Build an online presence for yourself prior to stepping into the commercial real estate world. Start by having a website designed, and create a LinkedIn profile. Search engine optimization principles will increase your online visibility. Ideally, business associates and clients should be able to find your website just by entering your name into a search engine.
It is essential to develop a list of emergency maintenance service providers. 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. In case a maintenance emergency should happen, you can use the information provided to lay out an emergency business and customer service plan to save your company’s reputation in case your business is interrupted.
Before buying, make sure that you consult a tax adviser for assistance. You will find out how much this property will end up costing you and what percentage of your income will be taxed. You can work with him to narrow down areas where you’ll best invest your money.
Plan on doing some improvements to your new commercial space before you can inhabit it. The changes don’t have to be extensive. You may just want to repaint or rearrange furniture. Sometimes a new business will need to alter the floor space by moving interior walls. Get an agreement ahead of time about who will be financially responsible for these improvements, or at least try to have the landlord responsible for part of the cost.
Establish your goals and needs before you start looking at properties. Features like square footage or restrooms should be predetermined to make the process easier.
Use of a digital camera is a simple and effective strategy. Make sure your pictures clearly show any damage or defects, including carpet stains, holes in the walls or discoloration of plumbing and counter tops.
Document your business needs prior to hunting for commercial property. Determine the type of office space you’ll be using. If you intend to expand your business quickly, buy a bigger place during this dip in the market to save money over the long term.
Bugs and rodents are always looking to ruin your property, so factor pest control into your business strategy when renting commercial property. This is important in less desirable locations where rodents and/or bugs are an issue. Have your rental agent inform you of any associated policies for pest control.
One of the biggest differences between a residential loan and a commercial one is the size of the down payment you’re required to make. You can increase your chances of qualifying for a commercial loan by researching and comparing lenders and loan products and trying to find investors.
The above collection of tips should have given you enough information to feel confident about commercial real estate transactions. These tips were put together in the hopes of increasing skill and knowledge, and improving your ability to either buy or sell in the commercial real estate market.
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