FAQs About Commercial Real Estate: Resources for Business Owners
Are you considering purchasing commercial, multifamily or other investment real estate? Whether you are looking to relocate your business or pursue a new investment opportunity, there are several factors you will need to consider before buying. Take the time to evaluate your needs, conduct market research, and find a great broker who can guide you through the complex process. Knowledge and planning are key to any successful real estate purchase!
Q1: What should you do before acquiring commercial real estate?
A1: Since commercial real estate is a major investment, it’s important to do your homework, research the local market, and evaluate your loan options.
- Contact ICS-Loans / Easy Loan Helper for commercial and investment property loans.
- If you’re planning on launching a real estate business, make sure you tackle your legal obligations first.
- Research the local real estate market to learn about tax rates, environmental issues, and the supply of skilled labor in the area.
- Learn about the location factors that make commercial properties desirable.
Q2: How can you find the right commercial broker?
A2: The best source for commercial brokers is other business owners in your area. When you find a broker, ask them a few questions to ensure it’s a good fit.
- Make sure you understand the difference between a real estate agent and a broker.
- Try to get recommendations for brokers from businesses in the area where you’re hoping to buy.
- Ask your broker key questions about their experience and areas of expertise.
Q3: What are your next steps after purchasing a commercial property?
A3: Whether you’re moving your business into your new property or renting it out to tenants, the following resources will guide you through your next steps.
- Consider your office layout options to optimize your layout for employee productivity.
- Create a transition plan to move your business with minimal operational disruptions.
- If you plan on renting out the space, start looking for tenants immediately so you can minimize the potential rent lost.
- Hire a commercial property management company to handle all your day-to-day responsibilities.
Buying commercial property is a complex process. Done right, your investment has the potential to be very profitable. Buying a property can be a great way to build equity, meet the unique space needs of your business, or generate income from tenants. Do your research to give yourself the best chance of success!
Are you still looking for a commercial property loan? Contact ICS-Loans / Easy Loan Helper so we can discuss your needs!
Mark McDonough, Commercial Real Estate Advisor
Direct Contact Number at 832-640-2303.