Real estate investors know that before they look for solutions they need to ask the right questions. Successful real estate investors never stop asking questions. Well-formed questions are essential to understanding and solving problems, and improving results. They can also mean survival in a down market cycle. This essay lists the questions investors need to ask in the areas of leasing, property management, and asset management.

Leasing

Whether the property is commercial or residential, leases expire and lessees move. These situations create costs such as tenant improvements, advertising, printing, distribution, and leasing commissions. At the same time they may mean less income because rent may be lost, new rents may be lower, and concessions may be necessary. If leasing is not managed carefully, the costs can escalate and turn a successful real estate investment into a failing one. The following questions will help owners and managers identify problems and improve results in the area of leasing.

Have I identified the best lessee profile prospects?
Should I have a marketing plan?
Do I know what a marketing plan is?
What is the difference between passive and active marketing?
Am I using the best aspects of passive and active marketing?
Do I know what my turnover will be over the next 12 months?
Do I have a plan for lease turnover over the next 12 months?
Should I use bootleg signs?
Should I put signs on the property?
What message should signage convey?
When should I advertise?
Where should I advertise?

Should I use flyers?
What is the best way to distribute flyers?
What do signage, advertising, and flyers cost?
What results do signage, advertising, and flyers produce?
When did I last review all leasing materials, manuals, and procedures?
Do I know enough about my competitors’ amenities, rent, and lease terms?
Do I have enough leads?
Are my leads creditworthy?
Should the owner or the applicant pay for credit reports?
Do I have a problem with closing prospects?
Does the marketplace determine my leasing success or failure?
Does the marketplace determine my applicants’ profiles?
Do I have the right leasing people?
Can I improve the skills of my leasing staff?
Are my leasing people up to date on all federal and local laws pertaining to the job?
Is the compensation for my leasing staff reasonable?
Should I use a leasing agent?
What are the qualifications of a good leasing agent?
How can I find a good leasing agent?
What type of effort should I expect from a leasing agent?
What type of communication should I expect from a leasing agent?
Do I have a system for checking a leasing agent’s performance?
Is my lease document current and up to date with all laws and regulations?
Who should execute the lease?