4 Tips for Finding a Good Commercial Real Estate Deal
Whether you are buying or leasing, finding a good commercial real estate deal takes a combination of timing and effort and experience. An expert South Florida commercial real estate attorney can assist you with finding the perfect commercial real estate deal by helping you eliminate the options that aren’t suitable for your particular goals.
Tip 1 – Get help recognizing a good deal
The top commercial real estate investors know a great deal when they see one. When you don’t have the experience, a good broker or experienced South Florida real estate attorney can give you extra advice on a particular deal when you aren’t sure. You’ll need to know the local market and also have an exit strategy if the deal doesn’t work out, and your attorney can advise you on both of these matters.
Tip 2 – Don’t rush into any deal
One of the most important things to do when you’re looking for your next big commercial investment is to take your time. Rushing headfirst into any deal can very easily backfire. Keep in mind that commercial real estate deals take longer than most residential deals, so you’ll need to plan for that. The property may need to be renovated which often takes more time, and negotiations are also often more time consuming.
Tip 3 – Be ready to spend a lot of time initially
There’s a learning curve with commercial real estate investing, and if you don’t have a lot of experience with it, you’ll need to spend a lot of time initially to get acquainted with the metrics, formulas, terminology, and ways to evaluate a property and neighborhood. The time and effort that you spend on teaching yourself these important areas will pay off in dividends and help you with finding the absolute best deals available.
Tip 4 – Find motivated sellers or owners
Whether you’re looking to lease or buy, it helps to find motivated sellers or property owners who are willing to compromise with you. A good deal is usually accompanied by a motivated seller, and it makes the whole process a lot easier in general. A seller that isn’t motivated may be more difficult to negotiate with, and it can draw the process out and make it harder for you to get what you want.
Mark Schecter is an experienced South Florida commercial real estate attorney who can assist you with finding your next great commercial real estate deal. Contact him today at (954)-779-7009 for advice or to schedule a consultation.