The majority of U.S investors (89%) are extremely interested in real estate as part of their investment strategies. There are many ways to find commercial property for sale, from hiring a commercial real estate company to browsing through commercial real estate apps. Finding the right real estate can make a big difference in the amount of residual income you can earn. Here are three tips on finding the perfect commercial real estate deals for you.
Foreclosed properties can be a lucrative way to invest in real estate. Banks are often willing to provide steep discounts to get these properties off their hands. You’ll need to do some extensive research with these properties, as many of them may require significant updates and repairs that can impact your investment. You can ask real estate agents for help in finding these properties or search for them using one of the commercial real estate apps you can find online.
Timing Is Critical
Generally, the first offer that comes in for a property is the one that lands the deal. If you see an attractive property, get pre-approval from a bank as quickly as you can. You can set up email notifications with many real estate agents to alert you the moment a property hits the market. Looking for commercial property for sale that’s been listed for a long time can also make for an excellent investment. These property owners will be more eager to offer discounts to sell.
Play The Numbers Game
The more properties you look at, the better your chances are in finding the best deal. View your commercial real estate property search as a sales funnel. There may be a ton of potential leads that come in, but only a few will make it to the bottom as an ideal choice. If you look at 200 properties, you may only end up making offers on about eight of them. Of those eight properties, you may only have one offer accepted.
Whether you use commercial real estate apps or a broker to find your real estate deal, you’ll be sure to find something that will help increase your profits over time. Make sure to do your due diligence to make the most of your new investment. The key to your future wealth lies in the decision you make with your next commercial property purchase.