Making The Best Decisions About Commercial Real Estate

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Making The Best Decisions About Commercial Real Estate

TIP! Bugs and rodents are always looking to ruin your property, so factor pest control into your business strategy when renting commercial property. It is a good idea to consult your rental agent for information on pest control policies, especially if the area your property is located in is known for a high population of insects and rodents.

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.

TIP! There are many informational websites available that aim to provide new and seasoned real estate investors with the necessary information. Learning is an ongoing process, and you can never know enough.

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.

TIP! When you are negotiating to rent a commercial property, try to have the lease modified so there are few events that are considered to be defaulting on the lease. This decreases the chances that the tenant will default on the lease.

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.

Emergency Repairs

TIP! Do a walk-through of each property on your short list. Think about asking a contractor to assist you in evaluating each of the properties, since they will likely see things that you may miss.

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.

TIP! If you are writing a letter of intent, take it easy. Go for agreements on the bigger problems at first, then get to the smaller issues later in the negotiations.

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

TIP! There are a lot of different kinds of real estate agents. For example, full-service brokers represent both the landlord and tenants.

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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1850 East 17th Street, Suite 117, Santa Ana, CA 92705, USA
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