Note that commercial and industrial properties are always going on the market, yet you want to understand that these type of properties don’t get preferential listings as regular homes would. Read on to learn the best ways to find commercial properties for sale or lease.
Be sure to negotiate on the fact of what you are, the seller or buyer. Make sure that you are heard and that you fight for a fair price for the property.
If you are renting or leasing, be sure to know about pest control arrangements. This is especially important if the region is known for certain types of pest infestations. If this is the case, ask specifically what the landlord will do with regard to pest control.
There is much more time and work involved in purchasing a commercial property rather than a residential property. Yet the greater the risk and time, the greater the profit, so take this into consideration when you think about the type of investments you want to make in the future.
For a commercial property you plan to rent out, make sure it is a solid construction with a simple design. You will be able to attract tenants for these properties more quickly due to the fact that they will know the building is well maintained. This sort of building is virtually maintenance-free, so there will be fewer headaches for owners and tenants.
Confirm that basic utility services are already situated at the commercial property. The utilities you will need for your business go beyond electricity; you will also need water, sewer and gas, as well.
If you are writing a letter of intent, take it easy. Go for agreements on the bigger problems at first, then get to the smaller issues later in the negotiations. This will make the negotiations faster and less tense, and it will also cause the lesser issues to be completed easier.
If you are touring several properties, be sure to utilize a checklist to make things easier for you. Be sure to take the initial proposal responses, but do not proceed without making the property owners aware of what is going on. Don’t be afraid to casually tell the owners that you are looking at other properties, too. This may help you by creating a sense of urgency on the seller’s part.
Before being occupied, your new purchase my need some improvements or remodeling. It could be something simple, such as paining walls, rearranging appliances or furniture or hanging things. In many cases, walls must be moved and floorplans rearranged. You should pre-negotiate the cost of these alterations with the landlord, and try to get them to contribute towards at least part of them.
You should always know how to get in touch with emergency maintenance. Find out from your landlord who to contact for emergency repairs, such as plumbing accidents. Know what the phone numbers are, and know what the response time is for them. Use any information you can get from your landlord so contingencies are ready for the times your normal business operations are interrupted so you can safeguard your customer service and your reputation.
Commercial real estate agents come in different types. You have a full service broker who works on behalf of both the tenant and landlord, then you have brokers who only work with tenants. A broker who works only with tenants should have more experience and should represent a better choice for you.
Tax Adviser
Speak to a tax adviser prior to buying a 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. You can work with him to narrow down areas where you’ll best invest your money.
To make sure you are working with the right real estate broker, ask what they consider as a success or a failure. You need to know how they actually measure their results. You should feel comfortable with their explanation of the strategies and methods they use. Then you can be sure you choose a broker who views things the same way you do.
The environment of your property is an important factor. You are required to clean up any environmental waste on your property. Are you considering purchasing a piece of real estate in an area prone to flooding? You might want to reevaluate your decision. If you need information about potential environmental problems in an area, contact local environmental protection or assessment agencies.
Finding the appropriate kind of commercial property is only the first half of your work here. Just a little information goes a very long way.