In today’s society, time can be called one of our most precious commodities. If you are planning on buying a commercial property, it is incredibly pivotal to use your time wisely. These 6 things are major wastes of time, also known as “time sucks” for investors looking to buy a commercial property.
Let’s look at the things that should be avoided when looking for a commercial real estate property because “time sucks” suck, and your precious time should never be wasted. After all, time is money!
1 – Searching Outside Your Budget
If you are certain you only have $1 million to spend on an investment property, there is no sense in looking at commercial real estate in the $10 million range. Though it may be fun to look at these properties and aspire to own one, if you can not afford it, don’t waste your time searching these properties out. Move back to your established price range so you can find a good deal and start generating revenue.
2 – Looking at the Areas You Haven’t Researched
Research is important, you as a buyer need to be comfortable with the location of your property. Take time to research the areas you want to invest in, and look for properties in this area. Real estate in Miami is much different than that in Missouri, so don’t start looking at areas you haven’t researched just because you see a good deal. Location, and your understanding of it, is vital!
3 – NOT Working With a Broker That Suits Your Needs
This one goes with tip number 2. It’s important that you choose a broker who is well versed in the area you want to invest in — location wise and in your chosen property type. If your broker specializes in NNN deals in Kansas City that sell for over $10 million, but you have researched and are set on investing in a $2 million retail space in Baton Rouge, you may want to find a broker that aligns with your needs.
4 – Dealing with Wishy-Washy Sellers
If a seller is flaky, it will waste your time! When you first meet a seller, gauge how serious they seem. Your experienced real estate broker will also be able to identify some cues that may signal the seller is not serious. Investing your time and effort into finding and researching a great deal, just to be blown-off by a seller that isn’t serious, can get old very quick. Don’t let lazy sellers “suck” your time.
5 – Setting your Expectations Unreasonably High
It is important to have high expectations, and demand the amenities you want and need in your investment property. However, don’t be unrealistic. As much as we all would like to find a fully renovated, commercial space with amazing amenities for pennies on the dollar, most of the time it’s unlikely. Be smart, realistic, and prepared and you won’t find yourself wasting time and feeling disappointed.
6 – Dealing with an Unprofessional Broker
Finding a broker that is professional, experienced, and provides a high caliber of service to you is important. A commercial investment effects your future and financial health and security. You do not want to deal with a broker who is unprofessional, inexperienced, or worse uncaring towards your needs as a buyer. Additionally, just because a broker has been recommended by a friend, it is important to assure that they are professional, knowledgable, and will be efficient and respect your time.
As we all know, time is an extremely precious commodity. So do your best to avoid the aforementioned “time sucks” and make sure you are working smart! Our agents at Elifin are ready and prepared to help guide you in your commercial investment journey in the Baton Rouge and surrounding areas. Give us a call today.