Even though there are many commercial properties listed every day, you will not see them in the preferential listings, as you would homes. You need to know how to navigate the often complex market. Start by reading this article.
Prior to investing massive sums of money in a property, take a hard look at community income averages, as well as employment rates, and how much hiring and firing nearby businesses are doing. For example, buying a home near a large employment center, such as a university or hospital, will lead to a higher value and faster sale down the road.
If you trying to choose between two or more potential properties, it’s good to think bigger in terms of perspective. Finding the right bank to finance you might be hard, even if you are going for a smaller building. The concept here is the same as any other situation where you are purchasing multiple things. The more you purchase, the less you will pay for each unit.
Make sure that the broker you decide to work with has experience in the commercial market. Choose one that specializes in your area of interest. At that point, you might want to consider entering into an exclusive listing with that agent.
When you’re writing letters of intent, try to keep it brief by agreeing with the bigger issues initially and let the lesser issues be resolved at a later time. This will diffuse tension during negotiations and will facilitate compromise on the minor issues.
If you are investigating multiple properties, make sure that you take a site checklist with you. Collect responses from everyone that offers one, but inform the property owners before you do anything else. Don’t fear telling the owners that you might be interested in other properties. This may ensure that you get a much more viable deal.
You might need to reconfigure the interior of your property before you can use it properly. These changes could simply be cosmetic ones as simple as a new coat of paint or moving the furniture around. Normally, however, it may be something a little more involved like walls being moved. Who is going to pay for such improvements is something you should seek to negotiate in advance of the actual signing or formal purchase.
You should have a necessary-to-know list, and emergency maintenance must always have a place on that list. Be sure to find out who takes care of maintenance in the building and also who handles emergency repair situations. Be aware of the response time of emergency personnel, and be sure to have their contact information handy. Consider how an emergency will affect your business operations, and have an emergency operating plan in place.
Read the disclosures when you’re ready to hire a real estate agent. It is important that you realize that you may be entering a dual agency transaction. What this means is that your chosen agency has an interest in buying and selling the property. This means that the agent is representing the interests of the lessor and lessee simultaneously. Both parties need to clearly understand that the transaction is being handled by a dual agent and consent to this fact.
Finding just the right commercial real estate property is the first half of the endeavor. Dealing with commercial property takes knowledge and action; therefore, it is very important to learn all you can prior to seeking out your property.
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