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By: Jason Lom
Finding commercial real estate to buy is not exactly the same as in the residential market. Although in most markets there is a fairly abundant supply of commercial properties for sale, the listing aren't as widely advertised as they are with residential properties. Because of this difference, knowing how to find the best available commercial real estate is critical. And since not just anybody can get access to all the prime listings, working with a top commercial real estate broker is critical as well.
The first thing to keep in mind is that buying a commercial real estate property requires a large investment in time. The process is much more complicated than buying a residential property, and it can take several weeks or even several months to find a suitable property to fit your needs.
When examining the size of the property you will need, you need to consider not just your immediate situation, but where you plan to be in the future. Most businesses have long term plans, and yours should too. But make sure the commercial office space you are considering is large enough to accommodate not only your present needs, but your future needs as well.
Another factor to look at is access to the necessary resources to make your business operate smoothly. Depending on what type of product or service you have, you may need an unusually high amount of water, electricity, or even super-fast internet speeds. The challenge is that some properties-especially in rural areas, may not be able to accommodate your utility needs. Before making a commitment to any piece of commercial real estate, talk with all the area utility companies to make sure they can provide everything your company has to have.
Now let's talk about your commercial real estate broker. Your choice of realtor may be one of the most important decisions you make. You must be sure that you and your broker see eye to eye on exactly what you're looking for and what you view as a successful purchase. Remember, this is the person who will be doing all the negotiating on your behalf, so you best work with someone you are compatible with.
When it comes to financing, it pays to shop around. Don't deal with just one bank or one broker. Ask around among your friends, family, and business associates and find as many funding sources as possible. In many situations, it may be to the buyer's advantage to seek private financing at a competitive interest rate over going through a bank. Your real estate broker should also be able to give you some good suggestions for how to deal with the financing.
Inspections are critical to the purchase of any property, but especially with commercial real estate. The problem is that some people choose to hire inspectors that are not accredited. This could lead to problems down the road if they failed to find some important issues with the property. Don't make this mistake. When it comes time for the inspection, always make sure you're dealing with someone who is accredited.
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