If you are considering hiring a commercial investment property advisor, then there are some things that you should be aware of. The last thing that you want to have to worry about is the suitability of a commercial investment property advisor to keep you abreast of your commercial properties. A commercial investment property advisor can keep your property in top shape, help you to locate new properties, keep the relationship between your business and your tenant in line and help you to market your properties to the most appropriate tenants. As a business owner, you may see the cost of hiring this important professional to be somewhat expensive, but the truth is that not having this professional in place can end up costing you a great deal of time and money.
Time Savings can be Right Around the Corner
Most busy business owners do not have time to deal with those expiring leases and the necessary renewals. The time that is required to deal with the ins and outs of commercial investments can be a real time waster. When you utilize the services of a commercial investment property advisor, you can spend more time doing what matters in your business and leave the details to your advisor.
Perhaps you have been looking around at possible advisors but have not yet pulled the trigger. Maybe you do not know what to look for when you are seeking a qualified commercial investment property advisor. There are some significant differences between real estate brokers and advisors. Word of mouth is one way that business owners often find good people, but this will not always find you the best person for the job.
A real estate broker will see real estate from the transactional viewpoint, and this does not create value for a business owner. On the other hand, a commercial investment property advisor looks at all of the ways that real estate can be used with the strategic business advantage to grow your business. A business space is a discipline that crosses every area in business from finance to people, operations and growth.
When you realize that it is time to look for an advisor then you should consider these main things to be on the look out for in a commercial real estate advisor:
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Understands Financial Impacts and Growth Impacts
An experienced advisor will examine the total cost of a property’s occupancy including the obvious costs such as upkeep, utilities and rent. They will also look at the less obvious costs such as building costs, furnishings, technology, the commute to and from the area and the tax benefits. Each one of these factors can have an impact on your business and the results that dictate the bottom line.
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Has a Working Knowledge of the Current Market
The average business owner is not an expert when it comes to the real estate market and no one expects that they should be. A serious business owner has more important things to concentrate on such as the daily task of running their business. A commercial investment property advisor can help you to have all of the information that you require to make a fully informed decision when it comes to the purchase of commercial properties. An important commercial development might be planned in an area that will attract a lot of business. It might be that you want to invest in commercial property in that local area. If an Amazon building was going into a commercial area and you purchased commercial property in that same area, then you could ask for a much higher lease rate than normal because of the desirability of being in the same area as such a well-known business. A commercial investment property advisor would have the knowledge about this potential increase in value and could help you to focus in on it. A higher lease rate could be something that helps your business to thrive in the future.
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Knows a Thing or Two About Business in General
A quality advisor should have a good understanding of the space that is available and how it can affect the various aspects of your business. They should have a good understanding of bank loans, credit, growth, taxes, performance and productivity, culture, metrics and what the main indicators are of your business’ performance.
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Inquires Strategically About Your Business
Commercial real estate advisors want to know important aspects of your business. They want to have an overall understanding of the day-to-day operations of your business, what your long-term goals are for your business and the scope of your operations before they ask about location and square footage. Some of the questions they might ask include:
- When you consider your business’ performance, overall productivity and the overall operation of it, what gives you the most cause for concern?
- How fast do you plan to grow your business?
- What is the culture of your business?
- What initiatives do you plan to implement in the next two to three years?
- What are the main issues that you are dealing with now?
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Saves you Time
Time is a precious commodity, particularly if you are a business owner. When you want to procure commercial space, you do not want to spend a lot of your time doing it, because that translates to a loss of money over time. A commercial investment property advisor can help you by providing you with the most relevant information regarding commercial properties and help you to make quick decisions on which properties are the best value and which ones you should focus on the most.
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Will Serve as Your Advocate
When you need to negotiate a lease, it is important t to have competent representation. A commercial investment property advisor can take care of this for you which allows you to focus on your day-to-day operations. The commercial investment property advisor is able to work for you in ensuring that you get access to the best deal available to you.
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Saves You Money
Commercial investment property advisors understand the best way to get you the best deal possible on those properties that you want to acquire. If you try to use an advisor that does not have much experience in this type of transaction, then you may find that you do not get the results that you want and that you end up paying more money in the end. It is definitely worth it to work with someone who has the right mix of experience and knowledge and has their finger on the pulse of the market.
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Has Marketing Expertise
When you work with a commercial investment property advisor, they have marketing and advertising expertise. When you want to market a property there is a lot of time and energy that goes into preparing a proper listing. You want your listing to show up in front of your target market and you want your presence to be a credible and professional one that people will respect. Commercial properties need to be filled quickly because vacancies mean that you are not earning money. Professional property advisors can ensure that listings are prepared that attract the right type of tenant, particularly ones who are looking for a leasehold in the area where your commercial properties are located.
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Solid Relationship Skills with Tenants
As a property owner, the last thing that you want to do is deal with tenants personally. It can cause problems if tenants do not have an open dialogue with your during their tenancy. Tenants often feel more comfortable dealing with a property manager because they have access to an experienced professional that ensures both the owner, and the tenant are observing the terms of the lease which can reduce stress for everyone involved.
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Management of Maintenance
Once you have tenants in your properties, the last thing that you want to do is have to worry about the maintenance of your commercial properties. An experienced commercial investment property advisor can arrange for regular maintenance to be completed on your properties so that your tenants are satisfied with the condition of their leasehold. There are many different types of inspections that need to be undertaken and an experienced commercial property advisor will have these lined up in advance.
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Knowledge of Legal Requirements
An experienced commercial investment property advisor will be able to take care of all of the legal issues that crop up with your commercial real estate. If you were to have to deal with these things on your own it could be stressful and it could take up a lot of your precious time. Your time is better spent dealing with your business and not having to wonder if your commercial real estate holdings are in legal compliance with local bylaws and state laws.
When you are ready to take your business to the next level, you need to ensure that you have an experienced commercial investment property advisor because this is the key to finding, purchasing and maintaining all your commercial properties. Some business owners attempt to take this upon themselves, but the reality is that it can be very time consuming, and a business owner’s time is better spent dealing with business issues and laving the management of their commercial properties to someone who has the experience and knowledge to ensure the best financial returns.
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