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10 Tips People New To Hotel And Commercial Property Ownership Need To Know

Entrepreneurs making their first foray into the hotel or commercial property real estate industry may not necessarily know what they are getting themselves into. Hotels and other commercial properties are more than just the physical brick-and-mortar building. Often, operating these structures also involves managing the hospitality business that comes along with it — an entirely unique realm of a real estate venture that combines the management of both people and property.

Due to the number of working parts involved in a successful hotel or commercial property, many entrepreneurs just starting out may not know where to start or where some of the pitfalls may be. To help you navigate a new hotel or commercial property acquisition, we asked members of Forbes Real Estate Council to explain the one thing people should know about managing such a property before they start. Here’s what they had to say:

1. Focus On Your Strengths


2. Make Sure You Set Aside Enough Time


3. Expect The Unexpected


4. Have Lots Of Back Up


5. Know Local Ordinances And Laws


6. Analyze, Audit And Compare Expenses

Analyze all the expenses and vendors when you take over management. Gather at least three to five quotes for vendors, as the cost difference can be tremendous. For example, we had one property where our highest quote for the sign repair was $60,000 and the vendor we ended up using offered the same work for close to $15,000. - Catherine Kuo, Elite Homes | Christie's International Real Estate


7. Have Substantial Capital Reserves


8. Make Sure Managers Know Who To Call, And When


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