Commercial real estate is an entirely different ball game than residential property. Read on for a few suggestions and tips that could help you get a great deal.
Take digital pictures of the place. Be sure that the pictures show any current problems with or damage to the home.
Location is just as important with commercial real estate as it is with residential properties. What type of neighborhood is the property in? Compare this neighborhood to the growth of other similar areas. Make sure that the area will still be nice and growing in several years.
When selling a property, you should make certain that whatever price you set is realistic. There are a number of variables that can affect the realistic value of your property.
It is important that each property offers unhindered access to utilities. The utilities you will need for your business go beyond electricity; you will also need water, sewer and gas, as well.
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. It will be less stressful to negotiate and can also make it easier to come to terms on the smaller things as well.
When you’re shopping multiple properties, prepare a checklist to make the task easier. Certainly take down initial proposal responses, but don’t get into anything further without informing the property owners. There is nothing wrong with hinting that you have other properties in mind. It might lead to a better deal.
It’s critical to have emergency maintenance contact information very accessible. Be sure to find out who takes care of maintenance in the building and also who handles emergency repair situations. You should not only commit emergency numbers to memory and post them in a conspicuous location, but you should also know how long it takes various workers to get to your office in an emergency. Utilize the information given by your landlord to develop a plan for emergencies. This will help you ensure your reputation or customer service is not tarnished while your business is disrupted.
When you begin to invest, it is wise to only have one investment in mind at a time. Select one type of property that appeals to you, and devote your undivided attention to it. It is advisable to try to do a good job at one type of investment as opposed to being average on a lot of different types.
Buying a piece of commercial property presents many challenges. Remember what you have learned in the preceding article, and you will be able to get a good deal on a piece of real estate that meets your needs.