No industry is exempt from mistakes, and commercial real estate can be full of them. This type of real estate can have a lot of weight to it, both emotionally and financially. In turn, people often make mistakes that they don’t expect.
1. Settling after a lengthy search.
During a long search for an office space or potential property location, clients often become more relaxed in what they’re looking for. Eventually, they may put an offer in on a property that has way more space than they need or the exact opposite. Obviously, both of these can be troubling from a business standpoint.
2. Not doing their due diligence.
Property costs don’t just include the sale price and closing costs. Often, a property will also require environmental assessments, surveys, repairs, and any number of other things. If a client doesn’t know about these extra potential costs going into their property search, they may not be financially able to afford it.
3. Being too strict on their timeline.
Extra assessments, lengthy loan processes, and even human error can cause unforeseen closing delays. Having unrealistic timelines can not only make the process more stressful, but may also require you to cut corners on your due diligence.
These are only a few of the many common mistakes that people can make in commercial real estate. However, with the right team on your side (and all the patience you can muster), you are sure to get the property or office of your dreams.