Industrial and commercial property is continuously on the market, but it does not have the same kind of listing as residential and the pricing is completely different than residential. You need to properly navigate the market to find them, and the tips in this article will help you locate these commercial properties.
Purchasing commercial real estate is a much more lengthy and complicated process than that of buying a home. Know that the duration and intensity is essential to getting a higher return on the investment you made.
When interviewing potential brokers, ask them to tell you about their experience level with the type of commercial investments you are interested in. Make certain that they have experience and expertise in the community you are dealing in. Make sure your agreement to work with that broker is exclusive.
Always ask to see the credentials of any inspectors you hire for your real estate deal. You need to be especially diligent when it comes to hiring a pest control service, as many people who work in this field aren’t accredited. This can avoid future problems after the sale.
Always make sure that utilities can be accessed from the commercial property you are looking into. You’ll need to have quick access to water, electricity, gas and the sewer.
Have property professionally inspected before you decide to put it up for sale. 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.
Go on some tours of places you might want to buy. When looking at a property that you are thinking of purchasing, it’s a good idea to have a licensed contractor accompany you. After touring, feel free to begin negotiations or even make your preliminary proposal. Before making any sort of decision after a counter offer, evaluate it once and then evaluate it again.
Establish your goals and needs before you start looking at properties. You should write down the features you are looking for, such as size or settings.
Put a high priority on emergency maintenance needs. Speak with your landlord, and ask who is in charge of emergency repair work at your home or office. Have the phone numbers on speed dial, and know how long it generally takes stuff to get fixed. Create an emergency plan using your landlord’s information so that you can protect customer service and your reputation in case of a disruption to your usual business.
Real Estate
There are real estate brokers who deal exclusively with commercial investments. Real estate agents will work with landlords and tenants, but there are also some that only work with tenants. If you intend to rent rather than buy, retaining the services of the latter type of broker may benefit you, as tenant-only brokers know what works when representing tenants.
Consult with your tax adviser prior to purchasing any property. Your tax adviser can inform you of all of the potential costs related to your investment, and also tell you what percentage of your profits will have to be paid in taxes. Utilize the advice given to you by your tax adviser in order to locate a property in an area where your investment will incur the least taxes.
Do your research so you know ahead of time if you will have issues with the environment surrounding your property. Should a problem with environmental waste ever occur, it is your obligation to properly clean your building and property. Are you considering a property that is in a flood zone? Think over your options again. There are companies that will do environmental studies to evaluate the risk of incremental hazards in the area that the property is located in.
Locating the right type of commercial real estate is only half the battle here. Just a little information goes a very long way.