Whether the decision to buy a commercial property comes from expanding your customer base or diversifying your investments, follow this guide to optimize the process. The term “commercial real estate” is a blanket term for a variety of property types and transactions that include much more than just a street address. Trust the Rakow Group when searching for commercial real estate for sale in Westchester NY.
While many commercial real estate markets took a beating during the Great Recession, there are still unique opportunities to find. You need a clear strategy and the ability to think outside the box, when it comes to optimizing these opportunities.
Choosing to Buy an Investment
The rates to pay off a commercial property can be higher than a residential property. Therefore there are different risks to consider. When it comes to purchasing and managing commercial properties, you need to demonstrate a vastly different skill set.
If you are making the change from residential property to commercial real estate investments, it is imperative to first gain a knowledge of the field. You should understand clearly the different ways the two types of properties are valued. You should also understand the changing rates of income vs expenses.
A mentor with vast levels of experience in the commercial real estate field can provide invaluable information and guidance when it comes to your knowledge into the market. Rakow Group can be this mentor. We understand the market inside-out.
Finding the Right People
Choosing the right real estate agent as well as attorney for your purchase is a key component to a smooth transaction. When it comes to buying commercial real estate expect some problems. These problems will arise in a complex maze of legal, financial and operational concerns. With this in mind, it´s essential to do your homework and ensure you have the best team of professionals readily available. It is recommended to interview several agents as well as check their references as thoroughly as possible.
As with any situation when researching references, recommendations from trusted colleagues, friends and family are priceless. Only trust professionals who boast years of experience that also have respected credentials. The National Association of Realtors’ Certified Commercial Investment Member is one such credential.
A real estate attorney is also something you should not overlook. What may seem like a great deal can be simply undone by a seemingly minor legal issue. They will be able to assist you throughout your purchase. They will also be able to educate you on the sector and current market. Finding a competent attorney can make or break a deal.
Conversions? Residential or Commercial
It´s no secret that warehouses and downtown storefronts have been prime options for conversions from commercial property to living spaces – whether it be lofts or apartments. During the recession, vacant office spaces also become a big target for investors looking to create clever spaces out of crowded areas. As the commercial real estate market stalled, various markets saw glimmers of hope from spatial conversions.
Studies confirmed that throughout the country, cities realized a rise in the conversion of commercial property into residential space. You should be optimistic and confident when deciding to buy commercial property, however you should also expect problems. The road will be a fruitful one but there will also certainly be lots of challenges. It´s essential to you as an individual, as well as your business to have a top-notch team of professionals on-board.
Should you be searching for commercial real estate for sale in Westchester NY, then the team you need is Rakow Group. With bags of experience in the commercial property sector, we are a professional company always putting the customer’s wishes at the forefront. We’re involved in hundreds of deals and will not let you down!
Give us a call today at (914) 422-0100.