Here are six tips from our Jackson Hole Real Estate Broker, Ron Miller, to add value to a Jackson Hole commercial or investment real estate investment. Ron has invested in several hotels and other commercial ventures as well as rental homes and condo properties in Jackson Hole and is the leading expert in the field.
1. A good investment property at a fair price in Jackson Hole can be fairly valuable to an investor that is smart and good at it. It is important to put together great terms and price in the original contract. Ron believes he makes most of his gains the day he enters into a contract if he accomplishes getting the right price and terms.
2. Use a great local Real Estate attorney that is good with drafting complex contracts to protect your interest. Using the typical boilerplate commercial real estate form in Wyoming and an agent with little experience to draft a complex Jackson Hole real estate contract is not a wise move and can be a detriment to getting a deal done right.
3. Good negotiation skills as a buyer or seller in Jackson Hole Commercial Real Estate are very important when purchasing or selling. The more experience you have it helps as you address concerns in all the complex due diligence matters that arise. Using a highly skilled expert Realtor like Ron Miller is huge to get through tough negotiations with buyers and sellers. You can never pay a broker enough that has expert skill sets according to Ron.
4. Ron also recommends putting the buyers and sellers together if at all possible. It is an advantage not to have to relay a message that may be misinterpreted by the other party due to 3rd party miscommunication or inexperience.
5. Have a plan for the property the day of closing. Ron immediately works on increasing the revenue stream and cash flow day 1 on a newly acquired Jackson Hole commercial property. It is amazing what a fresh coat of paint, re-carpeting and decorating can do to improve revenue and the value of a property in 1 week. Ron prefers to buy properties that need a little amount of reasonable work at a lower price and get it done quickly after closing.
6. Ron immediately puts his property management team on the newly acquired property he buys to promote the new improved rental property on his website jacksonhlole.net. He says it is amazing how you can change a toad into a prince quickly to add value in both revenue and market share value depending on market conditions. You can see more about the property management at propertymanagementjacksonhole.com
