Buying real estate for commercial purposes can be a very different game from buying a home. The following tips will help you make a tidy profit from your commercial real estate endeavors.
You should take numerous, high-quality photographs of the property. Make certain your photos highlight specific defects such as carpet spots, wall holes and bathroom discolorations.
Residential property transactions are much less intricate and protracted than are commercial transactions. Know that the duration and intensity is essential to getting a higher return on the investment you made.
If you’d like to rent out the properties you purchase, it’s best to buy a simple building with solid construction. These properties are generally top sellers because prospective tenants can see how well-built and maintained they are. Tenants will also have to deal with maintenance issues less often, which means they have more time go about their business.
Make sure you’ll be able to access power, water and other utilities for your commercial property. You are going to need to sign up for utility services on your commercial property, along with the ones you have at your business.
Prior to listing your commercial property for sale, have it checked out by an inspector with at least five years of experience. This way you can make sure it is prepared in advance of a sale, and if any problems arise during the inspection you can take care of it on the front end.
Advertise your commercial real estate far and wide. Do not assume that only local investors will be interested. There are many private investors who would purchase property outside of their local area if the price is right.
Have a list of goals on hand before you start searching for commercial real estate properties. Make a list of the property features most important for you, such as square footage, number of offices, conference rooms, and restrooms.
Always include emergency maintenance on your list of need to know things. You should ask your landlord who is in charge of handling emergency repairs. Be aware of the response time of emergency personnel, and be sure to have their contact information handy. Make an emergency plan once you have this information. If a flood, fire or break-in interrupts your normal business day, you need to have a plan in place so that you can re-open as soon as possible.
A variety of kinds of commercial property real estate brokers exist. Some brokers represent tenants only, while full service brokers will work with landlords and tenants. A broker who works only with tenants should have more experience and should represent a better choice for you.
Always go through the disclosures of an agent before hiring him or her. Understand the meaning of dual agency. In this situation, the agent will represent the buyer and seller. This will mean that the agency will work with the landlord and tenant simultaneously. Dual agency must be disclosed by both parties and they need to agree to it.
There are many things to learn about the commercial real estate market. Be sure to follow the advice of this article to get your best deal in commercial real estate, and continue on a successful path.
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