Sourcing for property can be a daunting task for many people especially when it is a commercial property. This is due to the many considerations that commercial property investors have in mind for a perfect investment.
There are considerations in; budget, the location of the property and the infrastructure in the area and on the property. The neighborhood, the physical condition of the property, the allowable purposes of the property, any limitations on modifications and many others also come into play.
Therefore, it can be stressful for investors to find a perfect property matching their needs without any help. Before setting out to buy property, it is imperative for the investor to have a plan of action. Usually, most people will buy commercial property and even residential using mortgages.
It is therefore important to use all the necessary tools to help get a good estimate of the total cost of the property. Take into consideration how much the property is bringing in at the moment of purchase to estimate how long the payments will take.
Several approaches can be used to source and evaluate commercial properties. Here are the three approaches that you can use:
Use The Internet – The internet has revolutionized how people buy and sell everything including property. There are many websites with listings of available commercial properties in your area. These websites will also provide important information for their clients.
Websites provide a list of many properties with pictures so you can make comparisons of the prices. This saves you a lot of time. A website also gives you the opportunity to source for properties from the comfort of your home or as you do other things so you can narrow down your search to those properties that meet many of your needs
Read Classified Lists – Another way you can source for commercial properties is by reading the classified listings. These can be found in newspapers, property magazines, and other periodicals. It might require checking the classifieds regularly so you can see many different ads in your neighborhood.
Use Brokers Or Bird Dogs– A broker works individually or as part of a company and helps investors acquire property. They also help people that want to sell their property to get clients. A bird dog is a term that refers to the people who source for undervalued property or property owned by people that are highly motivated to sell.
When they get such potential property, they pass the deal to investors for a fee or a percentage of the amount. Such people are very helpful because they have a solid network of people in the industry. With them, you can get a superb property that easily matches your needs.
They can present you with comparable properties to get you the best deal. They are informed of the market trends and prices and thus can offer you guidance. They can also direct you to the best property, one with the best potential for growth over the years.
However, it’s recommended that a three-pronged approach is used where all these approaches are used together.