Owning commercial real estate properties can be lucrative for owners and investors. However, these can only be considered assets if they make you money. So when you choose to jump into the commercial property game, here are a few tips to keep in mind.
It’s All About Location
Location is everything in real estate, regardless of whether it’s residential or commercial. For the most part, a good location is located close to other essential businesses and services, but not too close to your competition. If you’re close to other businesses (like an office park), you may be able to take advantage of the way they attract consumers who could also end up helping you.
Plenty of Parking
No matter what sort of property you have, having a good parking lot is key. This is particularly important if you’re looking at an area that doesn’t have a strong public transportation system. A well-done parking lot will cost less in repairs and is a good long-term investment for your property. The last thing you want to deal with is being saddled with the cost of fixing a crummy parking lot! You need to have adequate parking to support the needs of your tenants and/or employees. If you aren’t able to provide enough parking, you’ll likely lose business or have tenants leave in search of other properties that would support their parking needs.
Go With Your Gut
First impressions matter. If you see on a property that just doesn’t feel right, take a hard pass. Never let a real estate agent steer your decision. They certainly can advise, but it’s ultimately up to you. You want a property that will have good curb appeal. The exteriors of should be clean and well maintained. The landscaping should be neat and attractive. Windows should be spotless and clean, both inside and out. If the property looks unkept outside, it’s a good bet the inside isn’t much better.
Remember that one day down the road you’re going to eventually sell the property. Purchasing with these key factors in mind will certainly make a difference in your pocketbook as well as how much profit you could yield from the sale. They also make it easier to attract tenants to your properties. Simply put, remember these simple but important tips: make sure the property is located in a convenient location, has a good parking lot, and looks good. These aspects will make the properties more attractive to potential renters and buyers alike, making it easier to turn your commercial properties into real assets.
If you can’t find the perfect property, look no further than Fiorilli Construction! We can help you design/build something new or rehabilitate an existing building. Contact us today!