Locating the perfect spot to operate your new business may be challenging, unless you know what you are looking for. Be sure to carefully review the information provided here.
Do a walk-through of each property on your short list. Think about having a contractor as a companion to help evaluate the property. You can then make an initial offer and begin the bargaining phase. Judge the counteroffers prior to making a decision either way.
Another factor to be aware of when shopping for property to rent or lease is who pays for pest control. If you are renting in an area that is known to have a lot of rodents, pests, or bugs, then ask your agent what the policies on pest control are.
Emergency maintenance should always be on your need to know list. One way to develop such a list is to ask current commercial investors who they use in the event of an emergency repair. Have a list of phone numbers to call if you need emergency repairs, and know how much time it usually takes for repairmen to arrive. Work with your landlord to create a contingency plan in the event that an unforeseen disaster occurs; this will allow you to avoid customer service or public relations nightmares.
Dual Agency
Ensure your legal and financial safety by thoroughly examining the disclosures of a potential real estate agent. There is a possibility of a condition called dual agency. With a dual agency, you have the real estate broker working on each side of the transaction. In the case of a rental situation, the agency represents the landlord and the tenant. If there is a dual agency, everyone should be honest about it and find an agreement.
The first step is to find the best lender to finance the transaction. There are major differences between commercial and residential loans. They can be better for you as a borrower. For instance, a commercial loan requires a bigger down payment, but that also means you don’t have to be liable if things don’t work out. Add to that the fact that the banks don’t care as much where you get that down payment from.
All these tips are useful when it comes to selling or purchasing commercial property. Take advantage of the tips that have been provided to you, and continue to stay up-to-date with new information as much as possible.