Getting into the business of real estate is exciting. Finding the right property to invest your hard-earned money in is even more exhilarating when you start to turn over profits you’ve only ever dreamed of.
Speaking of making profitable investments, use these tips from Commercial Real Estate Online Worldwide to help you get started on your commercial real estate journey.
What is commercial real estate investment?
Investing in commercial real estate means investing in property for commercial purposes, meaning the property is not used as a residential dwelling.
How do I get started in the business?
Although it would undoubtedly be helpful to have some knowledge regarding property investment, to begin with, anyone can get started in the business if they have a passion for making it work.
These steps should provide the stepping-stones you need to get started.
- How much money can you put aside, and is an additional loan needed? Be sure to look into the type of loan you qualify for, how long the term is, whether the interest rate is fixed or adjustable, and the down payment amount.
- Identify who your market is. For example, are you interested in properties that offer offices to let? Or does the thought of investing in brick-and-mortar retail buildings excite you? It will help if you consider what location appeals to you the most.
- Also consider industry-specific property upgrades. This might mean adding high-end fitness spaces in apartment complexes and hotels or superior, professional-grade ventilation in restaurants and commercial kitchens.
- There’s value in adding security to properties. Make it easy with user-friendly smart devices. If you hit a hiccup, troubleshooting is straightforward with online resources.
- Many commercial real estate investors work directly with an agent or broker. Be sure to understand the distinction between them and their respective advantages.
- Who can help you secure potentially lucrative properties? Or who can sell properties like hot potatoes? Look for realtors with a track record that speaks for itself.
- Make sure to have standout aerial photography of your properties.
What should I register my company as?
One of the first steps in creating a commercial real estate business is to decide on its structure. LLCs are often generally preferred here because of their protection regarding one’s assets.
- Choosing an LLC formation service is a great option if you want the proper structure for your business.
- What will set you apart from other commercial real estate businesses?
- As lucrative as the property market can be, it is also competitive. Hence, there is a need for a carefully thought-out marketing strategy that highlights your value proposition.
- Traditional marketing methods continue to work remarkably well these days. So don’t forget about direct mail, email marketing, social media, and good old traditional networking to help generate your desired needs.
Owning a commercial real estate investment business will hopefully include acquiring many properties to build an impressive portfolio and business you can be proud of one day.
Knowing your assets will be protected down the line should also hopefully alleviate the fears of going all in for something of this magnitude.
To learn more about commercial real estate sales, leasing, and property management, visit Commercial Real Estate Online Worldwide today!
This is a guest-post article submitted by Elena Stewart.