Are operating expenses higher every year? Is Net Operating Income declining? Is it difficult to find quality tenants? Are vacancies running higher than normal? Do you suffer from deferred maintenance? Has your property seen better days?
Byron Reed Company is well qualified and experienced to assist you in renovating and repositioning an aging asset. We have a strong background in construction, rehabilitation and capital improvement planning and implementation. From evaluating the current position of the property and the market it serves to developing and implementing a capital budget and repositioning plan, we can help. We have created, implemented and succeeded in turn-around plans for warehouse, strip center, office building and apartment properties. We can do it for you.
The process generally includes:
- Evaluate the current market your property serves
- Evaluate the physical condition of the property
- Identify the highest value attributes of your property
- Identify the required improvements to preserve the asset
- Evaluate existing staff, policies and procedures
- Identify the steps necessary to restore profitability and value
- Formulate cost estimates and timelines to reposition the property
- Analyze the marketplace and define your target market
- Reconcile costs against projected revenues given the market analysis
- Prioritize proposed capital improvements
- Produce a cost/benefit analysis for decision making
- Assistance and advice in obtaining turn-around financing
- Development of detailed operational and capital budgets
- Production of pro-forma forecasts and projections
- Oversight of construction and rehabilitation projects
- Pricing and marketing of the rehabilitated property
- Implementation and monitoring of the repositioning plan
Please contact R. Michael Alt if you would like to discuss the possibilities of repositioning your property.
