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Commercial real estate investing is becoming more popular than ever lately, and although this is good news for our current economy, not all transactions are going smoothly, especially for the new commercial real estate investor.
Some major mistakes that newcomers are making when venturing into the commercial real estate market are becoming quite clear in fact, according to leading industry professionals. Avoiding these costly and potentially financially devastating errors can save you money, time, frustration, and stress. Follow these basic rules, and contact the professionals at The Geneva Group for full guidance and assistance.
Major Mistake #1
NOT THOUROUGHLY RESEARCHING THE LOCAL AREA:
It’s all about demographics, not just the property. You may find an appealing opportunity that looks good, sounds good, and seems to make good business sense to you. But you must dig further and find out exactly what is going on with the population in that particular arena. Who is moving in and out of the area? What is the past history and current status of the other commercial properties near by? What are the income and unemployment levels of the surrounding population? Is the population increasing or declining in the area?
This information should be used to determine if this particular investment is worth pursuing. If the positive factors, such as an increase in population of employed people are living or working in the area, research further because this is a positive sign. If people are leaving the area, it’s most likely that there will be plenty of available commercial real estate properties on the market. This is generally not a good sign to invest in that area. It boils down to the old adage of “supply and demand”, but on a much larger and more expensive scale. That alone should make you want to have as much research done as possible, preferably by professionals in the industry, well before entering into the financial/pre-offer phase.
The Geneva Group is here to assist you every step of the way. Please contact us to ask questions and find out how we may be of assistance to you.
Check Back Here Next Week for Major Mistake #2