This collection of general commercial real estate tips is a great place for beginners to start learning. Below is just such a collection that can assist the eager novice into eventually becoming a pro when it comes to buying or selling commercial real estate.
Use your digital camera to take pictures of the property. Ensure that the photos document any problems, including mold, damaged walls, or chipped fixtures.
When dealing in commercial real estate, it is important to stay patient and calm. Do not invest into anything before thinking carefully. If the property doesn’t suit you in the end, you may regret your hastiness. Some investors have to wait for a year or so before they find the right opportunity.
When choosing a broker, ask about their experience specifically in the commercial real estate market. Verify they have experience in working with the type of properties you are interested in. Also, consider entering into an agreement that will be exclusive between you and that broker.
Net Operating Income, or NOI, is one of the most important metrics used in commercial real estate. You must understand what it means, and how it’s used. To succeed, have positive numbers.
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.
Advertise commercial property both to local and distant buyers. 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. Private investors will purchase properties outside of their area if the prices are low enough.
Well, hopefully the aforementioned collection of tips were enough to give you a great start on what to do and expect when it comes to buying or selling commercial real estate. While tricky, these tips should have given some good grounding in what you need to know.
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