For those of us who don’t purchase commercial real estate, we have this idea that the only people who purchase commercial real estate are high-end businessmen and woman who wear tailored suits and carry around briefcases. Well, let me be the first to tell you that this isn’t always the case. Now, of course, there are recurring business transactions when it comes to commercial real estate, but there are also first time buyers who are trying to figure out the process just like you or I would be.
So where do you even begin? What do you need to do? The list of questions is endless and it easy to get lost in the sea of questions and feel as if you are drowning. Don’t worry; you can come up for air anytime. An experienced realtor will be able to help you through the process and make it as pain-free and easy as possible. While there are many different aspects that your realtor will handle for you, there is still quite a bit that you can and should be doing on your own.
Location, Location, Location: It may seem obvious, but somehow this easy step gets overlooked by many. Take the time to find the property you are looking for and make sure the property is in a great location so that your business will be able to thrive. The perfect property can be completely and utterly ruined by a not so perfect location.
Sustained Demand: While business may seem like it will be booming as soon as you cut the ribbon and open your doors, what will it look like down the road? A huge key to running a successful business and buying commercial property is to ensure that you will be able to thrive and succeed 5 or even 10 years down the road and not just in the first few years of business.
Trusting Your Developers: While your realtor should be able to help you steer clear from any properties that aren’t being sold by a reputable seller, sometimes you will still run into someone who doesn’t seem to be truthful. A great property can easily be turned upside down by a poor developer. Make sure to know whom you will be purchasing from.
Risking it All: While you don’t always want to hear about the negatives, when purchasing commercial real estate it is crucial to your success. Instead of looking at all of the positive things that could happen in your new adventure, make a list of all of the negatives that are associated with each property you tour. Then, when you go to make your final decision you can compare and choose the property that has the least negatives.
The best thing you can do when buying commercial is to be aware of all of the possibilities and ask any and all questions you may have. With the help of your Realtor®, you will be able to make not only an educated purchase but instead a purchase you can look back on years down the road with a smile.
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Chris Harrison says:
Love the "sustained demand" great information here. Will it be profitable both now and in the