Know what your goals are when you are purchasing commercial property. Decide if you are going to use the property for your business or lease it. Have clear and specific goals before looking for commercial property. It will save a lot of time and effort with your narrowed-down results.
Take photos with a digital camera. Include all the defects in the photo, such as carpet stains, or holes in the walls.
The Net Operating Income, or NOI, is one metric you need to master for success in commercial real estate. Staying in the positive is what you need to do to succeed.
Try to make sure you have a good attorney when you go through with financing your real estate properties. If something suddenly comes up and causes problems you will need to have someone on your side who can clear you of any wrong-doing.
An honest broker should be willing to answer questions about how they earn their money. This should be a topic that can be openly discussed and should allow you to learn if there are shared interests between you and them. Understand that there is still a profitable business to be ran behind the curtains, but a good firm will find an agreeable median between their financial needs and your real estate demands.
Find out how any firm you have under consideration defines success. Learn how they determine how much space is needed, the property selection criteria, the negotiation methods, and other details that can affect you. Knowing these things prior to signing on with them will be beneficial.
When you are negotiating to rent a commercial property, try to have the lease modified so there are few events that are considered to be defaulting on the lease. This will greatly lessen the likelihood that the tenant might default. You do not want this to happen to you.
Put a high priority on emergency maintenance needs. Speak with your landlord, and ask who is in charge of emergency repair work at your home or office. Have their phone number handy and know how long it will take them to arrive in an emergency. Create an emergency plan using your landlord?s information so that you can protect customer service and your reputation in case of a disruption to your usual business.
Now, you will now be more prepared when you are dealing with commercial real estate. You may have thought you were already well prepared, but look at how much you?ve just learned! Armed with this new information, hopefully you are ready to go out and start a successful journey in the commercial real estate market.
Sim Sadler is a real estate expert and has been buying and selling commercial real estate for over 25 years, through every market you can imagine.
Source: http://www.simsadler.net/inside-advice-for-those-interested-in-commercial-real-estate/
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