Are you ready to buy your first piece of commercial real estate? You may have a ton of questions, but this article can help. The following paragraphs are your springboard to commercial real estate profits.
There are differences between brokers in the commercial real estate field. 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. You may benefit from using a broker who works exclusively with tenants, due to the singular focus.
When searching for a real estate agent, keep their disclosures in mind so you know who they are working for. Be aware of the possibility of dual agency. Dual agency is when a real estate agency is responsible for the representation of both parties involved in a transaction. This means the agency works for the tenant and the landlord at the same time. An agent should always disclose dual agency, and it must be acceptable to both parties.
Do your research so you know ahead of time if you will have issues with the environment surrounding your property. As owner, you will have to clean up any environmental problems the building may have. Is the area around your property prone to flooding? If so, think again. There are companies that will do environmental studies to evaluate the risk of incremental hazards in the area that the property is located in.
You should establish your presence online before entering the market. Design yourself a website, Facebook page or LinkedIn profile. Learn more about search engine optimization to get more visits to your sites. People should be able to locate your online presence simply by searching with your name.
At this point, you should be prepared for an investment in commercial property. If you felt prepared before, you surely must feel like a pro by now! With luck, the advice in this article will point you in some new directions that lead you to commercial real estate success.
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