Whether you’re getting into commercial real estate to look for the next home of your business or desire an investment property to add an additional stream of income, you’ll want to make sure you’re investing your resources well and getting the most value from your money.
This is where having a team of professionals in the commercial real estate space will provide immense value and eliminate many of the common stressors of the purchase process. There are several types of people you’ll want to include in your search for the perfect commercial real estate property, and today we’ll discuss each one and how they can optimize your experience investing in commercial real estate.
A Real Estate Agent
When it comes to commercial real estate, it is critical that you partner with an agent who specializes in commercial properties. The process, the requirements, and the knowledge required is almost entirely different for commercial real estate versus residential, so you’ll want to ensure you are working with someone who understands all of the ins and outs.
Again, you’ll want to make sure your attorney is one that is specifically educated in real estate law. Your attorney will be able to help to expedite the closing process, keep you and your team informed on relevant laws and zoning, and generally ensure that the process and final agreement are legitimate.
As with all business finances, we always recommend leaving this step to the professionals. From considering the implications of taxes, budgeting, and keeping your personal or business finances in line while making a large investment such as a commercial property, a professional accountant will take this large potential liability off of your plate.
A Mortgage Broker
Your mortgage broker is the person who will act as the liaison between the lender and you personally or your business needing the loan. The broker will ideally have multiple relationships with lenders and can help clarify your needs and match you with a lender according to your specific situation and what you may need.
A Construction Contractor
If you plan to have any renovations or updates made to the property before moving your business in, or if you want to change anything prior to leasing out the space, you’ll want to have a contractor lined up. They will be able to make changes, repairs, renovations, and anything construction-related for you. A reputable contractor will typically have contacts for any type of work they aren’t able to complete themselves.
A Property Manager
Planning to lease out the property? You may want to consider using a property manager or a property management company. They’ll handle things such as rent collection, maintenance requests, vetting potential tenants, etc. All so you don’t have to lift a finger!
It Takes a Village
No matter what your unique circumstances are, surrounding yourself with a team of industry experts will streamline your investment in commercial property. From assessing your needs to making any renovations, you’ll want to ensure you have a team around you that can support each step along the way.
Follow along with our CBE Commercial Blogs to learn more about all things commercial real estate and how to maximize your investment.