Looking for commercial property can be daunting if you have no idea where to start. With online listings, agencies and personal recommendations, there are so many options out there.
Here are a few ways to find that all-important perfect property.
Before you start
Before looking, construct a detailed property specification, so you can assure yourself and others in the future what exactly you are looking for. Here you can distinguish between what is essential and what is desirable, and also use it as a guide during your hunt to eliminate any properties that do not meet your essential requirements.
Things to consider
There are plenty of things to consider when thinking about buying commercial property.
The property, land and any improvements - Not all property types are the same, so it's important to keep this in mind when doing your research. For example, if the aim of your investment is capital growth, commercial properties like offices may prove to be the best option.
Location - When analysing the potential of the property, location is often at the forefront of any decision. Asset capital growth comes from an increase in the value of the land and location influences the levels of supply and demand. Less land and higher demand drives capital growth. This is why properties located in central locations are more valuable than those on outskirts.
Positioning - The position of the building is also an important factor to consider when buying commercial property. This refers to how accessible the property is and how suited it is to the kind of business you wish to operate from it.
A wealth of options
Looking online is the best spot for a wide range of properties. PropertySales.com offers a comprehensive and detailed portfolio of properties, with something to suit all tastes and needs. There are also a series of online agencies that can help you find the perfect property, while also offering other services, such as handling lease negotiations, at an additional fee. These agencies will mostly be commercial property ones, but mainstream estate agents may also advertise commercial sites.
Research is key
When looking online, research is key. Beyond just the physical property, consider market trends and overall global insight on investment patterns. Avoid following the 'hype' that property owners may create and instead rely on your own constructive findings.
A more 'traditional' method will involve you keeping an eagle eye on the local media. This will involve looking at listings in the regional newspaper, commercial property publications, and property and investment magazine. They may offer properties through private dealings, meaning that agency fees can be avoided. If you have time and patience on your side, it may even be worth driving around your local area to see if there are any letting signs posted, which will direct you to corresponding agencies.
Finally, make sure you take advantage of business contacts. Put the word out there on social networking sites such as Facebook, LinkedIn and Twitter, stating that you are looking for a type of property and that anyone should let you know if they hear of anything. Personal recommendations, especially if they are from friends, colleagues or family, are a great way to secure trusted properties.
Before making an offer
Before you start negotiating and make that all important offer, you may want to consider bringing in a professional surveyor, accredited by a proper agency or body, to assess the condition of the property and they can give you then a rough value, which you could use for your formal offer. Other professionals within the property, law, finance and construction sectors may also be consulted for further information and advice.