Tag: dual agency

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Real Estate Advice That Takes The Guess Work Out Of Commercial Property

Learning the ins and outs of commercial real estate transactions can be quite challenging. You can make tons of money, but you can also suffer financial ruin. When you are shopping for a property, do your research before you buy, and get funding ahead of time. This article is packed full of tips that will help you to navigate the commercial real estate market.

Whether you’re buying or selling commercial real estate, make sure to negotiate. Ensure that your opinion is known, and wrangle for the best price you can get on the property.

Another factor to be aware of when shopping for property to rent or lease is who pays for pest control. This is especially true when renting in an area that has a lot of bugs or rodents, so be sure to talk to the rental agent about some pest control policies.

Take note that commercial transactions take more time, they are complex and they take more involvement than home purchases are. If you want things made easier, you might want to change what you’re getting yourself into. But, you should realize that the nature of such deals is critical to maximizing the profit potential of a prospective property.

When choosing between two similar commercial properties, think large scale. Getting the financing you need is going to be complicated whether you choose a five-unit building or a fifty-unit building. In effect, this is similar to an economy of scale, or also like purchasing more of an item to save money.

Inspectors should always have credentials available for viewing, should you require their services in your real estate dealings. This should be especially noted for those who work in pest removal since there are actually a number of non-licensed people who work in this area. You want to avoid a future liability that can come after the sale, if the inspection was not correct.

Do your best to have your properties occupied at all times. You’re the one who has to pay to keep the building maintained, and if no one’s renting them, you’re wasting your money. If several of your properties are vacant, reexamine your management style and look for ways to fix issues that are keeping tenants away.

It is important that each property offers unhindered access to utilities. Every business’ needs are different, but at a minimum, most businesses will need power, sewer and water services.

Ensure that you have reviewed your contracts before negotiating leases so that you minimize the chances of default. The tenant will then be less likely to violate these terms. You don’t want tenants defaulting on your leases.

Determine your business goals before you start your hunt for commercial property. Identify which features in a commercial property are high value to you, and make a list. This can include the number of floors, units, square feet, the building layout, and anything else that is important to you.

There are real estate brokers who deal exclusively with commercial investments. Some agents will represent only the tenant while a full service broker will represent both parties. If you are a tenant, you may be much better off by using a broker who only works with tenants as they have a lot more experience with successful tenant representation.

Make sure you try to read any disclosures for your agent. Remember that dual agency is also an option. In this type of transaction, a real estate agency acts on behalf of both parties involved in the deal. Dual agency occurs when the landlord and the tenant hire the same agent. If this is the case, and the agent is a dual agent, this should be known to both parties and agreed to by both parties.

As a new investor you should focus on one area of investment only. Pick a property type you desire to initially start with and focus on it with your undivided attention. It is far better to dominate one area of the commercial real estate market than to spread your investing order many different types of commercial buildings.

Clearly, investing in commercial real estate will not bring you money for nothing. You will need to play a very active role, devote time and make a sizable investment, at the beginning, to bring about the results you’re seeking. Even by pouring in all that, you still have a chance of losing money.

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The Secrets To Commercial Real Estate

While it can be exciting to own commercial property, a great deal of effort is required to care for it. Because of this, it may be really hard to figure out how to get started and what to do in order to ensure that the venture runs smoothly. It can be hard to make sure you know everything about commercial property, but the more you know, the better, and this article is a good place to start.

Ask potential real estate brokers to describe how they make money. Discussing this openly is something he should have the ability to do, and he can flat out let you know that his best interest isn’t the same as yours. You should understand how they will look out for your interests, and when they might shift their focus to their own profit.

Unlike a home loan, you will need a higher percentage down payment for a commercial real estate loan. Try to locate the best lenders; then try asking for any quality investments. Both of these are a great way for you to increase your changes of qualifying for a commercial loan.

If you plan to finance your commercial investments, you must first ensure that you are backed by a competent legal adviser. If something goes south in your property adventures, then you want the best backing you up to keep your reputation sound and protect you from threats.

Make sure you are completely aware of the available square footage. In commercial real estate, square footage can be reported in usable square footage only, or the total square footage which would include walls and unusable space as well. Get a number for both kinds of square footage, so you can gauge if the property really suits your needs.

If you are new to investing in real estate, spend some time surfing online resources that house information that seasoned investors use. There is no such thing as having too much knowledge, so it is always a good idea to learn as much as you can.

When you are looking to buy or sell commercial property, don’t forget to leverage your network of contacts. 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.

You probably do not want to sign a lease form that is standard when you are leasing a commercial piece of real estate. Larger real estate firms are known to slide additional requirements and covenants into their leasing documents, which might prove hard to find due to document length. If you read the lease with care, it can help you from having a horrible experience.

Both local and non-local advertising of your commercial real estate property will be beneficial to you. A lot of people do not think that people from out of town will want to buy their commercial real estate. There are many private investors who would purchase property outside of their local area if the price is right.

Educate yourself on the meaning of net operating income (NOI), a term associated with commercial real estate used for investment purposes. Success is about staying in the green.

Know that the size of a property is important when you’re looking for a spot for a business that’s permanent. You should purchase commercial property which will accommodate expansion in your business, so that you don’t find yourself having to hunt for a larger space again in just a few years.

When searching for a real estate agent, keep their disclosures in mind so you know who they are working for. It is important that you realize that you may be entering a dual agency transaction. Dual agency is when a real estate agency is responsible for the representation of both parties involved in a transaction. In other words, the agent is representing both you and your landlord in the same transaction. It should be disclosed if there’s a dual agency, along with an agreement by both parties.

Use your blog to establish an expert reputation. This is a great way to introduce people to your products and services and also which properties you have available for sale or leasing.

Learn how the firm you are considering measures results. Find out how they figure out your space requirements, their important selection criteria of the property, strategy in negotiations and other things that will matter in your transaction. Understanding where they stand in regards to these things before you sign with this company will be a wise decision.

As is evident by this article, any good investment in commercial real estate requires solid research and a lot of hard work. It’s also worth mentioning that it’s a never-ending process. By applying the advice of the previous paragraphs, you can start easily and safely down the path to commercial property ownership.

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You Can Get Great Commercial Real Estate Tips Below

It’s harder to find commercial properties. Although there are plenty of commercial investments in the market, these buildings don’t get preferential listings in classified ads or real estate catalogs as do residential listings. You’ll have to look around to find them. Use the tips below to locate commercial properties.

When considering properties for your investment portfolio, abide by the principles of feng shui. If you provide a lot of open space in your units and avoid clutter as much as possible, buyers are more likely to be interested in your property.

Read the fine print about your real estate agent. Look for any disclosures regarding dual agency. Your real estate agency will represent each side of the transaction. This means the real estate agency will work as the landlord and the tenant. Dual agency is something that should always get disclosure, and both parties involved should be in agreement with it.

Know what your specific needs are prior to starting your commercial real estate hunt. Draw up a list of specific attributes your office space must have, including size, number of meeting rooms, and available bathrooms.

Take tours of the properties that are potential purchases. Consider going with a contractor when you are looking at places you want to buy. After touring, feel free to begin negotiations or even make your preliminary proposal. Give a bit of thought to the counteroffers before deciding to accept the offer, make a counteroffer yourself or walk away.

You need to understand that each property has for itself, a lifetime. You will have to pay for repairs and maintenance for your property; make sure you have a good idea of how much you will have to spend. The building may need repairs such as a new roof or an electrical system update. All buildings go through these kinds of phases; some more than others. Make certain you are prepared to deal with these issues long range.

You must know how to deal with an emergency, should it arise. One way to develop such a list is to ask current commercial investors who they use in the event of an emergency repair. Have the phone numbers on speed dial, and know how long it generally takes stuff to get fixed. Use the information from your landlord to prepare an emergency plan to protect your reputation and customer service for the times when your normal business flow is disrupted.

Make sure that the commercial real estate you want to purchase is equipped with connections to all of the utilities you’ll need. In addition to any needs specific to the business, you will surely need to have gas, electricity, sewer and water services, and so on.

Learn how each real estate broker intends to get you the best price before settling on one. Find out about their experience and training. Make sure they are knowledgeable about finding good deals and that they are ethical in all their business dealings. Ask for examples of successful and unsuccessful past negotiations.

When you’re in the market for commercial property, find your lender prior to making an offer on it. Discover your area’s best lenders by talking to friends and investors that you know. Before you even embark on a course to buy commercial real estate, do some research and choose the one lender that can meet your needs. Taking the extra time to get things lined up can help ensure that you qualify for a loan.

More is better when it comes to buying a property with multiple units. If there are many units, it would be easier for you to spread the income that you are getting from each unit. Serious investors will not be interested by a building that has less than a dozen units.

Finding the correct kind of real estate is just half the battle. Dealing with commercial property takes knowledge and action; therefore, it is very important to learn all you can prior to seeking out your property.

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