28. February 2016 · Comments Off on The Top 5 Listing Tips for Commercial Property Today · Categories: Real Estate

When it comes to you as the commercial property agent listing property, you have to be quite selective regards the listed property type and the clients that you work for. It is no secret that the property market today is more selective and difficult.

The deals take longer to put together. On that basis you need to be the top performing agent using all the right skills in your local area.

Here are what I consider are the top five listing tips that should apply to commercial and retail property today:

    1. When you find a potential property to be listed, meet the owner on site and walk through the property to discuss the owners thoughts and targets. It is quite important that the owner is fully briefed regards their property in the local area and how the property market is trending. It is likely that you will need some comprehensive compatible sale and rental information to support your discussions. If you find that the property owner is unrealistic, then it is probably appropriate to walk away from the listing. Your time in this property market is precious; there is no point wasting your time on overpriced unrealistic properties.
    1. Look into the history of the property through the title searches and the records of the local council office. As part of that process, include a review of the local planning regulations and development plan. All of this information will help you understand the legalities of the property and the way it is currently used. If any questions arise from this documentation, then it is appropriate to get subsequent information such as copies of encumbrances, rights of way, liens, and other interests.
    1. The supply and demand for property locally should be understood. As the local property agent you will know something of this given the levels of enquiry that come to your office. There will however be other factors stemming from newly approved developments or developments that currently on the drawing board. The availability of vacant land in the area together with property suitable for redevelopment will also have some impact on this process. You can get a lot of information from the local planning authorities regards trends in the region.
    1. If the property is rented to a tenant, then seek copy of the lease documentation for review as part of the property inspection. Every lease should be regarded as separate and unique. The terms and conditions of every lease can be specific to the single tenant and very different to other tenants in the same property. On this basis you really do need to understand the leases before you attempt to put a price on the property or recommend a method of sale.
  1. To achieve a successful sale or lease, the owner of the property is a significant part of the equation. You have to feel and believe from the outset that you have their honest cooperation in the process. Clients that will not accept the trends of the local market or take your recommendations on board are usually the clients that you do not need. The marketing of any commercial property today should include an element of vendor paid advertising. As to what amount you need is subject to the property and the location, however the principle applies and money should be sought and taken from the vendor prior to any marketing campaign commencing.

These five factors will allow you to prepare for the listing, promotion, and marketing process with selected commercial and retail properties. Your preparation and enquiry will always make the listing process more effective.

25. February 2016 · Comments Off on 10 Tips for Buying Commercial Property · Categories: Real Estate · Tags: , , ,

Whenever you think of purchasing commercial property, you should make sure that it suits your requirements, and is well within your budget. Ensure that the current market trends are in your favor, fetching you good returns on investment. Here are some useful tips that can put you out of your misery the next time you consider buying a commercial property.

Location Research

Make sure that the property you are purchasing is at a convenient location, boasting of good proximity and connectivity. This is a very important factor that will help you seal the deal.

Law Abiding Workplace

Whatever might be the nature of your business, ensure that you use your workspace in a legal manner. Make sure you have all the necessary documents with you beforehand, as you never know when they may come in handy.

Environmental Issues

Purchasing property not only guarantees you ownership, it also makes you responsible for the problems that come with it. Tackling environmental issues can be costly. For this reason, it is best to get an environmental report from environment evaluation companies. Although this can cost you a bit, it will enable you to save a lot more in the long run.

Early Finance Planning

Planning well in advance will help you in more ways than one. Before you engage in a property hunt, have a thorough knowledge of the costs involved, as this can prevent you from over-spending.

Property and Rent Analysis

It is absolutely necessary to be aware of the current rental market trends, along with the past few years’ records containing information about the property. This will help you understand the origins and use of the property, thus allowing for a clearer understanding of the rent scenario.

Expansion/Leasing Options

Property buyers are usually very optimistic about the returns on their investment. So, if you cannot expand your space as much as you’d have liked to, give the idea of leasing out the extra space a thought.

Protect Yourself and Your Resources

Always remember that you should do everything you can to protect yourself. Talk to your lawyer well in advance to make sure you and your personal property are well protected lest you get sued.

Time Span of Properties

One of the biggest blunders you can make while purchasing a property is to be oblivious to the fact that within a few years you would have to shell out extra money in order to maintain the place. So make sure you have enough cash kept aside for upkeep.

One Investment at a Time

If you are just starting out as a potential buyer, it is very important to give your undivided attention strictly to one investment rather than purchasing multiple properties at once. You may invest in more than one property after you have gained some experience and once your finances are in order.

Invest for Returns

The whole point of investing in properties is to get profitable returns on it. However, if you happen to purchase property that bears no fruit, then you have just invested a sizeable portion of your savings for no reason. Make wise choices.

21. February 2016 · Comments Off on 8 Tips For Selling a Commercial Property · Categories: Real Estate · Tags: ,

With the economy stabilising after the recession, the commercial real estate market is now rapidly expanding. Breaking into this market has become a lucrative prospect. Since commercial real estate is in high demand, now is a good time to make a tidy sum by selling commercial property.

Commercial properties in key locations are in high demand, so finding bidders should be easy. However, the marketplace can be highly competitive. Here are some tips that will give you an edge over others.

1. Slow and Steady

Things will be slow and tedious at first, before you make a name for yourself. A lot of cold calling and canvassing is to be expected at the start, so entering the industry must be a planned and well thought out decision, and should not be carried out on a whim. It will take a while before the fruits of your labour are seen, so be patient and keep trying. This is the stage where you learn how the industry works. Ensure you absorb and assimilate your knowledge.

2. Learn from the Master

The field is full of commercial agents. Doing an internship at a firm, or talking to agents in the field, can help you gain valuable experience and allies. These contacts will help you in the long run in making future sales.

3. Knowledge is Power

Acquire as much knowledge on this subject as you can. Being well-informed will give you an edge over your competition. Keep your mind sharp and be in-tune with what is happening in and around the field. Understand how the property appraisal process works. Your clients will feel comfortable when they know they are in the hands of a knowledgeable professional.

4. Become the Master

Although having a real estate licence is a must, you can have it bolstered by obtaining a Certified Commercial Investment Member (CCIM) designation which will make you look very credible to the customer. This goes a long way in forming lasting relationships with your clients.

5. Build Relationships

Satisfied clients always return and keeping them happy will pay off in the long run, because commercial clients always look to expand. Furthermore, positive word-of-mouth advertising never hurt anyone.

6. Plan Ahead

Upcoming infrastructural changes will be a factor in determining the property value. Keep yourself updated about other projects happening near your property.

7. Update Your Tools

Keep an eye out for new technology and tools which will help you work more efficiently, and try to implement them as much as possible. Make sure your property database is updated. Good communication skills are an added bonus.

8. Rejoice and Celebrate

Remember to celebrate your victories and never forget your team members or your mentors.

17. February 2016 · Comments Off on Tips for Making an Offer on Commercial Property · Categories: Real Estate · Tags:

Are you planning on expanding your business or perhaps just moving to a bigger and better location? If yes, you will undoubtedly need to look at commercial space and ultimately make an offer on it. Do you have prior experience doing this? If you do not; have no fear, we are going to give you some helpful tips on how to negotiate a lease on a commercial real estate property. You may want to jot down some notes; school is now in session.

The first tip we have for you is to determine what your needs will be. You may want to create a checklist of those needs you deem to be essential. These needs include how much space you will need, how much parking space you will need, and will you need a lot of storage space. Perhaps the most essential need will be for a prime location near major highways and/or public transportation. There will be somethings you think you need but that you really can do without. Maybe once you have met your essential needs, you can also consider some of these. However, keep these on the back burner for budgetary reasons.

That brings us to our next tip; your budget. Every business typically has a budget; especially when it comes to a major expense such as moving. You will want to know what you can expect to spend on your new property. Also will you be renting it or buying it? Those are major factors in negotiating your commercial property deal. You also ought to compare the costs of the different properties you are looking at and how they stack up against each other. You are going to want to do some studying on this subject.

One crucial tip we have for you is to know what the laws and regulations are that govern where you will have this property. For example there are neighborhoods that permit commercial properties in largely residential areas. However, the majority of neighborhoods either feature one or the other. This is especially important to know if you are downsizing your office and looking to run your business out of your home. Even if you are looking for a commercial building; it is still important to know if any local ordinances will affect your business BEFORE you sign a lease or buy the property. It might also be wise to seek the advice of a local real estate attorney on this matter. Better safe than sorry.

One last tip we will leave you with is to know what you are doing. Do your homework before you even begin to look at making an offer on a commercial property. The tips we have provided here are just the tip of the iceberg. There are more where these have come from. You can go onto the Internet and do a search. You will find links to articles such as this one that ought to prove helpful. Additionally you may want to contact a realtor that specializes in commercial property. He or she can give you some excellent advice.

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