Although industrial and commercial properties are constantly appearing on the market, they don’t get preferential market listings the same way regular homes do. You need to know how to navigate the often complex market. Start by reading this article.
You should take digital photos of the condition. In the “before” photos, especially, make sure that the pictures clearly show defects such as stains on the carpet, discolorations in the tub and sink, and holes in the walls.
Initially, your investment will take up a great deal of your time. First you will need to find a property that you think is worth purchasing, and you may have to remodel or repair it. Do not give up because this process takes too much of your time. The rewards will show themselves later.
You should thoroughly look into the brokers that you are considering, and determine their level of expertise and experience when dealing with commercial real estate. Look for someone who knows the area you are interested in. Sign an exclusive agreement once you’ve found a broker you want to work with.
You should be certain that your asking price is a fair offer for your piece of real estate. Most appraisers can’t take all factors into account because there are an infinite number of variables involved in determining the value of a piece of property. These variables can all make your property worth less than the appraisal claims it is worth.
If you have the intention of offering your commercial real estate for rent, look for buildings that are simple and solid in construction. These properties are generally top sellers because prospective tenants can see how well-built and maintained they are. In addition, these properties are low maintenance because they don’t frequently need repairs, a benefit to the owners, as well as the tenants.
If you rent commercial property, do what you can to keep occupancy high. If no one is paying you rent, you’ll be the one footing the bills. If you have multiple properties available, you need to figure out what the reason is behind this, and address anything that is causing tenants to look elsewhere.
Prior to listing your property for sale, you should first hire a reputable, professional inspector to go over the place. If anything turns up during the inspection, you should immediately address the problem.
When you are comparing different properties, get tour site checklists. Be sure to take the initial proposal responses, but do not proceed without making the property owners aware of what is going on. Don’t be afraid to casually tell the owners that you are looking at other properties, too. You might walk away with more money in your pocket.
There are real estate brokers who deal exclusively with commercial investments. Some are full service brokers, and they work on behalf of landlords and tenants. Others are agents who represent only tenants. A tenant’s-only broker may serve your needs better than a full service broker.
Finding the appropriate kind of commercial property is only the first half of your work here. Having the proper knowledge can take you far.