After much consideration, you have decided that commercial real estate dealing is an area you want to explore. This article will address the many questions of where to begin and how to go about executing a successful transaction. Here are some ideas that can assist you in embarking on a career in commercial real estate.
Regardless of whether or not you are the seller or the buyer, negotiate! Make your voice heard and strive for fair market value pricing.
You should know what kind of pest control services are available to you when renting or leasing. Look over your rental or lease agreement, and know if you are covered, especially if you live in an area with known infestations.
If you are new to investing in real estate, spend some time surfing online resources that house information that seasoned investors use. You can’t be too informed about the subject, so try to always be seeking out new sources of knowledge.
You should always request the credentials of any and all inspectors working with your real estate transaction. Many people in certain fields are not accredited, including pest and insect removal services. Reviewing credentials will help you prevent major issues after you make the purchase.
Check a commercial property for access to electricity and other utilities; make sure there is good access. In addition to any needs specific to the business, you will surely need to have gas, electricity, sewer and water services, and so on.
Advertise your property for sale locally and outside your region. Many people make the mistake of assuming that only local buyers will be interested in buying their property. In fact, the interest level can expand far beyond the local scene as private investors expand their interest. These investors are searching for affordable property and may be interested in yours.
Larger Issues
When you are constructing a letter of intent, make sure that you keep it concise by focusing on larger issues first. Save the smaller issues for future negotiations. The negotiations will go much better and be less stressful if you keep the small stuff out of the way and can focus on the larger issues first.
When hiring a real estate agent, read the disclosures completely before signing a contract with a realtor. Be aware of the possibility of dual agency. In a dual agency the Realtor represents both parties of the transaction. In other words, the agency is working for both tenant and landlord simultaneously. Dual agency must be disclosed by both parties and they need to agree to it.
At this point, you should be prepared for an investment in commercial property. If you though you were prepared before, take a look now! These tips will, hopefully, give you some hints on getting started, when you are dealing with commercial real estate ventures.