Are you looking for a profitable commercial real estate investing opportunity? Below are some helpful tips for locating a commercial property to buy.
Before you start your search, you need to decide on your desired property type. Determine the size, type and the location of the commercial property you are looking to purchase. It is possible that you may be looking for a multi-tenant office building instead of a small single-user office building. In such cases, make sure you are clear on these distinctions before you start your search.
Once you have the type of property clearly in mind, there are a number of sources you can use to locate that property:
Internet
The internet is a great platform to use to locate a real estate investing opportunity. There are several commercial real estate industry sites that give you detailed descriptions of properties offered for sale, as well as videos and other statistics that can be a helpful complement to your search. In addition, there are websites that are hosted by professional commercial real estate agents that will show listings of commercial properties for sale.
Another good source to use on the internet is to connect with user groups and real estate forums that can help you in your hunt.
The only downside to the internet is that it can be restrictive, especially if you are looking for a local commercial property. Most local areas do not have a multiple commercial listing service for commercial properties like the MLS (Multiple Listing Service) for residential properties so listed properties are not readily available to research.
Networks
Networking is another good technique used for finding properties. All you have to do is to visit your local real estate investment group and discuss your needs, clearly indicating the specifics of the type of property you are looking for as well as the financial requirements.
The same approach is valid at Chamber of Commerce meetings. You can also join groups of apartment owners, building owners, and associations of shopping center owners.
Professional Commercial Realtors
Last but not least, you can seek the assistance of professional commercial realtors. Good commercial realtors can be a great helping hand in your hunt for commercial properties. Not only will they provide you assistance but they will also help you in locating the most suitable property for your specific investment plans.
Sellers typically are represented by brokers and it is in your best interest as the buyer to have your own professional representation in any transactions you enter into. If you are worried about the realtor fee – it is usually paid by the seller and, therefore, you do not have to bear any expense.
In summary, homework is important if you wish to find a commercial property that suits your requirements. So do your homework and get the professional advice of a commercial real estate broker who will look after your best interests.
There are a lot of financially lucrative real estate investing opportunities in the marketplace. Good luck with your hunt!