If you’re not sure where to start the search for a commercial property, finding one that fits the needs of your business may be very difficult. Read this article to learn more about the basics of commercial real estate.
Use a digital camera to take pictures. Try to make sure that your pictures shows the defects.
You should know what kind of pest control services are available to you when renting or leasing. This is especially important when an area is known to have pest and rodent problems. Prior to signing a lease, ask your agent what the current pest control policies are.
Your investment may require a large amount of time to begin with. First, you will need to search for an opportunity and purchase the property, as well as perform any repairs that are required. Do not let the lengthy nature of the process discourage you. The rewards will show themselves later.
When you are picking a broker, make sure you know if they are experienced within the commercial real estate market. It is important that their experience fall in line with your buying and/or selling goals, so make sure to ask what their specialty is. Also, consider entering into an agreement that will be exclusive between you and that broker.
Take the neighborhood into account when purchasing commercial property. Expensive, luxury-oriented businesses will thrive in more affluent neighborhoods. However, if you’re offering services that less wealthy people may be more interested in, you probably want to purchase property in a less wealthy area.
Eliminate as many definitions of default (i.e., actions that constitute default) as possible before beginning to negotiate a lease with a new tenant. If you are able to successfully do this, you’ll find that your probability of having the tenant within the building defaulting will be low. This type of situation is considered very undesirable.
You should advertise your commercial property as being for sale to people locally and those who are not local. Many make a mistake in assuming that the only people who want to buy their commercial real estate property are those who are local buyers. There are many private investors who would purchase property outside of their local area if the price is right.
Emergency repairs should be a high priority on your list. Get a list of emergency maintenance contacts from your landlord. Have their phone number handy and know how long it will take them to arrive in an emergency. Develop an emergency plan for those times when disruption in your services occurs. This advance planning can save your business reputation if an emergency strikes.
Real estate brokers for commercial properties have different areas of expertise. Some brokers or agents only work with tenants, while others will serve both tenants and landlords. A tenant’s-only broker may serve your needs better than a full service broker.
This article discussed useful methods that you should keep in mind when you are going to buy or sell commercial property. Take advantage of what you’ve learned, and continue to inform yourself about the commercial real estate market.