Preparing for Retirement: Top 5 Things Commercial Property Owners Should Consider

As you approach retirement, deciding what to do with your commercial property
can be both exciting and daunting. This pivotal moment requires careful planning and informed decision-making to ensure your financial security and peace of mind. Tartan Properties has guided numerous clients through this process, helping them maximize revenue and achieve their retirement goals. Here are key considerations for commercial property owners preparing for retirement:

1. Time Commitment

Managing commercial properties can be time-consuming. As you age, you may find it increasingly difficult to keep up with the demands of property management, such as:

• Tenant issues
• Maintenance
• Administrative tasks

2. Maintenance Issues

Commercial properties often require significant upkeep. As you get older, handling these responsibilities, especially unexpected repairs or renovations, can become more challenging both physically and financially. This includes:

• Routine maintenance
• Emergency repairs
• Renovations

3. Tenant Management

Dealing with tenants can be stressful, particularly when there are disputes or problems with rent payments. This can be more taxing as you age, both emotionally and mentally.
Considerations include:

• Handling tenant disputes
• Collecting rent payments
• Managing tenant turnover

4. Health Concerns

Physical health issues may make it harder to manage the demands of being a landlord. Regular property inspections, meeting with tenants, and handling emergencies may become more strenuous as you age. Additionally, critical decision-making skills often decline with age, adding a layer of complexity to management [1]. Key challenges include:

• Proper and accurate record keeping
• Meeting with tenants
• Responding to emergencies

5. Financial Risks

As market conditions fluctuate, the financial stability of your investments can be at risk. Older landlords may find it harder to recover from significant financial losses or downturns in the market. Financial considerations include:

• Market fluctuations
• Risk of financial losses
• Recovering from downturns

If you’re contemplating selling your commercial property as you prepare for retirement, contact us today. Let us leverage our expertise to help you achieve your financial goals and enjoy the retirement you’ve worked so hard to deserve.

For more detailed insights, check out our related blog post: Preparing for Retirement: What Commercial Property Owners Should Consider.