Photo Credit: Pixabay Spring is here, and it's an important time for retail property investors to get out and make seasonal property inspections, property maintenance and financial review, in order to optimize asset value and returns for the rest of the year. Seasonal Property Inspections As the weather changes, it's vital to have seasonal property inspections performed. Items to pay special attention to for shopping plaza owners may include:
- Roof condition
- Drainage
- Plumbing
- Air conditioning
- Signage
- Parking surfaces and walkways
- Construction sites
- Landscaping
Seasonal Property Maintenance Many property managers and contractors have a regular list of items to tackle at this time of year and others will inspect the property condition to create a list of repairs. In general, seasonal maintenance will probably include pressure washing, planting, window cleaning, tree trimming and painting to name a few. Seasonal Financial Review The property's financial records will need a spring cleaning, just like the physical property. Be sure to have all paperwork together and organized. Move all new records to the cloud and back them up. Ensure documents are ready for tax filings. Review leases and be ready to address renewals and rate increases, as well as tenant moving activity. Plans should already be drafted for late spring and summer events. Many investors discover new financial opportunities when they pay attention to the numbers. A thorough view of the financial condition of your retail property may help you to determine if there is an extra revenue opportunity. Some examples include adding seasonal vendors and hosting special local events to drive in more traffic. Seasonal Portfolio Maintenance Real estate investors should be looking at their entire portfolios at this time of year and plan restructuring moves. Restructing includes selling mature or underperforming assets, stocks, cryptocurrency, bonds and even residential investments in exchange for more commercial property. Spring is a great time to sell or purchase well priced acquisitions, and move into new markets with greater growth prospects. Summary Everyone loves spring. It's a great time for retail property owners and their team to get out and inspect, preserve and maximize their real estate investment assets. With the right punch list, investors can leverage this time of year to boost annual yields and increase overall portfolio returns for the rest of the year.