Industrial property and other commercial properties are going up on the market all the time, but this type of property does not get preferential listings like regular homes. Read on to learn the best ways to find commercial properties for sale or lease.
When you are buying or selling commercial real estate, always negotiate. It is important that your concerns and opinions are heard and recognized by the other parties; you must always put forth the effort to ensure fair pricing for the commercial property.
You must be patient to succeed as a real estate investor. Make decisions calmly and slowly–don’t be in a rush to buy a piece of property. Don’t jump into any investment without doing your research. Going too fast could result in a loss that you could have seen coming had you stopped, researched, analyzed, evaluated, and cross-checked the potential with your desired goals. It could take as long as a year to find the right investment in your market.
Initially, your investment will take up a great deal of your time. The time aspect of the investment includes finding the property and making any repairs to the property. Although it may take time to get your investment property up to speed, do not abandon your project. Your efforts will be rewarded.
When selling a property, you should make certain that whatever price you set is realistic. There are a lot of factors that determine the value of the lot.
Commercial rental buildings should feature sturdy construction and simple details. These spaces are more likely to fill quickly with paying tenants who are drawn towards something that is well maintained. This type of property will also make maintenance much easier on both you and your tenant.
Have a professional do an inspection of your commercial property prior to you listing it as available on the market. Fix all problems that they find as soon as possible.
A letter of intent should be kept simple by focusing on larger issues and leaving smaller issues to negotiate later. Doing it this way will allow the negotiations to be less intense and get them to agree faster.
Using a checklist is useful when you have multiple properties that you are considering. Accept responses to the initial proposals, but don’t go further than that unless you inform the property owners. You may want to offhandedly let the owners know that theirs is only one of a few properties in which you are currently interested. This may provide you with more room for negotiation.
Plan on doing some improvements to your new commercial space before you can inhabit it. Cosmetic changes like painting walls and rearranging furniture might be needed. Normally, however, it may be something a little more involved like walls being moved. Remind the landlord that these improvements are necessary, and use them to negotiate a lower deposit or reduced rent.
Read the disclosures when you’re ready to hire a real estate agent. Never neglect the fact that you may be dealing with a “dual agency.” What this means is that your chosen agency has an interest in buying and selling the property. Dual agency occurs when the landlord and the tenant hire the same agent. Dual-agency situations require disclosure and the agreement of both parties.
When you begin to invest, it is wise to only have one investment in mind at a time. Select a type of property that you think would make a good place to begin, and focus on it. You can be more successful when you’re good at one type as opposed to just average at different types.
Identifying the commercial real estate property that you want to invest in is only the first step. When you have the information you need, decisions are much easier to make.