The probability for gain in commercial real estate is generally higher than in residential real estate. The good opportunities can be tougher to find, though. Use the following tips to better understand the market so you can find the right investment for you.
Be mindful that rent considerations, and future intentions, are key to ensuring a good path for your investment when preparing a new lease agreement. Don’t enter into discussion with a possible renter without knowing your rental rate. This will enable you to achieve the benchmarks and goals that you calculated on your investment’s performance.
One way to do this is to use the internet. Either send out a monthly commercial real estate newsletter, or be active on social media related to commercial real estate. Keep your online presence updated and active, as it will often be a good source of referrals, connections and updates from important sources.
Determine your business goals before you start your hunt for commercial property. Identify which features in a commercial property are high value to you, and make a list. This can include the number of floors, units, square feet, the building layout, and anything else that is important to you.
Clearly state the amount of square footage you have available. A commercial property’s square footage can be measured two different ways. The first way is usable square footage which is the amount of square footage that can be used for business purposes. The other is total square feet which includes all square footage including square footage that cannot be currently used. Make sure you know both totals so you can have a smoother process.
Now you know the basics of commercial real estate investment. However, you can’t succeed if you stick rigidly to the rules outlined above. Be open to changing market conditions and think quickly to make the best investment decisions for yourself. This way, you will be able to see opportunities that other people don’t.
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