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Buying or selling real estate in Connecticut or Rhode Island call me 203-506-0388
Tom Simjian
Keller Williams Reality
Negotiating is essential. Ensure that your voice is heard, and that you are offering-or receiving-a price that is fair for both parties.
Be patient and calm while you navigate purchasing commercial real estate. Don't enter into any investment opportunity without doing the proper amount of research. You'll regret it quickly if your lack of research results in a property without much re-sale value. It may take a year for your needed investment to come about in the market.Don't become greedy and over-inflate your real estate asking price. Most appraisers can't take all factors into account because there are an infinite number of variables involved in determining the value of a piece of property. These variables can all make your property worth less than the appraisal claims it is worth.
Your investment might be very time consuming at first. You will have to hunt for a good opportunity, and once you have bought property, you might have to do some repairs or remodel it. Don't let the amount time you need to put in during this phase discourage you. Your rewards are down the road, and they are worth it.
When choosing a broker, ask about their experience specifically in the commercial real estate market. Choose one that specializes in your area of interest. When you find the right broker, make sure your agreement is exclusive.
Before you begin seeking commercial real estate property, be sure to identify your requirements. Draw up a list including all the features your ideal property should have, such as property size and location, or the total number of restrooms, offices, etc.
If you plan to rent out a commercial property, you should do all you can to make sure they stay occupied. When you have an open space, you have to shell out the money to keep it looking great and running well. If you have more than one empty property, think about why that may be, and consider what you may be doing to drive tenants away.
Try to decrease potential events of defaults before negotiating a lease. That will cut down on the likelihood that the tenant defaults on a lease. This is a bad thing, so do what you can to minimize the chance of it happening.
Assess what you need before you look for commercial properties. List the qualities that concern you most in a property (e.g. restroom facilities, conference facilities, number of units available, square footage, etc.)
Your new space may need improvements before you can occupy it. Cosmetic changes like painting walls and rearranging furniture might be needed. The change could be significant like moving an entire wall to work with a new floor plan. Remind the landlord that these improvements are necessary, and use them to negotiate a lower deposit or reduced rent.
It should now be apparent that you need to consider any commercial real estate transaction from multiple angles. Keep this advice in mind so that you may get better deals when searching for the location of your business.
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