Real estate investing is a serious endeavor. In a market climate that favors buyers, it’s tempting to jump in the wagon of real estate investors and join in the hunt for the best property. But without knowing the right things, the actual process and the risks and pitfalls of commercial real estate ownership, your dream can easily turn into drama and financial nightmare. So when looking for the best Miami commercial real estate property, here are three tips to consider.
1. Know everything you can about commercial real estate investing.
Even before searching for the best Miami commercial real estate property, you should do your own research. There are certainly real estate agents that can help you with the process, but don’t expect them to feed you the information you need to survive. Instead, rely on your own perseverance and determination to do things right by taking the time to read and study the entire process.
The type of Miami commercial real estate property should be on top of your priority list. There are a lot of properties types in commercial real estate but before things get confusing, make sure the choice will be effective in housing your business operations.
2. Find out everything you can about the commercial space.
The best way to get investing right is to make a checklist of your priorities for the property. Likewise, you should also create a checklist of what the usual commercial property must have. From the location to the possible ROI it can provide, you shouldn’t miss all the vital parts of commercial real estate investing.
The type of lease is also important. Make sure you know when a lease is considered fair or leaning more towards the landlord. There are several clauses you should look out for as well as terms you need to negotiate carefully. So before signing anything, make sure you are aware of the lease terms.
3. Place importance on the lease.
Like mentioned, putting importance to the commercial lease is critical. You should include the lease in your research. Know everything you can about lease terms, types and common pitfalls. The lease terms are probably the most important topics to study. Make sure you choose the best term for your business.
The type of lease is also important. Generally, there are two ways to lease a Miami commercial real estate property, especially an office space, namely Leasing and Subleasing. Each has its own benefits and risks. Get yourself acquainted in order to provide you with the best possible option and course-of-action to consider.
Mark Michael Ferrer
Miami Commercial Real Estate