Friday, March 29, 2024

How to win commercial real estate deals

The commercial real estate market is as competitive as it could be.In a classic economic sense, an imbalance exists. We have too many buyers chasing too few opportunities and sadly not all of them come out on top at the end of the day. So, here are ways in which you position yourself and your company to win when the right opportunity comes along.

Financial qualification

Your bank will gladly loan you money to buy a building. But, you have to allow your lender to peruse your current financial statements and tax returns. You are best served securing a pre-qualification letter. But, not just any pre-qualification letter, it should one included a complete review of your current financial snapshot.

Remove any contingencies

If you have a property to sell before you buy a house then you better get to it. Your commercial deal may be overlooked for another that is ready to go if you haven’t done this. Moreover, makes sure the occupant of the building you plan to use conforms to the zoning. If not, plan on 6-9 months of city approvals .You might lose because a compatible use will avoid the lengthy approval process. Furthermore, make sure the source of your down payment liquid and the members of your team in place – legal, architect, and contractor. Any unchecked box here could result in your loss.

Sell the story

It’s obvious that real estate compete against each other. Let’s say you believed your buyer could pay the highest price and perform. Nevertheless, you might have encouraged your buyer to bulge at the asking price with a very quick close and a limited amount of due diligence time and he/she complied. Now the task will to prove your buyer’s credibility. You should do this in person rather than the use of an email because it could get overlooked You will be able to sell this in person approach and your buyer will win the deal

Next time you are on the verge of making any real estate commercial deals,just use these pointers as your reference. I bet you will not be disappointed.

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