A collection of tips on how to begin with buying or selling commercial real estate is needed by anyone who wishes to get started in this complex world. Below is just such a collection that can assist the eager novice into eventually becoming a successful commercial real estate venture achieve their goals.
Regardless of whether you are buying or selling the property, negotiate! Be heard and fight to get a fair price on the property price.
If you have to choose between two different properties, think big. Generally, this is the same situation as if you were buying something in bulk, you will end up getting a better price per unit.
Make sure you have the right access that has utilities on any commercial properties. Your particular business might need additional services, but at the very least, you probably require hookups for electric, water, water and most likely, gas.
You need to think over the neighborhood where a piece of commercial property is in before you commit to it. If the business you run caters to a lower-income demographic, buy property there!
Have a professional inspector look at your property before you list it for sale.
When you are writing up the letters of intent, try to keep it brief by agreeing with the bigger issues initially and let the lesser issues be resolved at a later time.
Emergency repairs should always be on your need to know list. Keep the phone numbers in a convenient place, and know how long it takes them to arrive on average.
There isn’t just one type of commercial real estate. Some agents represent tenants only, while full service brokers will work with landlords and tenants.
Borrowers have to order the appraisal in commercial loans. Banks will not allow them to be used at a later time. Order it yourself to ensure that you will be eligible for commercial loans.
Hopefully the information contained in this article will help you to build a foundation of knowledge off which you can grow to profitable heights. This compilation of hints and tips was designed to assist you in enhancing your commercial real estate skills as both a seller and a buyer.