These days commercial real estate is being flooded with property improvement plans (PIPs).
As an owner of a property, how should you look at a PIP? What criteria and standards should you consider? What posture should you take?
The professional owner’s representatives at DAE Group suggest you ask yourself a few opening questions to figure out the most appropriate position to take on a PIP.
- What situation does the PIP address? Does it fix real problems? Open up new opportunities for you? Enhance market share? Increase revenues? Decrease costs?
- Will you end up spending a lot of money and fix a serious problem? Or is it just window-dressing?
- How does the PIP position you against your competitors? If you comply with the PIP will you have a competitive advantage or simply get up to speed with what is already common in the market?
- Can you cash flow the cost of the PIP? Do you have a reliable “number” for the cost of the PIP given today’s ever-changing market for labor and materials? How will construction
- What leverage do you have or don’t you have in negotiating the PIP?
- Do you have the right team to help you analyze, estimate, negotiate and deliver the PIP?
As you can see there are lots of perspectives to take into consideration when looking at a PIP. If you need help with a PIP contact the premier owner’s representatives at DAE Group: 720-208-9040. Logan Pierson, [email protected]. Or click on the link below to access DAE Group’s blog on PIPs.