Commercial property is not something to go into half-cocked. You could earn a lot of money and also take the risk of losing it all. The trick is to choose wisely, know what property is marketable, and have the means to get the money for the transaction. The article below guides you through what you should know before embarking on any commercial real estate venture.
Bring your digital camera along, and use it. Make sure the picture shows the defects (such as spots on the carpet, holes on the wall or discoloration on the sink or bathtub).
When choosing brokers with whom to work, find out the amount of experience they have dealing with commercial properties. Make sure you know that they actually specialize within the area you plan on selling and buying. Make sure you find an exclusive agreement that works for you and your broker.
Net Operating Income, the commercial metric for real estate, needs to be understood. You need to keep your numbers positive if you are going to be successful.
When renting out your own commercial properties, keep in mind that is always best to have them occupied. If you’ve got open spaces, then the person will end up paying for maintenance and upkeep. If you have lost several tenants or can’t seem to attract them in the first place, there must be a reason. It is your job to figure out the problem and correct it.
Always make sure that utilities can be accessed from the commercial property you are looking into. You’ll need to have quick access to water, electricity, gas and the sewer.
Commercial real estate isn’t an automatic money maker. Not only do you need to put forth a sizable initial investment, you also need to spend additional time and effort making the venture work. You still might lose money even after doing all of that.
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