How To Get A Deal On A Commercial Property | Overseas Property

Commercial real estate investing is quite a bit different than residential or other types of real estate purchases. The article below details some tips you should keep in mind when shopping for commercial real estate.

Prior to selling commercial property, have it inspected first by a professional. Any problems or necessary repair identified by a professional inspector should be addressed and fixed as soon as possible.

Remember that buying a commercial property and everything that goes along with it can take a lot of time. Hunting for the opportune property will take time and effort, and even after you have purchased it, upgrades and reconditioning might be necessary. You should know what to expect and not give up. You will be rewarded later.

Commercial Real Estate

When considering commercial real estate, you should think about the importance of honing relationships with private investors. For example, commercial real estate commonly sells without being listed. However, the larger your network, the greater your savvy, and the more likely you are to be informed about outstanding opportunities.

The location of your commercial property is key to its value and its potential suitability for what you have in mind. Neighborhood is important, even when you are looking at commercial property. Compare this neighborhood to the growth of other similar areas. By calculating growth in similar areas, you will be able to ascertain whether the piece of property you are looking at is going to continue growing.

Dual Agency

Read the disclosures of the real estate agent you are planning to hire. Try to beware of dual agency. In this case, the real estate agency represents both sides of the transaction. In other words, an agency simultaneously provides services to both the landlord and tenant. Dual agency should be disclosed and both parties should agree to it.

Make sure that any property you?re considering purchasing has access to all the utilities you?ll need. Your business may have unique utility needs, but at the very least, you probably require hookups for electric, sewer, water and most likely, gas.

Before you choose your real estate broker, find out how they negotiate. Inquire about their training and experience. Choose a broker who only uses ethical methods and can help you to get only the best deals. Have them provide you with examples of negotiations they?ve engaged in previously, both good and bad.

Real Estate

Hire a qualified commercial real estate attorney to avoid legal problems later. Because real estate investing is full of unexpected pitfalls and setbacks, you need a savvy professional to cover your legal liabilities.

Before purchasing any property, you should investigate its area to determine the average income level, unemployment rate and whether or not that area is growing. Properties near hospitals, universities or other centers of large numbers of employees tend to sell faster and at higher-than-average values.

This is necessary in order to confirm that the terms reflect the rent roll as well as the property?s documentation. If these key terms aren?t reviewed by you, you might identify a term left unconsidered by the rent roll, meaning the pro forma gets changed.

As you are now aware, a number of factors must bear consideration in your commercial property hunt. Hopefully after reading this article, you have learned everything you need to know about commercial real estate.

Source: http://www.davidstanleyredfern.com/early-pension-release/how-to-get-a-deal-on-a-commercial-property

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