It will be easier to find the right commercial property if you have a qualified commercial real estate agent. Read on for ideas and suggestions that will help you.
Regardless of whether or not you are the seller or the buyer, negotiate! Make your voice heard and strive for fair market value pricing.
Use detailed photos to create this documentation. The picture needs to show defects like carpet spots, wall holes, or discolored sinks and tubs.
Pest Control
If you are looking to lease or rent, the issue of pest control is a critical one to address. You should make inquiries regarding pest control procedures, particularly if you plan to lease somewhere that is known for insect or rodent infestations.
There are many informational websites available that aim to provide new and seasoned real estate investors with the necessary information. You can never overdose on knowledge. Learn everything you can about real estate.
Once you have narrowed your choices down to two major contenders, you should expand your decision to include the big picture. Obtaining adequate financing is a major undertaking, whether you opt for a ten-unit apartment complex or a twenty-unit apartment complex. This is generally like buying something in bulk, the more you buy, the less it is is per unit.
Double-check that you are seeking a realistic amount of money for your property. A wide variety of factors exist that influence how valuable your lot actually is.
If your property deal requires inspections (as it should), look at the inspector’s credentials. This should be especially noted for those who work in pest removal since there are actually a number of non-licensed people who work in this area. This helps avoid major post-sale problems.
If you intend on putting your commercial property on the rental market, find a simple, but solidly constructed building. Tenants are more likely to move in when they know the property is well taken care of. They are also easier to keep in good repair and require less repairs, which will save you and your tenants money over time.
Make sure the property you are interested in has access to utilities. The property must have access to electric, water, sewer and maybe gas for it to be a viable commercial real estate purchase.
Look into the neighborhood you’re planning on buying property in. For example, if you’re offering high-priced goods or services, you might want to purchase property in wealthier areas where people are likely to be able to afford to buy from you. Yet, if you have a business that might thrive in a neighborhood where the not so well-off would opt to go to your business, then maybe that kind of neighborhood is for you.
You might need to reconfigure the interior of your property before you can use it properly. It could be as simple as a coat of paint or replacing some carpet. Other changes may be more significant, such as moving walls or installing new doors. The contract you negotiate should clearly spell out whether you or your landlord will pay for these changes, or whether the cost will be shared and in what proportions.
Dual Agency
Ensure your legal and financial safety by thoroughly examining the disclosures of a potential real estate agent. Some agents work for a dual agency. Dual agency is when a real estate agency is responsible for the representation of both parties involved in a transaction. This means that the agent is representing the interests of the lessor and lessee simultaneously. The fact that the agent is representing both parties must be disclosed to everyone involved and those parties must sign off on it.
The above article provides lots of excellent knowledge you can apply when purchasing or selling commercial real estate. Utilize this advice to gather as much information and stay as knowledgeable as you possibly can.