Finding commercial property for sale, especially if it’s your first investment, can feel intimidating. Perhaps a large strip-mall is not for you, and you are looking to invest your capital in something a little bit more unique. Something that will set you and your tenants apart and give you a property to be proud of. Here are some expert tips to get you started:
1. Track the trends.
Community reawakenings can happen in a flash, so keep your eyes on your city’s up-and-coming areas. Don’t know where to start? Ask a millennial where they get their favorite craft cocktail or freshly-roasted pour-over coffee and start there. Historic and disused industrial spaces are very of-the-moment in commercial property right now, and with the proper updates and improvements, they can add tremendous value to both the property itself and the surrounding area.
2. Master the art of development “farming.”
Looking for commercial property for sale online can be a tiring and overwhelming process, and it’s not nearly as effective as farming the development for yourself. Grab the addresses for a few choice listings, close your laptop, and wander around some potential developments. Seeing property in the context of the surrounding businesses, green-spaces, and residential areas can give you a fresh perspective that you’ll never get behind a screen. Speak to other business owners and tenants, visit open houses, and look for vacancies. Try to immerse yourself in the environment as thoroughly as possible before making any decisions.
3. Look for motivated sellers.
Finding a motivated seller, (someone who wants to move their property and move it fast), will give you the best chance of negotiating a price that’s below market value. The best way to meet these sellers? By building relationships. Spending time in your chosen developments, patronizing local businesses, and building a solid rapport with the business owners will pave the way to potentially finding open doors with motivated sellers. However, if you’re buying a property that’s been unused for a while and the owner seems too eager to get rid of it, then be careful of any underlying issues with the property. Foundation or structural issues, water damage, etc. can prove to be a major problem later on without being noticeable now. Call in Water Damage Restoration Lake Havasu experts (or relevant providers wherever the property is located) to perform thorough inspections and carry out any necessary restoration. They could also help with a complete cleanup and sanitization of the property once you’ve bought it.
4. Multitask when seeking unique commercial property for sale.
Utilize every resource at your disposal to locate the property of your dreams. That means surfing the web, pounding the pavement, scanning the classifieds, and using real estate bird dogs to help you track down valuable leads. Once you find a suitable property, you still need to be multitasking while the deal is going through. Get the property inspected, call a plumber to fix any leaks, hire a roofer like Wilson Roofing for repairs (Read More about this here), reach out to find potential tenants, the list goes on.
5. Work with an expert.
It may go without saying, but an expert similar to this Lynchburg realtor specialising in property investment will help make the process of finding your next investment a pleasure. Don’t go at this alone; you need a team of highly-trained professionals on your side. You’ve done your due diligence; now allow someone else’s expertise, community connections, and fresh eyes help you find the investment property of your dreams. You’re less likely to fall into legal loopholes when you use the help of a professional too, minimising the risk of losing your money.
If you’d like help finding a commercial property for sale, please contact us today! We would love to speak with you.
