Investing in commercial properties is not the same game as home buying. The following advice will help you get the best deal on your property.
Emergency Maintenance
You should always know how to get in touch with emergency maintenance. Get a list of emergency maintenance contacts from your landlord. Know what the phone numbers are, and know what the response time is for them. Use any information you can get from your landlord so contingencies are ready for the times your normal business operations are interrupted so you can safeguard your customer service and your reputation.
Commercial loans differ in several ways from residential loans; for one, they require a higher percentage deposit. Approach different lenders and consider all your options until you find the best deal. Knowledge is your biggest asset when seeking commercial financing.
Always have an inspector look over your commercial property before you put it out on the market. If the inspector finds any problems, you should attend to them promptly.
Commercial real estate has many brokers to offer. Agents that work with tenants and landlords both are called full service brokers. There are also agents that only represent tenants. A broker who works only with tenants should have more experience and should represent a better choice for you.
Make sure that you explicitly welcome both local and non-local buyers when you sell a piece of commercial property. Too many sellers assume that their property is likely to only sell to someone local. This is a way of thinking you should avoid. There are many private investors who would purchase property outside of their local area if the price is right.
As this article demonstrates, finding good opportunities in commercial real estate is dependent on many things. Remember what you’ve learned here in this article, and you’ll be able to get a deal that is fair and suits your needs.