If you are new to the whole commercial real estate scene, then this collection of tips can provide you with a valuable introduction to several common concepts. The tips that follow will help put any beginning real estate investor on the road to becoming a pro.
Regardless of whether you are buying or selling the property, it is in your best interest to negotiate. You should make sure that they hear you and you get the fairest price for your property.
Take digital pictures of the place. Each photograph should clearly depict the point of contention, whether that happens to be a stain, hole or other problem.
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. As long as you get positive numbers, you will be successful.
Don’t become greedy and over-inflate your real estate asking price. There are many things that can impact your value greatly.
If inspections are included in your real estate transaction, as they usually are, make a request to see the inspectors’ credentials. Many people in certain fields are not accredited, including pest and insect removal services. Making sure all your inspectors are certified will prevent problems from arising after the sale.
If you desire to rent out commercial real estate, then you need to find solidly yet simply constructed buildings. Tenants will be interested by buildings that look well-cared for. This type of building also has the advantage of requiring less maintenance, an attractive feature for tenants and owners alike.
If you rent out your commercial properties, always remember to keep them occupied. If you have any open spaces, then you are losing money. If you’re struggling to keep your properties rented, you should consider why that is, and try and fix anything that might be scaring away prospective tenants.
When you are composing a letter of intent, you should emphasize simplicity by negotiating on the bigger issues first, then addressing the minor issues later in the negotiations. By coming to agreement on the larger issues, it will make the negotiations go much easier.
You must know how to deal with an emergency, should it arise. Talk to the building’s landlord about the person who currently handles emergency repairs. Keep the phone numbers in a convenient place, and know how long it will take them to respond if needed. In case a maintenance emergency should happen, you can use the information provided to lay out an emergency business and customer service plan to save your company’s reputation in case your business is interrupted.
A variety of kinds of commercial property real estate brokers exist. A full service broker works with both the tenants and the landlord. Some agents represent only the tenants. If you hire a broker that only deals with tenants you may be better off, they are more experienced.
You should have a better idea of what you need to start with after reading this article. Use what you have learned, and you will be able to navigate the complex world of commercial real estate with ease.
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