If you are interested in commercial property for sale in Dallas, then you must hire someone locally, who understands the commercial real estate market, and which areas have a lot of potential. Commercial real estate has potential to provide high yield and contribute towards healthy capital growth. Whether you are searching for a commercial office space, or retail store, it is critical to ensure that you get the best location. Your listing agent and broker can give you a lot of information on property history, condition, amenities, and potential of the location.
Here are 7 Questions to ask a Realtor Before buying Commercial property.
1. What is the footfall in the area?
Whether you are buying the space for office or retail store, it is important to know if it is in the busy part of the town. Exposure and visibility are important for the success of any venture. You have to check if the space is easy to locate and easily visible from the curb. Is the building identifiable and do they have a tenant directory?
2. What is the parking situation?
A very important question for both office and retail space. Parking is a very important amenity and there must be separate parking space for employees, visitors and customers. Check if the commercial property for sale has parking on-site, or will they have to search for nearby availability? How far is the nearest parking space and what are the rates? If there is on-site parking, then you must find out how many will be allot to you and how many parking spots are currently in use.
3. What modern amenities does the building have?
Does the building have proper wiring to support modern technology needs such as Wi-Fi access, high speed internet, projectors, or POS. If it is a building, then does it have elevators, and is there a separate freight elevator? If you are looking for sustainable solutions, then you would want to know if the building is energy efficient. If you have to do redevelopment and renovation. How much will it cost to replace the old system and add modern amenities to the building?
4. Who is the developer?
Has the commercial property been built by a repute developer with experience and are they well-known? The property developer also attracts crowds and lends to the name of the business. Also, if the work done is of poor quality. Then there will be limited profit potential at the time of resale. There are many new and inexperience developers. It is better to avoid their work as a commercial property has to be smartly plan to give maximum yield with every square foot for the business to benefit from it. Unlike when you buy house, the profitability of a commercial property is calculate by how well the space can be employed.
5. Long term demand for the property
As the city plan changes, new commercial spaces emerge and often the old commercial spaces die a slow death. Ask about the long-term outlook of the area so that you can get an estimate on when it will be the right to put up the commercial property for sale in future. understand the dynamics of the location by seeing what kinds of businesses are operating there and how long they have been in the area.
If it is an upcoming area, check the potential it has by seeing what kind of neighborhoods are there in the proximity of the commercial space. Where does the road from the area go, what is the key demographics of people visiting the location. It will help you understand the type of businesses that will do well in this area. Also, if you are purchasing the land for investment purpose and plan to rent it. Then will you be able to find tenants easily?
It is important to know what types of businesses will flourish in the area so that you know. If you will have a regular influx of tenants, or a single tenant will be there for long. Commercial property investment can be very rewarding if you find it in the right location and a good realtor can help you with the perfect deal.