Relying on Professionals When Buying Commercial Real Estate

Would you rely on an amateur if you needed surgery? What about hiring an inexperienced dentist to perform a root canal? The same should be asked if you are purchasing commercial real estate. Don’t ignore the professionals when you are about to embark on what may be one of the most costly financial decisions of your life. Like anything else, it’s always a good idea to surround yourself with a team of experts. When buying property, you need strong and thorough advice to determine the right locations, when it’s a good time to buy and sell and of course, determining the true value of the property. You will need the advice of real estate pros, financial advisors, lawyers and a real estate appraiser who can determine what a property is really worth.

Let’s start at the beginning: Identifying the right commercial property reminds one of the old saying, “location, location, location.” Without a doubt, this is still the number one rule when you are buying commercial real estate. Depending on the nature of the business, a buyer will want to be close to customers, employees and suppliers. It’s also necessary to consider access to transportation, such as rail, highway and shipping.  Other important considerations include parking access, the potential to expand if desired, applicable zoning, depending on the nature of your business, and the property’s physical condition.

Once a property has been located, this is when the professionals hired provide their expertise. A reputable appraiser should be included in this mix. But how does one go about looking for an appraiser? What questions does one need to ask when interviewing potential candidates? Ask a trusted real estate agent for recommendations. Get a list of several appraisers, then go online and check their background. Other considerations include:

– What is their license type?
– How many years of experience do they have?
– What are the costs and how much time will the appraisal take?
– Do they know the area where the property is located?

If necessary, contact the state licensing division and verify the appraisers credentials. Based on your own research and the recommendations from professionals you regard, finding Orlando commercial real estate appraisers you can trust and work with will give you further confidence that you are purchasing a commercial property that is worth the price you are paying. Don’t take it upon yourself to know the often unpredictable commercial real estate market – especially in these economic times.