How Do you Select Best industrial property and commercial business Buildings for sale in Centurion?
[tag] is a specialist field. Not all property agents know enough about the commercial property market and the property type to do it well. Sellers in Centurion should choose their agent with care.
The owners of investment property that want to sell their asset should carefully choose a real estate agent that is well versed in the market trends and the property type. That agent should also show a high level of current market share and success in commercial property in Centurion over the years.
Selling commercial property is not an ‘experiment’ or an exercise in ‘hope and pray’. When undertaken correctly in any market situation by a skilful agent, a property will attract enquiry and a sale is possible. The result then sits on the client’s ability to accept the industrial property for sale market price and market evidence. There are always buyers out there; they just have to be found and the sellers need to be accepting of the market trends.
Interesting Facts About Industrial Property and Commercial Business Buildings for Sale in Centurion:
Selling commercial property is not an easy task. The most common thought that comes to most when selling property is which real estate agent to choose. There are thousands of real estate agents that are listed in the phone book, online, advertised on television and in the street. So who do you choose?
Never go with your first option - there are so many real estate agents to choose from, so you should always research agents thoroughly. Selling your property is an important decision, so make another important decision by choosing the right real estate agent. Find out how below:
• First, try to use someone that is reliable. The best way to find out who is reliable is by seeking candidates that your friends or family have used in the past. These people will be able to give you a truthful and firsthand experience of what it was like to work with that particular real estate agent.
• Another benefit of the real estate agent is if he or she has sold and is familiar with the neighbourhood where your commercial property is located.
• Lastly, the schedule of you and your agent should be compatible. Communication is key in selling property, but if you and the agent cannot find a common ground in your schedules, it is unlikely that the partnership will turn out favourably.
If you follow these tips to choosing the best real estate agent to sell or lease your commercial property then you should be well on the way to being a happy landlord or even a very wealthy vendor!
Choosing a Real Estate Agent - When Can You Sell Your Commercial Property?
All property that has the potential to generate revenue now or in the future is commercial real estate. Some types of commercial real estate are:
o OFFICE PROPERTIES... Executive office space, office buildings, executive suites, flex space, rental office space, upscale office parks, corporate headquarters, class A office suites, freestanding offices, bank branches.
o RETAIL PROPERTIES... Shopping centers and shopping malls, shops, strip center sites, chain store site, showrooms, major franchise locations, showroom space, retail sites, pads, out parcels, free standing stores.
o INVESTMENT PROPERTY... Office buildings, industrial rental properties, realty, multifamily rentals, regional shopping malls, shopping centers, rental properties, net leased properties, business parks, land parcels, residential developments.
o HOTEL AND RESORT PROPERTIES... Hotels, motels, resort lodging and hospitality properties, luxury resorts, convention centers, motel and hotel brokers, golf courses, theme park sites, stadiums, attractions. Note that unused property held for future appreciation is also considered to be commercial real estate.
Search for Commercial Industrial Property For Sale Near Me in Centurion
What commercial property types should you buy? You should consider the pros & cons of each property type, as well as, have a good understanding of your investment objectives and your experience. These factors will help lead you to your ideal commercial property.
Listed below are the most common commercial property types.
Apartments or multi-family buildings are usually the first choice for new commercial investors. Apartment management and financing is very similar to residential, and so new investors feel more comfortable with them. The main disadvantage with apartments, is that they are management intensive.
In order for an apartment to be considered commercial property, it must have 5 or more units. There are numerous sub-types of apartments:
When you are looking at properties to purchase, pay close attention to the location and general market for that area. You will want to avoid properties that are located in economically depressed or seasonal areas. Also, the property should have acceptable aesthetic qualities to be competitive with market standards and have a minimum occupancy of at least 85%.
What if the property you are evaluating has inferior physical characteristics or is in an economically depressed area?
You may have a higher interest rate, higher reserves and tighter underwriting constraints.
These property types are nursing homes, congregate care and assisted living centers. Properties should be close to retail and community services. Be cautious of properties in economically depressed or seasonal areas. Also, be sure that the property complies with ADA requirements.
Hotels are characterized as either Full Service or Limited Service.
Full Service Hotels can be further divided into Luxury, Upscale, Mid-scale, and Extended Stay hotels.
Limited Service Hotels can be further divided into Mid-scale, Economy, Budget and Extended Stay. When considering hotel properties, the property should have a stable operational history. A property with a history of four or less years should be scrutinized. The minimum acceptable occupancy is usually 60%. Lenders also prefer franchise affiliated hotels with franchise agreements extending beyond the term of the proposed loan.
These property types will have usage for industrial purposes only. Such as
Also is called Mini-Storage, it is used for personal storage for lease by consumers.
These property types are unique and the financing them can be difficult. They include
gas stations, oil change facilities, etc.
Commercial Agents - Tips for Qualifying Industrial Property Buyers or Tenants
Investing in commercial real estate is entirely different than buying residential properties. Commercial properties are substantially more expensive and must comply with state and local zoning laws. Property owners must have appropriate permits and insurance prior to leasing space to tenants and include provisions according to the American with Disabilities Act.
Commercial real estate includes a variety of properties such as apartment buildings, condominium complexes, shopping malls, retail outlets, office buildings, industrial parks, and plots of vacant land.
When investors purchase vacant land the property must be inspected and approved before buildings can be erected. Property owners must obtain appropriate building permits through their county's zoning commission. Investors need to conduct due diligence to ensure properties are zoned for commercial use before submitting a purchase offer.
Leasing rates for commercial real estate is substantially higher than residential properties. Depending on the area, rental home prices hover around $5 per square foot, while commercial leasing prices can be $10 to $15 per square foot. Prices depend on the type of property, location, and facility use.
Buying commercial real estate can offer a higher level of profit than residential properties, but also carries a higher level of risk. Investors must take time to understand all aspects involved and partner with professionals who they can turn to for advice. Otherwise, they place their self at risk for foreclosure, lawsuits, and tenants who default on leasing agreements.