If you?re going to invest in commercial property, have some idea about what type of commercial property you are considering. You could wind up losing your shirt if you don?t invest wisely. Read on to learn how to make better commercial real estate investment decisions.
You need to look after commercial property just as you would if it were your domestic abode. So if you have a shop or business premises, like a hair salon in Vancouver for example, remember to have it professionally cleaned by a maid service or carpet cleaners to keep it looking good.
Prior to committing to working with a real estate broker, you should first determine how they prefer to conduct business. Much like you would interview a prospective employee, question their experience and training. You can also double check that their methods are ethical, and that they have success in finding and negotiating the optimum deals. A quality broker will be happy to share examples of their past work with you if you ask, including both deals that were successful and those that weren?t.
When searching for a real estate agent, keep their disclosures in mind so you know who they are working for. Dual agency is a possibility that you need to be aware of. In this case, the real estate agency represents both sides of the transaction. In other words, an agency simultaneously provides services to both the landlord and tenant. You and the other party should both agree if dual agency is to be okay.
Before you invest heavily in a piece of property, investigate the economics of the neighborhood such as unemployment rates, income levels and local businesses. If you?re looking at a property that?s close to things like a university, employment centers, or a hospital, they?re likely to sell fast, and at a high value.
Keep your commercial property occupied to pay the bills between tenants. If you have open spaces, then you are the person who will be paying for their upkeep and maintenance. If you have multiple properties open, figure out why, and try to correct the issue that could be causing a loss of tenants.
This is necessary to enable you to confirm that the terms fit with the rent roll, as well as the pro forma. If you don?t read over these terms, you may find something that?s not the rent roll and it could change your pro forma.
Finding your optimum commercial real estate property will only see you half way through this process. When you have the information you need, decisions are much easier to make.
Source: http://samba-cafe.com/?p=6117
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