Make sure you consider any possible environmental problems. One major problem is when your property has hazardous waste material issues. If you own the property, then you are responsible for remediating any problems. It does not matter whether you are the person who caused the problem; you must be the person who fixes it.
Create your own blog or personal website where you can present yourself as an expert in your field. Putting up a blog will also help you find lessees or buyers for your commercial properties as well.
You need to advertise that your commercial property is for sale to both locally and non-local people. Many sellers mistakenly assume that their property is only interesting to local buyers. Private investors will purchase properties outside of their area if the prices are low enough.
Be cautious of signing standard lease forms when leasing commercial real estate. Some real estate firms will add questionable requirements to these documents, and because of the length of these leases such additions are often overlooked. By scrutinizing the lease, you can avoid signing onto a requirement that will cause you difficulty.
Residential and commercial loans are vastly different from each other. For example with a commercial loan, the down payment percentage is higher than a residential one. You can increase your chances of qualifying for a commercial loan by researching and comparing lenders and loan products and trying to find investors.
Make sure you understand how much space is really available. Commercial real estate properties can be measured by usable square feet, which is where the business would actually take place, or total square footage, which usually involves the walls and uninhabitable spaces. Try to obtain both measurements, in order to really understand how much space is under consideration.
Calm and patience are both sound practices when you are searching for commercial property. Do not rush into investments, or make decisions impulsively. You?ll regret it quickly if your lack of research results in a property without much re-sale value. It could take some months, possibly a year, for your dream investment to appear in the market.
Don?t underestimate the value of networking with other investors or with private lenders when trying to purchase commercial real estate. For example, those in your network can give you the ?inside scoop? on properties, even those that are unlisted.
Do a walk-through and close evaluation of each property you are considering. Think also about having a professional contractor tag along aside you when you look over these properties. Once that is done, you can submit your proposal and begin negotiations. Evaluate and reevaluate the counteroffers before making any kind of decision one way or another.
Ensure your legal and financial safety by thoroughly examining the disclosures of a potential real estate agent. Some agents work for a dual agency. If so, the agent will represent both sides. In other words, the agency represents the landlord and the tenant simultaneously. If there is a dual agency, everyone should be honest about it and find an agreement.
It is important that each property offers unhindered access to utilities. Your business has its own utility needs, but you are most likely going to need water, sewer, electric and possibly even gas.
Research the company and find out if they care about their customers? best interests before you commit to working with them. Bad customer service can cost you a fortune when dealing with commercial property, so do your homework.
If you know how to go about it, you can achieve success in the commercial real estate industry. Reread this article as many times as necessary to help you pick up new suggestions and apply them when dealing with commercial real estate. Never stop looking for new ways to squeeze a little extra profit out of your investments. As you gain more experience, you increase your chances for success.
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