The start of a new year offers a great time to re-energize your business by setting professional and personal goals.
I organized and tidied my office, boxing up my 2014 completed files. I relabeled my current files with 2015 tabs, which made me feel accomplished. I also wrote out my 2015 business plan, which made me feel geared up, focused and hopeful for a prosperous year for my clients.
Commercial real estate sales might appear to some like a real picnic, but it’s challenging work in a flat market. As this is my ninth year in commercial real estate sales, I’ve learned some lessons and met some wonderful people. Most commercial real estate deals take an average of 60 days to 90 days, so patience and perseverance are required.
The Western Slope economy hasn’t recovered as quickly as the rest of Colorado. We lack new job creation and have less energy development, which affects many sectors of the economy.
At the same time, though, construction is slowing coming back, and health care and education are growing in our valley. Such groups as the Grand Junction Economic Partnership and Grand Junction Area Chamber of Commerce promote our community.
What’s hot in commercial real estate and investment properties?
Mesa County has a low inventory of income-producing properties listed for sale. This could be the time to consider selling.
There are many reasons to sell or lease your property:
If you find yourself tired of the landlord experience, it might be time to sell.
Depending on the property, some depreciation schedules come up quickly — a good question for your tax accountant.
An IRS1031 tax-deferred exchange. You can avoid taxes on capital gains and roll funds into a new venture. IRS 1031 tax exchanges could be short-lived, so take advantage. Local commercial lenders are eager to lend money on 1031 purchases, as loan-to-value ratios are low. You can buy more property with those tax-deferred dollars. With good credit and $500,000 cash in a 1031 exchange, you could be shopping in the $1.5 million market. It’s a good idea to sit down with your tax accountant to review how a 1031 exchange might benefit you.
Contact a professional commercial real estate broker to help you evaluate and understand the potential of selling your property and growing your investments and your real estate portfolio. It’s a great time to at least ask.