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:
Commercial real estate selling is a specialist field. Not all property agents know enough about the commercial property market and the property type to do it well. Sellers 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 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 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.
Selling a commercial property is a highly skillful process. The chosen agent and salesperson should bring all these skills to the property owner. In that way a property sale in any market and economic situation is far more possible.
Industrial Property Buying Tips and Tools
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
Before we answer this question, it might be helpful to actually define each term first.
Retail and industrial are both considered 'commercial real estate' (as opposed to 'residential real estate'). Commercial real estate refers to buildings or land intended to generate profit; industrial and retail are simply sub-categories of commercial real estate.
Firstly an industrial property is defined as a property used for the actual manufacturing of something, and can be considered either a factory or plant. This is usually zoned for light, medium or heavy industry. This includes things such as warehouses, garages and distribution centers etc.
Retail property is a commercially zoned property used solely for business purposes, the actual selling of the product, rather than its manufacture - retail stores, malls, shopping centers and shops all huddling nicely under the retail umbrella.
3) Natural Light - in especially high demand nowadays
4) Location - close to other offices, public amenities, transportation etc.
Since 1980, retail property has returned an average of 9%, though is currently returning around 6%. Industrial real estate tends to be the most volatile, and is currently returning around 7% (as opposed to its peak of around 12% during the 1990's recession).
And obviously, no matter which form of commercial property you're considering, read the lease carefully. Sounds like a silly thing to say, but you'd be very surprised at the issues that can become issues simply because things weren't read properly!
Industrial Property Performance Factors
When you are trying to get comps for commercial real estate it is imperative that the comps you get are up to date, since you need to know what the property you are looking at is currently worth. This will help you get an accurate idea of what the market value of the property is. When you go with comps that are too old, it will not give you an accurate idea of the value in today's market. Usually you'll want to go with commercial real estate comps that are less than six months old. The comps you get also need to be "like" comps as well, since you'll want the comps to depict the accurate value of the property you are interested in. Basically you don't want to compare an industrial property with an office building, since this won't enable you to come up with the accurate value. Be sure that the comparables you get are similar to the size and type of the property you are looking into.
Considerations When Researching Comps
When you are researching your comps in order to acquire accurate data on the commercial real estate you are considering, there are several factors you'll need to keep in mind. The following are a few things to consider in order to get the best possible comparables.
Consideration #1 - Similar Properties - The comps that you choose need to be similar properties, in both type and size, to the commercial real estate you are planning on purchasing.
Consideration #2 - Price Range - The price range of the properties that you use for comps should be close to the asking price of the commercial real estate you are planning on purchasing.
Comps that are "As Is" - These comps are properties that are similar to the commercial real estate you are considering in the current state of disrepair and current zoning. You cannot use comps that have been rezoned or improved.
After Developed Value Comps - This is a comp that involves land that has been improved with the infrastructure needed for building construction. This can include sidewalks, curbs, streets, utilities, gutters, and sewer.
After Repaired Value Comps - These comps are used when you have a building that needs to have some repairs done. This deals with the price that the property will be worth on the current market after you have restored it to good condition.
As you can see, having accurate comps is very important when getting into a commercial real estate deal. If you cannot get your broker to give you the comps you need, then you may want to tell them you'll have to either get out of the deal or find another broker that can help you find the comparables you need to make an informed decision. Usually, this will help motivate the broker to get the comps you need, since the broker won't want to lose the deal or their commission. Either way, make sure you find strong and accurate comps that allow you to make an informed decision on your commercial real estate deal.