You need to have your ducks in a row before investing in commercial real estate. Even if you are experienced, you might find out about something new or improve your understanding of something you thought you were familiar with. The following paragraphs are filled with insights about commercial real estate that will open your eyes.
If the lease you are signing is for commercial real estate, be careful when presented with a form that says standard lease. Large real estate companies often slip in additional requirements or covenants into lease documents, which could be very long at times. By scrutinizing the lease, you can avoid signing onto a requirement that will cause you difficulty.
Take tours of any properties that you?re considering. Think about asking a contractor to assist you in evaluating each of the properties, since they will likely see things that you may miss. Make a proposal early, and get into the beginning stages of negotiation. Think long and hard about the counteroffer before deciding to accept or decline.
There are a lot of different kinds of real estate agents. Full service brokers work with both landlords and tenants and there are agents representing tenants only. If you intend to rent rather than buy, retaining the services of the latter type of broker may benefit you, as tenant-only brokers know what works when representing tenants.
Using a checklist is useful when you have multiple properties that you are considering. Make sure to advise the property owners when you want to take the next step past the first proposal responses. Letting the property owners know that you are looking at other properties can help, too. It could help you get a better deal.
When you are hunting for a permanent home for your growing business, keep in mind that size matters. You won?t have to upgrade in several years time if you invest in commercial property that will suit your needs now and as they grow.
Understand exactly what you want for your business prior to searching for commercial properties. It?s important to know the kind of office you will use. If you?re growing a company, buy more space than you currently need to save money before the market prices rise again.
Don?t feel scared to investigate your broker?s personality! For example, ask them what they consider to be success, and what constitutes failure. Your broker should be able to explain what standard they use to measure results. Be sure that you understand his techniques and approach. You need to share the same strategies and beliefs as your real estate broker in order to work successfully with them.
It would be a mistake to assume that you already know all there is to know about the commercial real estate field. You should always know that you can learn more about commercial real estate to make yourself a stronger buyer. Use what you learned wisely, and make a big profit later.
Sim Sadler is a real estate expert and has been buying and selling commercial real estate for over 25 years, through every market you can imagine.
Source: http://www.simsadler.net/learn-real-estate-investing-in-commercial-properties-2/
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