Foreign investors abound in New York and New Jersey rental circles. Funds from all over the globe boost the area’s economic profile and contribute to the preservation and repair of some of the most iconic landmarks in the region.
That’s a trend to appreciate in these uncertain economic times. But for the foreign investors who sink their money into commercial properties over here, there can be obstacles and pitfalls to avoid.
It’s hard to stay on top of everything
Even if you think that you have some well-established and solvent long-term tenants for your commercial properties, we are living in uncertain financial times. Business models are transitioning to remote formats and requiring less brick-and-mortar space. A client you thought was there to stay could soon be shuttering its operations.
Relying on relatives is risky
Sure, you may be tempted to ask one of your relatives here in the States to “keep an eye on” your investment. As an additional pair of eyes on the big picture, that may be fine. But for day-to-day operations and financial transactions, it can be a real mistake. Not only can the person fail to live up to your expectations of their role, but the relationship between the two of you can also get permanently damaged.
Why professionals can be your lifeline
Hiring a property management company to oversee your commercial investment property here in the United States is a good business decision to make. Having a ready source of guidance for any legal or regulatory problems is also prudent when you are a foreign investor here in New Jersey.