Buying a commercial property is totally different than buying a house, so don’t treat them as identical transactions. Continue reading for some wonderful tips to help you though the commercial real estate buying process.
Take some digital photos of your property. Include all the defects in the photo, such as carpet stains, or holes in the walls.
Pest control is a very important issue that you need to be aware of when renting or leasing. It is even more important to look into the building’s pest control policies if you are looking to rent or lease in a region where building pests are common.
Research your prospective brokers to see how experienced they are with the commercial market. Make sure that they are experts in the area in which you are selling or buying. With that broker, you also want to enter into exclusive agreements.
Learn about Net Operating Income, or NOI, a metric in commercial real estate. As long as you get positive numbers, you will be successful.
If you want to rent your commercial property, well built solid buildings are your best bet. Tenants will be interested by buildings that look well-cared for. Maintenance is also easier, because these buildings require less repair.
Lower the risk of default by eliminating as many things that can be labeled “event of default” as you can prior to negotiating a commercial property lease. This decreases the chances that the tenant will default on the lease. You want to avoid any circumstances that could lead to this occurrence.
Have your property inspected before you list it for sale. Any problems or necessary repair identified by a professional inspector should be addressed and fixed as soon as possible.
As you are now aware, a number of factors must bear consideration in your commercial property hunt. Use the ideas in this article to inform you as to how to approach your next commercial real estate purchase.
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