When you invest in commercial real estate, you’re taking a step toward financial wellness. You’re looking at a new cash flow, an abundant market, excellent management sources, and a potentially big payoff when you move on toward something bigger for yourself. With a skilled commercial realtor and some savvy tips, you can make a good commercial real estate deal into a great one.
Think Like a Pro
If you want to be big, you have to think big. Investing in a residential property isn’t a bad idea and can certainly turn a profit. But it makes sense to take into account the fact that multi-family dwellings will bring you a greater ROI than single family. Your per square foot value is going to be more in the former than the latter. You should also be aware that leases on commercial buildings are longer than that of single-family residences. This means more money right away for you.
This may sound simple, but it’s key. Plan your finances in detail. Think about every last cost you’re going to accrue, add in the mortgage, and figure out the market you’re looking at while you’re at. Planning saves you from getting yourself into a bad real estate deal where you’re breaking even, or worse, losing money.
Network, Network, Network
In almost any business, networking is how you move up. When you establish great relationships, build trust, and create rapport with property owners and business owners, you’re going to come out on top. Once people trust you, they’ll let you know about good deals that pop up and you’ll be ready to make a move with your commercial realtor at your side.
When you adjust your mindset to that of a professional, plan your finances with strategy and detail, and work at building relationships with those in the industry, you’re paving your way for commercial real estate success.
For questions about commercial real estate and commercial property management, contact Applegate Commercial Properties today. We’ll get you on board with an excellent commercial realtor.