1 July 2012
Posted by Dennis under: Key West Commercial Real Estate .
When you interview a representative of a prospective real estate brokerage, ask how the company attains most of its profits. An honest broker, of course, will be open to discussing how their money was made. Don?t hire a broker if he can?t adequately explain how helping you with the transaction will benefit his firm. If you don?t understand how the company benefits from transactions, ask questions to clarify the issue.
Know that the size of a property is important when you?re looking for a spot for a business that?s permanent. You want to invest into commercial property that has the potential to grow so that you don?t have to shop for you business again a few years down the line.
Read the fine print about your real estate agent. Keep an eye out for dual agencies. Your real estate agency will represent each side of the transaction. In other words, an agency simultaneously provides services to both the landlord and tenant. Dual agency must be disclosed by both parties and they need to agree to it.
Secure the proper financing prior to hunting for property to buy. Don?t make the mistake of thinking that commercial lending is the same as residential lending. In some ways, they are better. To acquire a commercial loan, you will likely have to cough up considerably more of a down payment. On the other hand, you won?t be liable personally if the loan falls through. Furthermore, these loans are more lenient if you want to acquire part of the down payment from a family member, friend or acquaintance.
Commercial property can make you rich if you know what you are doing. You need to not only front a substantial down payment, but have the time and patience to see your investment through to the end, as well. This article should provide you with some tips and tricks that will help you succeed in commercial real estate.
For more information about Key West Commercial Real Estate contact Gary Smith at http://www.keywestlifestyle.com
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