There’s nothing like a collection of useful tips to get someone started dealing in commercial real estate. Reading this article will help you become successful with your real estate dealings.
Don’t make any big real estate purchases until you’ve evaluated the unemployment rates, income levels, and expansion rates of the area. If your house is near a hospital, university or other large employment centers, they will usually sell quicker and also, at a higher value.
You should take digital photos of the condition. Include all the defects in the photo, such as carpet stains, or holes in the walls.
Make sure your asking price is realistic. There are a ton of variables when it comes to what will give you success.
Before making a commitment, you should request tours of any potential properties. Think about having a contractor as a companion to help evaluate the property. Submit a first offer and solicit counteroffers. Judge the counteroffers prior to making a decision either way.
Put a high priority on emergency maintenance needs. Ask the landlord who handles emergency repairs in your office or building. Have a list of phone numbers to call if you need emergency repairs, and know how much time it usually takes for repairmen to arrive. Work with your landlord to create a contingency plan in the event that an unforeseen disaster occurs; this will allow you to avoid customer service or public relations nightmares.
Scrutinize any disclosures made by a real estate agent whom you intend to hire. Remember that dual agency is also an option. With a dual agency, you have the real estate broker working on each side of the transaction. In simpler terms, both the landlord and the tenant are simultaneously represented by the agency. Dual agencies require full disclosure and must be agreed upon by both parties.
Commercial Real Estate
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. This gathering was carefully cobbled up with you in mind and will help get you on the way towards developing the skills necessary to buy and sell commercial real estate.
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