March 22, 2017

3 Steps To Becoming A Commercial Real Estate Hunting Expert

At Rakow Group, we take the time to listen to your individual needs and help you find the perfect commercial property for lease for you.

You are in the market for commercial property for lease. You are also the kind of person who likes to know what’s happening before walkinhttps://rakowgroup.com/commercial-property-for-lease-westchester-ny/g into any deals. But you don’t know what information you need to inform yourself and this has prevented you from making progress in the hunt for an office, workshop, medical office, warehouse, or other form of commercial space for lease. Rakow Group has the answers you’ve been looking for. Here is the information that will make your search more lucrative and effective.

Investigate Insider Info

If you want to step into the ring with the pros you’d better learn to act the part. The real estate industry is a field of expertise like anything else, which means that it’s your responsibility to learn the language and whatever pertinent info there is on the market that interests you before speaking to the owner of a property. Even before communicating with a broker, you’ll want to do a bit of research on your own.

Don’t Confuse Home And Commercial Real Estate

If you’re a homeowner, you may feel the desire to just utilize what you’ve learned in that process for the hunt for the perfect office. This would be a mistake, as commercial and residential real estate are two surprisingly different fields. For example, when it comes to commercial real estate, most owners relate square footage directly to their bottom line. But with residential property, that isn’t always the case. For example, residential property that houses a family versus a house for a single person could have vastly different monthly costs, even if their square footage is relatively similar.

Another important distinction is in the length of the leases. Residential property leases typically are much shorter than those of commercial real estate. Finally, with commercial real estate, you cannot depend as heavily on credit. In most cases, you’ll have to put at least 30% down before anyone does business with you.

Make A Plan In Advance

You should decide on what it is you’re looking for ahead of time. Know your limits. And more importantly, know your budget. You can determine a safe number based on your income and what the standard is for the kind of space you’re hoping to lease. You can gather this information by shopping around, asking peers and colleagues, and searching online. Rakow Group can provide you some of the most reliable information regarding standard pricing and budgets for commercial real estate throughout the Westchester NY and Fairfiled CT areas.

If you’re searching for commercial property for lease and would like to learn more about Rakow Group’s expansive network of resources and how our expertise can help you take full advantage of it, give our office a call today at (914) 422-0100.

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