Unless you are familiar with where to look, then it can be difficult to find commercial property that is great for the start of your business. Keep reading for a handful of real estate tips and tricks.
If you’re a buyer or if you’re a seller, it’s important that you negotiate. Be heard and fight to get a fair property price.
Figure pest control into your rented or leased commercial real estate property costs. If the area that you are renting in is known for pest infestations, it is especially important for you to talk to your rental agency about their policies for pest control.
Commercial property is an investment. This investment is not just money, but also time. You will have to hunt for a good opportunity, and once you have bought property, you might have to do some repairs or remodel it. Even though this work takes time, don’t lose heart! Later, you’ll be rewarded for the time and money you have invested.
You need to make sure that the price you are asking for your real estate is a realistic price. There are many things that can impact your value greatly.
Get the credentials of any person who will be doing an inspection on a property you are trying to buy. Pay particular attention to the credentials of any pest-control experts because many of them are not licensed. A non-accredited inspector could be a source of problems.
Empty Units
If you plan to rent out a commercial property, you should do all you can to make sure they stay occupied. Remember that if you have empty units, you have to take care of them. Maintenance costs on empty units can add up. If you notice that you have several vacant properties, try to find out why, and look at ways of enticing tenants back in.
Check a commercial property for access to electricity and other utilities; make sure there is good access. You will need access to electricity, water, sewer and maybe gas in addition to any unique need that your business has.
You should examine the surrounding neighborhood of any commercial real estate you may be interested in. Purchasing in neighborhoods that are in the upper price per square foot range will help for successful business because the surrounding owners have more money to spend. However, if your services are more frequently utilized by people of lower socioeconomic brackets, be sure to find a neighborhood that suits it.
If you are considering leasing a property to someone else, then cover all your bases to reduce the risk of a default. This can decrease the chances of tenants defaulting on that lease. You want to avoid any circumstances that could lead to this occurrence.
Conduct tours of potential properties. Think about asking a contractor to assist you in evaluating each of the properties, since they will likely see things that you may miss. Once you have all the details, start drafting proposals and enter negotiations with the seller. Don’t decide on anything without careful consideration.
In writing letters of intent, focus on major issues to begin with. Many smaller issues will fall in line on their own with this approach. If not, you can work them out later. This way, negotiations will be smoother, and agreements on the small issues are more likely to be reached.
Have a list of goals on hand before you start searching for commercial real estate properties. List the qualities that concern you most in a property (e.g. restroom facilities, conference facilities, number of units available, square footage, etc.)
Before you can start using the property you’ve purchased, you might need to make some improvements. These may be simply applying new paint or a change in furnishings. However, you might have to remove or relocate some of your walls so that you can get the most out of your space. Be sure to negotiate who is responsible for these changes ahead of time so that you do not have to pay for the full cost.
Commercial Real Estate
Hopefully, the article you have just read provides you with many helpful tips and useful advice for your purchase or sale in commercial real estate. Check your local newspaper and online sources for up to date information about commercial real estate in your town.