Waad Nadhir is an entrepreneur, business leader, and commercial real estate developer. He is currently serving as the President and Co-Founder of BOSC Realty Advisors, which specializes in acquiring, then developing commercial real estate. Here are a few things to keep in mind when working or developing commercial real estate.
You need to always weigh the risk with the potential returns. In order to develop commercial real estate successfully and earn a profit, you need to first figure out how you could use a potential property in the most efficient way. You obviously shouldn’t buy a property if you don’t think it’s worth putting in the work. Consider all the risks before you buy a property, and make sure they don’t outweigh the returns.
Be ready to make continuous improvements on your property. Unlike residential real estate, commercial real estate requires you to think about the general public of the area. Make sure you cater to their needs, and this means updating your property every few years in order to keep up with changing interests, wants, and needs.
Remember that you don’t have to develop your property right away. Commercial real estate is all about timing, and if you find a good location that’s on the rise, don’t worry about waiting a few months in order to develop at the right time. Holding your properties until they become more profitable is a standard practice in the industry, and you need to pay attention to your property’s financial potential.
Waad Nadhir is committed to his career developing and acquiring commercial real estate for BOSC Realty Advisors, and he knows success.