Navigating the commercial real estate market without the guidance of an experienced South Florida commercial real estate attorney or broker can be challenging if you have limited experience. Commercial real estate transactions are often far more complicated than residential real estate deals. In addition to the inherent complexities found in these transactions, the risks are often significantly higher, as mistakes have major financial consequences.
The following steps offer a few basic guidelines for securing a good commercial real estate deal but only cover a small portion of the necessary due diligence activities that you should consider prior to closing:
Learn about the area
Researching the local neighborhood and market is an excellent way to evaluate a potential commercial real estate deal. Market reports can provide useful information to both buyers and sellers in terms of price expectations and the potential for appreciation. Buyers can attend open houses and talk to commercial real estate owners in the area to find out the unique details of the particular area they are looking to buy or lease in.
Get insider knowledge
In order to secure the most favorable commercial real estate deal possible, you’ll have to think like a seasoned professional. In many cases this means relying on the guidance of an experienced broker or South Florida commercial real estate attorney. Your attorney and broker have both been involved in many transactions and can guide you in the right direction in terms of helping you accomplish your specific goals and evaluating properties that you are interested in.
Find motivated commercial real estate owners
Motivated commercial real estate owners are more likely to sell or lease to you at below market value. You have a much better chance of negotiating a great deal in this circumstance. Ask your broker about any sellers who need to get their property leased or sold quickly, and also talk to sellers yourself and try to gauge which ones might be more motivated to close a deal quickly.
Be sure to retain experienced legal counsel
Even if you’ve found a great potential property, it’s never a good idea to try to go it alone, especially during contract negotiations and during your closing. Retaining a skilled South Florida commercial real estate attorney can help to guarantee the best deal possible and also offset a great deal of risk, particularly if the transaction is complicated or involves contested negotiations.
If you have any questions at all about a current or potential commercial real estate deal, rely on the expertise of Mark Schecter and call today at (954)-779-7009 for a consultation.