It will be easier to find the right commercial property if you have a qualified commercial real estate agent. Keep reading for a handful of real estate tips and tricks.
Negotiating is essential. Be heard and fight to get a fair property price.
Take plenty of pictures of the building. Be sure that you have any and all defects present on the pictures you take (things like holes, discoloration, or spots).
When you lease a commercial site it is very important to that pest control is kept up-to-date. Talk about pest control with your agent if the area is known for rodents and bugs.
Make sure your asking price is realistic. Different variables can have an impact of the value of a lot.
If you intend on putting your commercial property on the rental market, find a simple, but solidly constructed building. Tenants will be interested by buildings that look well-cared for. Because these properties are in great condition, the property owners and the occupants will have a simpler time with basic maintenance service.
If you rent out your commercial properties, always remember to keep them occupied. Remember that if you have empty units, you have to take care of them. Maintenance costs on empty units can add up. If you discover that you have multiple properties that are unoccupied, you should attempt to ascertain the underlying reason. Further action may be required on your part to avoid scaring off potential tenants.
Consider the surrounding area when you buy a piece of commercial real estate. Purchasing in neighborhoods that are in the upper price per square foot range will help for successful business because the surrounding owners have more money to spend. If your business services will do better in a poor neighborhood, buy property there!
Be sure to have your property inspected by a licensed inspector prior to placing it up for sale. If anything turns up during the inspection, you should immediately address the problem.
When you are writing up the letters of intent, keep it simple by going for agreement on the larger issues first and let the smaller issues wait for a later time in the negotiations. This will diffuse tension during negotiations and will facilitate compromise on the minor issues.
Your new space may need improvements before you can occupy it. The changes don’t have to be extensive. You may just want to repaint or rearrange furniture. Normally, however, it may be something a little more involved like walls being moved. When negotiating, you should discuss who will pay for the improvements you’ll have to make, and should see if the current owner will cover some of your costs.
It is important to know how to deal with emergency maintenance. Ask the landlord who handles emergency repairs in your office or building. Be aware of the response time of emergency personnel, and be sure to have their contact information handy. 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.
There are a lot of different kinds of real estate agents. You have a full service broker who works on behalf of both the tenant and landlord, then you have brokers who only work with tenants. Your needs will be served better if you choose the right broker for your own personal needs. If you are looking for one who knows the issues that are relevant to tenants, then choose a broker who has the most experience dealing with tenants.
Scrutinize any disclosures made by a real estate agent whom you intend to hire. Try to beware of dual agency. What this means is that your chosen agency has an interest in buying and selling the property. When dual agency happens the Realtor on behalf of both parties. Dual-agency situations require disclosure and the agreement of both parties.
This article contained many real estate tips for buying or selling property. Be as informed as you can.