Buying commercial property differs greatly from residential property. Commercial properties and investments have different rules and practices pertaining to, but not limited to, lending, inspections and contingencies. Pinkham Real Estate Commercial specializes in aiding our clients through their acquisition with knowledge and experience to make the process as professional and seamless as possible. Keep reading for some starting points from our own in-house expert, Greydon Turner.
These are good questions and there are many more to follow when considering what kind of business or investment you are looking to purchase. Identifying your objectives will help determine what kind of enterprise is best suited to your needs.
Does your business need a specific venue? Are you tied to a location and does it need to be in a high density area with foot traffic? Or, can it be a rural location a little off the main thoroughfare? These questions must be answered to help you determine the best location for your business, and will help determine its future success.
Commercial Real Estate Agents perform distinctly different tasks than residential agents and this is why we encourage our customers and clients to make sure they have someone working on their behalf who knows the local markets, rents, business culture and properties. A good commercial agent will listen carefully and have access to local professionals such as lenders, inspectors and appraisers to address the needs of each client. Futhermore, a commercial agent can help break down financial information pertinent to the value of property, a business, equipment and good will. Commercial transactions are based on financial information backed by growth potential and sound investment strategies and you need a guide who can help navigate these waters.
Once you have identified an entity for purchase, you need someone to walk with you through the steps to complete the purchase. There are different requirements for financing and you may have to perform a complicated set of inspections, creating a need for help interpreting them. Local and state zoning laws will have an impact on the purchase, and contingencies will probably be required to make sure your investment is protected and you can operate within the laws and ordinances of the town. Often times this involves meeting with surveyors, engineers, lawyers and other experts to present your proposal and plans to the town. Since these efforts require time and money, you want someone who is going to help anticipate problems and come up with solutions.
Title work and underwriting and research will determine when we can close your deal. Some are closed very quickly, while others can take up to a year dependant of the intricacies of the property, and the details involved. Inventory, associated assets, personnel and training are just a few of the items that may enter each transaction. Appraisers for commercial properties work differently than appraisers for residential properties, and a good agent can help the appraiser locate applicable comps for complicated transactions.
At Pinkham Real Estate we will perform all of these duties and more as we help guide you through the process. Identifying, evaluating and negotiating on your behalf is just part of what we offer. We facilitate the process with experienced professionals while continually looking out for your best interests and protecting your investment. Our focus is to help you attain the highest return on your investment to build a better future for yourself and your community.
We encourage you to come and talk with us about your business to ascertain what we can do to help you attain your goals. Our resources and coaching are at your disposal whether you are ready to sell now or want to start working on a three to five-year plan for transition to another owner. An opinion of value for your business from a market perspective can help you make choices that would put you in the best possible light for a future sale and net you what you deserve so you can enjoy the fruits of your labor.
Your key to real estate success lies with The Pinkham team! Our skilled and diverse group of professionals, licensed in both NH and Maine, work in perfect harmony. With a strong emphasis on communication, collaboration, and continuous learning, we strive to surpass expectations. Partner with us today and unlock the true potential of your property endeavors.CONTACT US