Clients in the commercial real estate business find it difficult to look for a commercial real estate property that fits their expectations. The perspective is different compared to someone who looks for a residential real estate property. Someone who buys a residential real estate property may only need one unit, while someone who buys a commercial real estate property may need more than two units. The purpose for buying the property is also different. Someone who buys a residential real estate property looks for convenience, while someone who buys a commercial real estate property looks for profit.
Because of this difficulty, a few real estate firms firms do not only introduce to their clients the commercial real estate property products. They also teach them the basics of commercial real estate business and the methods that they can use to make their investment in their properties work. They also help them in deciding on what property to buy, and whether or not to make the biggest purchase in their life.
Real estate firms explain to their clients and potential buyers that when looking for a commercial real estate property, the following must be considered:
1.Capacity to pay.
Potential buyers must first have the capacity to buy a commercial real estate property. If they have the money, they must know how much they can spend, and if they don’t have it, they may choose other properties or negotiate on the terms of payment. Dealing with long island commercial real estate is something that must not be taken lightly. Because the property is expected to be used in doing business, a lot of factors must be considered before buying one. Some of these factors include other players in the industry, the intended number of tenants or boarders to be serviced, the amount of space needed by each person, and the total amount of space needed to be filled. In helping clients, all these factors must be taken into account.
2.Below market value property.
Buying commercial real estate property is not as simple as choosing whatever is available in the market. Because what they are buying is a property of extremely high value, real estate firms have to make sure that the purchase that they are going to make will be worth their money. Every dollar that they spend must be worth their time and effort.
For instance, a person wants to have a commercial real estate property that can house at least ten tenants. One firm offers the property at $100000 market value, while another firm offers the same property at a lower price of $95000. One may see this as a form of predatory pricing because all other firms would want to cut their prices just to be able to get the heart of their customers. However, the real deal in commercial real estate is not about giving the lowest price. It is about offering the property below market value without creating a win-lose situation between the potential buyer and the real estate firm.
If clients and potential buyers wanted to check the goodness of the commercial real estate property they bought, they can ask around the neighborhood. One way of studying a long island commercial real estate property is by neighborhood farming. It is a process of going around and talking to the people who are living near the property which is intended to be bought. Real estate firms should encourage their clients to talk to other neighborhood owners and ask them on how their properties were offered to them. It does not really matter if the property is residential or commercial because all that they need to know is if the property is suitable to their needs.
4.Looking for dedicated owners.
Most of the time, commercial real estate properties are also owned by other owners and not by real estate firms. In dealing with real estate business, the best interests of the client must be followed. Real estate firms should not settle for what is best for them; they should consider what is best for their clients. It becomes more exciting if both the firm and the previous owner cooperate to help buyers in looking for the best long island commercial real estate property.
We are considered to be one of the best dealers because we teach our clients about these important things to consider. We do not only guide our clients to search for a cheaper commercial real estate property; we also guide them in looking for potential properties according to their tastes and best interests. Many clients have recommended us to their friends to be their dealer whenever they are looking for long island commercial real estate properties because we teach them everything that they have to know in buying property. We guide our clients in every step of the way to make sure that their money and time will be worth the price of the property. We in the long island commercial real estate business make sure that our clients will be able to make their best decision in buying commercial real estate properties.