Any newcomer to the commercial real estate market can benefit from a compilation of hints and tips on the most effective ways to purchase or sell commercial property. This article is a perfect place to learn some tips to help you build yourself from novice to master of the commercial real estate game.
Bugs and rodents are always looking to ruin your property, so factor pest control into your business strategy when renting commercial property. Getting pest control covered is especially important if you are renting in a building or area that has had previous pest issues.
Find websites which contain expert information on commercial real estate and use the information to your own advantage. You can never know too much when it comes to commercial real estate, so never stop looking for ways to obtain more information!
In the beginning, you may find it necessary to spend a great deal of time handling your investment. Good opportunities can be found if you look, and after you have made a purchase, the property may require repairs or remodeling. Don’t give up just because this is a lengthy process that gobbles up large portions of your time. It will pay off in the long run.
Be certain the commercial property you are considering has good utilities access. Your particular business might need additional services, such as cable, but at the minimum there should probably be sewer, water, phone, electric and gas.
Take tours of the properties that are potential purchases. You can even take a contractor with you to provide expert advice. Make a proposal early, and get into the beginning stages of negotiation. Before making any sort of decision after a counter offer, evaluate it once and then evaluate it again.
The new space you purchase might need some upgrades and repairs prior to occupation. It may be cosmetic changes like rearranging the furniture or painting the wall. You may even need to tear a wall down to make the floor plan fit your needs. If you’re leasing or renting, you can ask the landlord to make these changes at no cost to yourself.
There are different types of commercial real estate brokers. Some brokers or agents only work with tenants, while others will serve both tenants and landlords. It might be most beneficial for you to hire a broker who works exclusively with tenants. A broker with that focus will be more experienced in successful dealings with tenants.
Read the disclosures when you’re ready to hire a real estate agent. Make sure you understand the potential for the existence of dual agency. With a dual agency, you have the real estate broker working on each side of the transaction. This means the broker represents you and the landlord during the transaction. If there is a dual agency, everyone should be honest about it and find an agreement.
It is sincerely hoped that this set of tips has given you just the information you need to become a successful commercial real estate investor. While tricky, these tips should have given some good grounding in what you need to know.
Business Offices for Lease in Santa Ana
1850 East 17th Street, Suite 117, Santa Ana, CA 92705, USA
Call Today: 714-543-4979 or 714-543-4979 – Santa Ana Leasing Office by Atrium Property Suites