Some of the most successful people in the world attribute their accolades to the team that backs them. This entourage of experts is particularly important when investing in commercial real estate. Here are the five people you need to meet with before buying commercial property.
Investors
Commercial properties are typically incredibly expensive and if you don’t want to tie up all your assets you’ll likely have to join forces with other investors. It’s crucial to meet with these future business partners beforehand to ensure your goals and priorities are in sync.
Current Owner
Sometimes going straight to the source can be an eye opening experience. Take time to meet with the current property owner and ask why they’re selling this asset. The owner will likely highlight the benefits and try to hide the downsides but meeting face-to-face is usually a good indicator of what you’re getting yourself into. If the current owner is unable to meet, the property manager can also be a great source of insider information.
Broker
In order to invest in prime commercial property, you’ll need to meet with an industry expert who can find you the deal of your dreams. Your ideal commercial broker should have a successful history of helping commercial buyers, not sellers. For an added bonus, search for a real estate agent who also has experience locating potential tenants for your property.
Appraiser
If the commercial deal seems too good to be true, an appraiser may be the first person to bring you back down to reality. These trained professionals can pinpoint any current or potential structural flaws before your purchase goes through. While your dreams may temporarily be dashed, you’ll end up thanking this person in the long run for preventing a serious case of buyer’s remorse.
Real Estate Attorney
Retain an attorney who has a solid reputation in the community where you’re investing in commercial properties. This expert should be able to advise you on property law, contract law, and state and local laws regarding real estate transactions.
At Heritage Law, LLP, we adapt our services to meet the differing needs of seasoned construction professionals, new entrants in the construction trades, and property owners with questions or problems relating to a particular one-time project.
Contact us for a free consultation of your commercial property needs!
