently, an owner’s property is being used in a certain way, although the codes allow many other uses. Some of these allowable uses may change the value or profit margin of considerably.
#6 REVIEW AREA COMPARABLE RENTS
This may be somewhat difficult to accomplish depending on the property. However, the idea here is to gather as much information as possible through various sources such as local real estate people, the internet, neighbors and other sources, to ascertain whether the rents of your property may be increased to competitive rates but more than what you are charging.
#7 REVIEW COLOR SCHEME AND DECOR
This may be as simple as doing a survey of your friends and associates, touring other similar properties or ultimately hiring an architect to advise you. In any case, curb appeal is always important and an enhancement to any property.
#8 OPTIMUM MANAGEMENT OF FUNDS
Depending on the amount and type of real estate you own, there are various cash management tools available through banks and financial institutions. These methods can only add to the bottom line and create more profit for you each year.
#9 SOURCE OR CREATE ECONOMIC INCENTIVES
In many cases everyday owners of real estate are not aware of the possibilities which may exist, relative to the County or Municipality in which the property is located. In most instances, governments have a long term plan for a given area within their boundaries. More often than imagined, economic incentives such as tax rebates, Municipal financing, façade rebates and many other instruments are available to owners, subject to certain requirements.
#10 CHECK THE HISTORIC STATUS OF THE PROPERTY
There are various levels and types of historic registers either within the State, County or Municipal district in which your property is located. The status can effect your property values or desirability.
