Important Tips for Dealing With Commercial Property - albertruhi

Entering the commercial real estate market is not the same as buying residential property. If you are considering getting into buying commercial properties, you must first become educated on the unique 'ins and outs' of the commercial market. Having a reputable commercial realtor can also be quite helpful during this process.

If you have no previous knowledge or experience with commercial real estate, the first thing you need to do is research as much as you can online by visiting various websites on this topic. The more you become educated on the process beforehand, the better you will be able to avoid the pitfalls that others have fallen into.

Once you've read as much as you can and are confident you have a pretty good understanding of what you're getting into, the next step is to find a top commercial real estate agent. There are fewer agents that deal specifically in commercial property, so you may need to ask around a bit to find one in your area that you believe is trustworthy and can help you accomplish your goals. Remember, the commercial realtor you choose is the one who will be analyzing properties and doing all the negotiating for you, so it's best to choose wisely.

Now, before you start looking for your first investment property, decide what exactly you want. Sit down with your realtor and go over all aspects of your ideal property. For example, do you want apartment buildings? Commercial office space? An industrial park? What type of property are you looking to invest in? How big do you want it to be? How much are you willing to pay for what you want? And perhaps most importantly, what type of return on investment are you looking to make?

Once you've spent ample time going over everything with your commercial real estate broker, he/she will take your requirements and match them up against what's available in your area. Speaking of areas, you may also want to decide whether or not you are open to buying out of town property. If you are willing to consider investing in other areas, this may open up your options even further.

Once the property search is complete, the realtor will come back to you with hopefully at least a handful of properties that match the vast majority of your requirements. This is where it gets fun. Now that you have your list, it's time to start looking them over and narrowing them down. After much deliberation and sometimes several weeks, you should have settled on the property you want to go after.

Now this is the time that your commercial real estate broker will really earn his/her commission, during the negotiation phase. It is important that he/she knows your bottom line price and what you're willing to pay. It's also important that they know some of the tricks of successful negotiating, like letting the seller's agent know that you are considering several properties (even if that is not the case).

With the right property that fits all your requirements and is likely to help you achieve your investing goals and the right realtor negotiating on your behalf, you have a very good chance of making your first commercial real estate transaction a successful one.

Source: http://albertruhi.blogspot.com/2012/02/important-tips-for-dealing-with.html

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