We specialize in the commercial real estate sector and pride ourselves on being the best in South Florida. Whether you are looking to buy or sell let our professionals assist you in making a good decision in finding or selling your property. Below are tips on things to consider with your commercial property.
1. Be Prepared for a slow start. Commercial real estate does not move as quickly as residential real estate. Whether you are leasing or selling your property be prepared to wait for the right buyer or tenant. Don’t resign yourself to a slow start, but have your ducks in a row, just in case. When making a professional or personal transition in life, a safety net is always helpful — big moves can take time. No matter how much you know about commercial real estate, it’s important to remember that it can take longer to move commercial listings than it generally takes to move residential listings. Be prepared to weather that storm. Even with our experience in this market we are well aware of the time it will take to sell your 370,000 sq ft building, Leasing 25,700 sq ft or selling 46 acres of development land.
2. You must be aware of the commercial real estate appraisal process. Appraisals in commercial real estate can be much more complicated than appraisals on residential properties. It’s essential that you know what to ask for and also what to provide the appraiser. Remember that as “beauty is in the eye of the beholder”, your buyer is looking to find a property that matches the need for their business. This means that they may be willing to pay more than the appraised value if it is that much conducive to their business needs. This can be a plus.
3. Remember that commercial real estate is still about relationships. Remember, commercial real estate is not THAT much different than residential. The relationships you build with your clients and customers will ultimately determine your success — prospect, cold call, and build momentum. We are very inclined in building rapports with other local, national, and international corporations that are always looking to grow their market. In a time that the big box stores are shutting down it is key to keep relationships active with the survivors of this tragedy. We stay in touch with these such clients regularly.
4. We realize that it is important to keep learning. We are always looking to better learn our market by looking for training opportunities that go beyond what we learned earning our real estate license. NAR offers the CCIM designation (Certified Commercial Investment Member) to train commercial real estate owners, investors and users in interest-based negotiation, ethics, market analysis, financial analysis and more. REALTORS® earning CCIM are recognized experts in commercial real estate. These are key elements to being a true player in the commercial real estate field.
5. Know your zoning. Commercial real estate comes with a lot of nuance when it comes to commercial use and zoning. In order to effectively serve our clients, we focus on changes in zonings in the areas that we serve. We talk to and work close with local zoning officers about individual properties and any upcoming changes so that we stay well informed.
6. We always embrace commercial real estate marketing technologies. Some of us listen or download podcasts about the latest in what’s happening in the commercial real estate market at REALTOR.org/commercial or find helpful marketing tips, articles and resources on NAR’s Commercial blog. and other educational formats. The commercial market is so niche that you must know where to post your listings. Many commercial real estate listings don’t use MLS. NAR recently announced a new partnership with Xceligent, Inc but unfortunately this didn’t go anywhere. With this were actually in the process of developing our own commercial real estate and business listing website WorldBizMarket.com that will provide a suite of commercial real estate and business information services and preferred pricing not exclusively for our members but is open to other REALTOR or real estate professionals. To learn more about this exciting new member web site please feel free to email us.