Are you looking for a profitable commercial real estate investment opportunity? Below are some helpful tips for locating a commercial property to buy.
Before you start your search, you need to decide the type of property you want. Determine the size, type, and location of the commercial property you wish to purchase. You may be looking at a multi-tenant office building rather than a small single-occupant office building. In such cases, make sure you are clear about these distinctions before you begin your search.
Once you have the type of property clearly in mind, there are several sources you can use to locate that property:
Internet
The Internet is a great platform for locating a real estate investment opportunity. There are several commercial real estate industry sites that provide you with detailed descriptions of the properties being offered for sale, as well as videos and other statistics that can be a helpful supplement to your search. Additionally, there are websites hosted by professional commercial real estate agents that will display listings of commercial property for sale.
Another good source to use on the Internet is to connect with real estate user groups and forums that can help you in your search.
The only downside to the internet is that it can be restrictive, especially if you’re looking for local commercial property. Most local areas do not have a commercial multiple listing service for commercial properties like the MLS (Multiple Listing Service) for residential properties, so listed properties are not readily available for research.
networks
Networking is another good technique used to find properties. All you have to do is visit your local real estate investment group and discuss your needs, clearly stating the details of the type of property you are looking for, as well as any financial requirements.
The same approach is valid at Chamber of Commerce meetings. You can also join groups of apartment owners, building owners, and shopping center owners’ associations.
Professional Commercial Real Estate Agents
Last but not least, you can seek the help of professional commercial real estate agents. Good commercial real estate agents can be of great help in your search for commercial property. They will not only provide you with assistance, but will also help you locate the most suitable property for your specific investment plans.
Sellers are generally represented by brokers and it is in your best interest as a buyer to have your own professional representation in any transaction you enter into. If you are concerned about the real estate agent’s fee, it is usually paid by the seller and therefore you do not have to incur any expenses.
In short, homework is important if you want to find a commercial property that suits your needs. So do your homework and get professional advice from a commercial real estate broker who will look out for your best interests.
There are many financially lucrative real estate investment opportunities on the market. Good luck with your hunt!
