Buying and selling commercial real estate can be a daunting task, as the values of the properties and the regulations involved make the cost of a wrong move very high. Oakstrand Realty is here to provide you with tips to help you navigate the urban jungle of commercial real estate transactions.
When considering whether to manage your rental property on your own or through a rental agency, it is important to consider the potential headaches that may arise in the future. Unpaid rent, damages and lawsuits are all risks that come with managing a property on your own, and having an agency on your side can help to avoid these issues.
Locating the perfect commercial real estate involves utilizing the right resources online. Research particular areas, real estate agents and agencies to gain insight into the trends within the location you are considering. Additionally, you can find many great properties online at a fraction of the cost that you would spend if you hired a real estate agency.
If you are buying rental units to turn into a commercial business, don't be afraid to go big. In many cases, the minimum number of units per property that requires a commercial license is low enough that you will want properties with more units than that. It is only incrementally more difficult to care for 25 units than for 5 units.
It is beneficial to take a board-sponsored commercial real estate class or workshop, even if you are a licensed real estate agent. This is especially true if you are just getting started in commercial real estate after establishing yourself in the residential market.
Knowing the different kinds of commercial real estate brokers is important in order to get the best results. You can find specialists and generalists, as well as full service brokers. When buying, you will want to find a specialist to get the best results.
It is crucial to have a good lawyer look over your commercial real estate contracts. Make sure they know all about real estate and can look over everything you have. This will insure that you will be protected and you will be getting the best deal possible.
When investing in commercial real estate, it is better to buy more because it is cheaper per unit. Why go through the bother to purchase a property that has only 10 units, not to mention, jumping through hoops to get financing? Since you are going through so much already, you may as well do it for a much larger property.
If you are thinking of selling off a large parcel of commercial real estate you might want to think about breaking it up into smaller pieces. Often smaller plots sell at higher prices per square foot. Also, offering smaller, more manageable pieces of real estate may expand the pool of potential buyers for your property.
Following the tips provided in this article will help you to successfully navigate the urban jungle of commercial real estate transactions. Utilize the resources available to you and make sure to protect yourself and your business by taking the necessary precautions when buying or selling commercial property.