You must be meticulous when making commercial real estate transactions. And, no matter how adept you believe you are in this particular area, you may be missing something that?s obvious or even something that you didn?t know about. Keep reading to discover some tips that will make commercial real estate a little easier to understand.
Take photos with a digital camera. Make certain your photos highlight specific defects such as carpet spots, wall holes and bathroom discolorations.
You should thoroughly look into the brokers that you are considering, and determine their level of expertise and experience when dealing with commercial real estate. Make sure that the agent has the proper expertise with the type of real estate purchase or sale you are looking for. Make sure you find an exclusive agreement that works for you and your broker.
Try to make sure you have a good attorney when you go through with financing your real estate properties. If a complication arises relating to your real estate transaction, you should be represented by the best person in order to set everything straight.
You should do this to ensure that the terms are the same as the pro forma and the rent roll. If you end up finding a term which isn?t covered by the rent roll, you?ll end up changing the pro forma.
For example, you might consider distributing a monthly newsletter or maintaining an online presence on the major social networking sites. Don?t disappear into the online fog after you?ve sealed a deal.
Line up a number of financial partners, including friends, family and professional lenders, to make sure you have the wherewithal to buy commercial real estate. When you set up contracts with these partners, aim either to have a fixed rate of interest for your repayment or to simply make them co-owners of a certain percentage of the property.
Make sure you know who does emergency maintenance work if you rent commercial property for your business. Ask in advance who will be handling any emergencies that arise. Be sure to have emergency numbers on hand, and remember to check about a quoted response time for maintenance emergencies. Consider how an emergency will affect your business operations, and have an emergency operating plan in place.
Pay for professional inspections of your commercial property before you put it on the market. If the inspections turn up any problems, remediate them before listing the property for sale.
Before you present an offer for commercial property, be sure to have your funding source in place. Speak with your investors and friends to make a small list of the area?s best lenders. Research the prospective lenders and choose the one that can accommodate you before you begin to scout for property. Taking some time for advance preparation can increase your chances of qualifying for a loan.
Do not ever think you know everything about purchasing commercial properties. Instead, you should always remember that you have plenty more to learn, and should take advantage of tips such as the ones you just read. Doing this will help strengthen the position you have in the market. If you are willing to apply this information to your current strategy, you are more likely to earn higher profits.
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Source: http://loanstop20.com/2012/11/22/how-to-find-a-high-quality-commercial-real-estate-agent/
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