Getting into commercial real estate is known to be more beneficial than being part of a residential real estate business. Due to additional cash flow and bigger payoff, there's no question that commercial real estate investment can be an attractive venture. So if you plan to invest in a commercial real estate property or close a good commercial real estate deal, you have to identify and evaluate the best opportunities.
The first step is to think like a professional. Know that commercial properties are valued differently than residential properties. Once you learn what the insiders know, create an action plan. Ask yourself how much you can afford to shell out. Get the number of tenants on board or ask how much rental space you need to fill. You also have to remember that a good deal is not all about meeting your financial goals, it also involves handling every aspect that will be crucial in the long run such as the property's location, potential for growth, and many others.
Don't forget to also familiarize yourself with commercial real estate concepts, and learn to spot great deals. Find sellers who are eager to sell below market value. Note that only sellers who are motivated are willing to negotiate and hopefully accept your terms.
Lastly, be flexible and resourceful. You have plenty of sources around you to find the best properties. Building a good relationship with property owners is also important. Remember, good communication is key to doing business.
With Calgary being declared as the fifth best city to live in for 2013 (according to the Economist Intelligence Unit, that is), it’s tempting to move to this city and enjoy such perks as continued economic growth and employment stability. However, one thing you must do before you pack your bags and call in the movers is to secure your new place of residence. In addition, you need to find a trustworthy real estate agent to steer you in the right direction.
A good source would be real estate publications and websites. You can check out property listings and other real estate-related news that can lead you to the most noteworthy professionals in the industry. If you wish to get a good idea of how these realtors work, you can go to the open houses advertised on these publications.
Asking for referrals from people in the community is also a good idea. For instance, you can go to a local supermarket or retail store and start a casual conversation with a few residents. If they worked with a remarkable realtor in the past, they certainly won't hesitate to recommend them to you.
However, if there are people who are not comfortable with providing this information, simply back off and avoid being pushy. You certainly don't want to be in hot water with these guys. Instead, focus on finding a realtor you can work with and aim to get settled in as soon as possible.