After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
A key player in the commercial real estate game is the agent. In many instances, a professional agent can help turn an impossible deal into a reality, so without question, having an agent on your side is essential. However, not every agent works well in every scenario. Learn about some of the most helpful qualities to look for in an agent.
As mortgage interest rates are low, you can be certain to experience a competitive market. As a result of an opportunity to borrow more money for less, there are more potential buyers. In a competitive market, there can easily be multiple offers in a single day on a commercial property in a prime location and listed at a competitive price. You need an agent that is available when you need them and that responds in an appropriate amount of time to avoid missing out on any opportunities.
Commercial Property Experience
The purchase of a commercial property is considerably different from that of a residential purchase. Commercial transactions generally involve a lot more negotiating. For instance, as the buyer, you will have the option to request a buildout design. There may also be negotiations on the price of the property if it has certain characteristics that could hinder your business, such as a lack of adequate parking. For this reason, it does not hurt to partner with an agent that has experience with commercial sales.
Every market is different, even within a single metropolitan area. It is helpful if you can find an agent that has targeted experience in the local area where you want to purchase. For example, in a booming area with projected growth, negotiating any more than .5% off the original price might be impossible. When you have an agent that knows the area, they come in prepared and help you become a better-informed buyer.
If you decide to purchase a unit that is larger than the space you need to operate your business, you may be interested in the idea of renting out some of the additional space to other business owners. It is a good idea to partner with an agent that has marketing experience. The right agent can help you secure the deal to purchase the property and then turn around and help you market and negotiate contracts for tenants.
Choosing an agent is just as important of a step as selecting the property you plan to purchase. Make certain you take your time and choose wisely. Reach out to an agent to find commercial real estate in your area.