Read the fine print about your real estate agent. Be aware of the possibility of dual agency. In this situation, the agent will represent the buyer and seller. In simpler terms, both the landlord and the tenant are simultaneously represented by the agency. An agent should always disclose dual agency, and it must be acceptable to both parties.
If you are new to commercial real estate investing, it would be wise to focus on just one building at a time. Pick out just one type of property to begin with and then give it all you?ve got. It is better to do your best at one type than to be average at many types.
The relationship you forge with private lenders and investors when purchasing commercial property is tremendously important. Many commercial real estate is bought and sold without ever being on the market. Networking far and wide will keep you up-to-date on what?s going on in the industry and also make you privy to great deals.
Figure out where you are going to obtain your loan prior to submitting a commercial real estate offer. Discuss the situation with your loved ones as well as other investors, and create a list of good lenders available to you. Do your homework, and do business with the one that serves your needs prior to starting the wheels turning on a commercial property purchase. If you take the time to be fully prepared, your loan process will be more efficient, and the odds of qualifying for the loan are higher.
If your plan is to use your commercial properties as rental properties, you should seek buildings of solid and simple construction. Tenants will be interested by buildings that look well-cared for. Investing in good buildings will save you money on repairs later.
If you are considering purchasing property, keep in mind that there is a very real threat that inflation is going to spike soon. Many leases used to include clauses to protect investors from inflation that would adjust the lease according to the CPI (Consumer Price Index). This practice is no longer around, which leaves you more inept to lose money due to inflation.
You must know how to deal with an emergency, should it arise. Ask in advance who will be handling any emergencies that arise. Keep the phone numbers in a convenient place, and know how long it will take them to respond if needed. Protect your employees, customers, merchandise, and even your reputation by having a good emergency plan in place that will allow you to handle unexpected events without chaos.
Be sure to only focus on one investment at a time. Your center of attention should be placed on a specific investment, whether it is an office building, land, apartments, retail, etc. Each type of investment deserves your undivided attention. Pouring all of your focus into a single niche of real estate allows you the opportunity to become a master of a single trade, rather than a ?jack of many?.
Clearly, owning and purchasing commercial property takes work, effort and research so that your experience is as favorable as possible. You will also need to stick with it and not give up. Keep in mind the tips you learned, and you should have no problem making the right decisions when it comes to commercial property.
Source: http://articlesfair.com/real-state/real-estate-commercial/learn-how-to-make-the-best-choices-for-commercial-real-estate/
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