When you’re considering a commercial real estate venture for the first time, you might find that the process is rather complex. Having a team on your side that can help you through it might take some of the stress and risk out of the situation.
One thing that you need to ensure is that you have an attorney who can protect your legal interests. This person can review the contract and other documents associated with the transaction. Besides that, there are several things you need to consider.
You have to be ready and willing to negotiate or you likely won’t get a good deal. In order to do this, you need to do your research. Make sure that you know the market and what to expect in the area. Be prepared with contingencies in case any aspect of the deal falls through.
Ideally, the negotiations for the transaction will occur in person. If this isn’t possible, you might need to discuss the matters over the phone or via a video conference. Having the personal touch can often help the seller to feel the surety of the close that can result in you getting a good deal.
Just remember, you can’t rely on talking a lot during the negotiations. You don’t want to show your hand, so make sure you speak less and focus more on winning the mind game that’s part of negotiations.
Additionally, remember that you should start your offers low so that you do have room to negotiate. Once you and the seller agree on the terms, read through the contract to ensure that everything is included as you agreed.