Industrial and commercial properties are sold regularly but do not expect to see listings like you would for a regular home. Use what you learn from this article in order to understand what you should be doing as you need to learn about the market and how to properly navigate it.
Use a digital camera to take pictures. Be sure that you have any and all defects present on the pictures you take (things like holes, discoloration, or spots).
If you desire commercial property for rental purposes, locate buildings that are simply yet solidly constructed. Tenants will be eager to fill these spaces because it will be clear that they are well-maintained. These types of buildings are easier to fix for everyone and they might not need as many fixes.
Empty Units
Keep your commercial property occupied to pay the bills between tenants. Remember that if you have empty units, you have to take care of them. Maintenance costs on empty units can add up. If you have many open properties, then you need to reevaluate why that is the case, and try to remedy any outstanding problems which have caused your tenants to leave.
With the commercial property, you need to make sure there is easy access to the utilities. Every business has unique requirements, but for most, electric, water and sewer access will be required.
When selling commercial property, advertise locally and outside of your region. Don’t be mistaken by the thought that locals will be the only people interested in your sale. Many private investors are interested in cheap or affordable properties in other areas of the country or world.
Property Owners
Get a site checklist if you are viewing more than one property. Accept the proposal responses during the first round, but before going further, notify all the property owners involved. Don’t hesitate to tell a property owner that you’re considering other properties as well. Most property owners won’t be upset or angry; they expect you to be looking at more than one property. You might score a more reasonable deal that way.
Finding the right piece of commercial property is just the start. Gaining even a little bit of knowledge about commercial real estate helps you make better decisions.