Whether you are a business owner or private investor, when the time comes to buy some commercial real estate it is important that you get a great deal. Regardless of whether you will be buying industrial, storage, office or retail space, the market can often been volatile and it is important that you strike at the right time and with the right information to hand. To help you in your efforts to get a great deal on your next piece of commercial real estate, here are some things you should be doing in order to get the property you want at the best possible price.
Working with a Broker
Working with a good brokerage firm is not only the best way to ensure that you get a great deal but it will also save you money in the long run. Commercial real estate brokers like The Welfont Group are experts in their field, they understand the markets better than anyone and can guide you to the best deal. Brokerage firms can save you money with their knowledge alone, the cost of the time that they will save you cannot be measured, whether it is in searching for the best property or in making the transaction on your behalf. The cost you will pay the broker through the percentage of commission will pale in comparison to the money that they save you with their expertise and their dedication to get the deal done as quickly as possible.
Once you know the location for where you wish to buy your property, you need to do what is known as neighborhood farming. Essentially knocking on doors, speaking to people in the surrounding area and gaining an understanding of the neighborhood. It will be important to speak to other business owners as well, doing this can help you find vacancies in the area and also you may find people who are looking to sell. Speaking to local councils will also help you in your decision making process as you can find out what future plans there are for your chosen location, transport links, new commercial properties etc.
Don’t Dismiss Damage
Commercial properties that are run-down or abandoned can prove to be a great investment if you know the best approach. Many people want to buy a finished article, usually for nothing more than an easier transition, however there is great value to be found in buying damaged buildings. Naturally the extent of the damage should motivate your decision but you can very often snap up some great property that simply needs some TLC. Costings are important during this process and you should seek advice about how much it will cost you to fix the property, very often the owners of such properties simply want someone to take them off their hands and are prepared to do so at hugely discounted rates. When looking for a great deal, make sure that you don’t neglect the properties that need fixing up, you could save a great deal of money in the long run.