How to Negotiate Your Price When Buying Penticton Commercial Real Estate
Getting the right price when buying Penticton commercial real estate is a big deal. It’s so important that you as the investor don’t overbid on a property that is going to affect the financial stability of your business. With spring underway, many of our clients are looking to switch things up and get cracking on this year’s opportunities. In light of this, I have compiled a list of negotiating tips to help you get the most out of your budget!
Follow along as we detail some pointers to help you succeed when it comes time to negotiate for your Penticton commercial real estate.
Know what you want….and what you need.
Determining what you want out of your Penticton commercial real estate is essential in the foundation of your negotiation. This will help you to see what you need out of the building and what you’re going to have to put into it. For many buyers, location is one of the most important factors. It decides the accessibility, convenience, and zoning of your property. Getting a good handle on your desired location is a must. Another thing to consider is space. Do you have enough room to grow your business and perform the daily tasks? — this is especially important given today’s distanced circumstances. If you’re not sure how much space you are going to need, try assessing what you have now and how your business will change in the next 5-10 years. Or, if you’re still lost, try picking the brain of an operational efficiency expert.
Get comfy with your Penticton commercial real estate budget.
In order to best negotiate a fair price for your Penticton commercial real estate, getting up close and personal with your budget is necessary. It will allow you to know what you can and can’t afford. This means taking into account the work that will need to be done after purchase and understanding what your business can handle during this switchover period. Your budget needs to encompass more than just the building i.e.; repairs, assessments, taxes, a smaller revenue during the move, etc. When figuring out your budget, consulting with your REALTOR® is a good idea. You may also want to look into getting pre-approved for a commercial mortgage to help finance your re-location.
Use a trusted Penticton commercial real estate agent
Enlisting a Penticton commercial real estate agent will serve to benefit you in your negotiating process. Their expertise on the market condition and local area will ensure you stay loyal to your budget and get a fair price. An experienced real estate professional can help you research and compare properties to ensure that you are getting the most for your money. This information is crucial, as it will guarantee that you are sufficiently informed when the time comes to speak with the seller.
Don’t narrow your search too much.
Sometimes finding the perfect property is hard to come by. But, it is often the most unexpected spaces that turn out to be a client’s “dream property”. For this reason, it is important to not narrow your search right away. Be open to looking at all sorts of properties and spaces appropriate to your company. You may end up getting a deal if you are able to sacrifice a proximal location for a rural one, or are open to renovating a specialty property.
Make a realistic offer.
Now that you are well-prepared it’s time to make an offer on your Penticton commercial real estate of choice! The information that you collected along the way will greatly help you. Especially when you need to create an offer that is indicative of your budget and needs. When making your offer, less conditions can help you obtain a better price. However, don’t forgo any key due diligence terms. Be sure to include enough time for the bank, and assessments to be done, when making your offer. This will certify the transaction goes smoothly.
If you’re ready to get started on finding a great Penticton commercial real estate property, contact me today! Spring has sprung and there is no better time to make an offer and achieve your company goals this 2021!