You must be meticulous when making commercial real estate transactions. No matter how much you think you know on this subject, it is possible that you are missing something small, or that you were unaware of. Here are a few great ideas to help you in your commercial real estate ventures.
Before you consider leasing or renting, look into whether or not pest control is covered in the lease. It is a good idea to consult your rental agent for information on pest control policies, especially if the area your property is located in is known for a high population of insects and rodents.
When you’re trying to decide which broker you should work with, take their experience in commercial real estate into account. Make sure that their particular business focus includes what you are interested in. Sign an exclusive agreement once you’ve found a broker you want to work with.
See to it that the price that you ask for in real estate is realistic. There are a ton of variables when it comes to what will give you success.
If you intend on putting your commercial property on the rental market, find a simple, but solidly constructed building. Tenants will be eager to fill these spaces because it will be clear that they are well-maintained. This type of property will also make maintenance much easier on both you and your tenant.
If you put the commercial property up for sale, have it inspected. If they find anything wrong with the property, you should have it fixed immediately.
Take tours of properties with purchase potential. Even better, have someone who knows commercial real estate tour the properties with you. Make a proposal early, and get into the beginning stages of negotiation. Before making any sort of decision after a counter offer, evaluate it once and then evaluate it again.
Dual Agency
Read the disclosures of the real estate agent you are planning to hire. Make sure you understand the potential for the existence of dual agency. In this sort of situation, the agency acts as both parts of the transaction. This means the broker represents you and the landlord during the transaction. Whenever dual agency is part of a transaction, it must be disclosed to both parties of the transaction. Both sides must also agree to the dual agency.
It is not possible to know all there is to know in regards to commercial real estate. Create a mindset for yourself that is open to the fact that there is always something for you to learn, so that you can stay motivated to building your position on the market. Implement your knowledge effectively to boost your success!
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