Real Estate Investment Opportunity: How to Locate a Property to Buy
Looking for a profitable commercial real estate investment opportunity? Below are some helpful tips for finding a commercial property to buy.
Before starting your search, you must decide the type of property you want. Determine the size, type, and location of the commercial property you want to purchase. You may be looking for a multi-tenant office building rather than a small single-user office building. In such cases, make sure you are clear on these distinctions before beginning your search.
Once you have the property type clearly in mind, there are a number of sources you can use to locate that property:
The internet is a great platform that can be used to locate a real estate investment opportunity. There are several commercial real estate industry sites that provide you with detailed descriptions of the properties being offered for sale, as well as videos and other statistics that can be a useful supplement to your search. Additionally, there are websites hosted by professional commercial real estate agents that will display listings of commercial properties for sale.
Another good resource to use on the Internet is to connect with user groups and real estate forums that can help you in your search.
The only downside to the internet is that it can be restrictive, especially if you are looking for local commercial property. Most local areas do not have a multiple business listing service for commercial properties like the MLS (Multiple Listing Service) for residential properties, so the properties listed are not available for research.
Networking is another good technique used to find properties. All you have to do is visit your local real estate investment group and discuss your needs, clearly stating the details of the type of property you are looking for, as well as the financial requirements.
The same approach is valid in the meetings of the Chamber of Commerce. You can also join groups of apartment owners, building owners, and shopping center owner associations.
Professional Commercial Real Estate Agents
Last but not least, you can seek the help of professional commercial real estate agents. Good commercial real estate brokers can be a great help in your search for commercial properties. They will not only assist you, but will also help you find the most suitable property for your specific investment plans.
Sellers are generally represented by brokers and it is in your best interest as a buyer to have your own professional representation in any transaction you make. If you are concerned about the real estate agent fee, it is usually paid by the seller and therefore you do not have to bear any expenses.
In short, homework is important if you want to find a commercial property that meets your needs. So do your homework and get the professional advice of a commercial real estate broker who will look out for your best interests.
There are many financially lucrative real estate investment opportunities on the market. Good luck with your hunting!