In order to effectively manage a commercial real estate transaction, organization and proper planning is critical. Even if you believe you are fairly experienced in dealing with commercial properties, it?s not hard to miss something important, especially because there are so many ?moving parts? that need to be managed. Here are some things to keep in mind to help insure a smooth transaction.?
First, you need to have a deep level of familiarity with the real estate firm you are working with. You need to know what exactly they mean when they say things like ?this property has plenty of space? or ?negotiations with the other party went pretty well.? These are subjective phrases that can mean different things to different people. Be sure you and the firm you are working with are on the same page.
When it comes to getting an appraisal for the commercial office space you are thinking of acquiring, there is one thing that is quite different from a residential real estate transaction; most banks require the borrower (you) to order the appraisal. If the appraisal was ordered by a third party, in most cases it will be disallowed by the bank. So make sure you are prepared to take this step yourself.
When you are considering multiple properties, it is wise to keep some kind of checklist to compare the various features, benefits and drawbacks of each. This is a big part of being well organized. Having a side by side comparison of all the properties under consideration can be a great help in making a quicker and better informed decision on which property comes closest to meeting all your needs.
Cleanup can be a big issue with commercial real estate properties. Unlike residential, getting into a commercial property deal often carries the requirement to get rid of waste that is not always environmentally friendly. When it becomes clear that this will be a concern, it is a good idea to hire an environmental assessment firm to perform an analysis and create a detailed report of what needs to be done and the costs involved. The report itself may be somewhat costly, so it is best to wait until you are very serious about buying the property before ordering it.
Access to various utilities is another factor that needs to be considered. Since you will likely be using the commercial property for a different purpose than the previous owner/s, you need to make sure you will have access to an ample amount of electricity, water, sewer, gas, internet speed, and whatever other resources will be needed to make your operation run smoothly.
Finally, think about your future. If you?re in business, you?re plan certainly is not to remain static. Your long-term goals are most likely to grow at a healthy rate over the coming years. Make sure you take a good look at your future growth plans and factor those into your assessment of whether or not the commercial real estate property under consideration will suit your needs not just now, but into the foreseeable future.
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