Whether looking for an office space for rent or a commercial property for sale, we have discovered five myths in the commercial real estate market that may be helpful for those looking for commercial properties. We generally write about commercial properties in Mumbai but would imagine that the below would likely apply across the globe.
I’ll save money by avoiding real estate agents
Any professional/company moving forward with leasing or buying a property knows the value of appropriate advice. This advice is successful once your company or you as a professional can clearly state your requirement which a quality real estate agent can help you do! This advice is worth every penny paid from our experience. Invest intelligently with someone who has the expertise you need. There is a great deal of accessible information over the internet, but it may be worth contacting a commercial real estate consultancy or a website portal “with an edge” like that of Jagaha.com! In short, the cost of not acquiring the proper advice could cost a considerable amount of paying too much to getting the wrong commercial property.
Commercial Property vacant for a long time means the landlord would give a great deal
A very important factor for most landlords is maintaining asset value. If they have had discussions wherein the rent might reduce their asset value, it may be worth the wait for them. In some cases, the owners could be writing off the unmanageable debt or making the vacancy work in their favor to modify the property in a way suitable for potential buyers/ or lease parties. Not to mention that some owners of commercial properties are frankly stubborn (with money) so generally speaking they don’t have to rent or sell their property in Mumbai or elsewhere to make ends meet.
All Brokers Know Commercial Real Estate
The majority of realtors deal primarily in the residential real estate where many may not be an expert in the field of the commercial real estate. Brokers are all commission-based sales people at the end of the day, with some working on their own and others working at firms with a commission cut and a base salary – either way, all are incentivized to make sure they close the deal! The truth is a broker must become good at finding clients before becoming capable of executing real estate. The normal question to be asked to commercial brokers busts this myth – What are the projects you have personally worked on in this immediate area? What commercial real estate deals have you done? What is your expertise within commercial real estate?
Good deals are hard to find
First, the term “good” is subjective and individual-based on a case to case basis. A deal that is good to you may be a waste of capital to other people. The key here is to invest your time in researching and doing your homework about various commercial listings diligently. Again, there are property sites out there that you can do a significant amount of research as well as finding a good real estate advisor. If you dig and put in the work, you will find them!
Inspections are a waste of time
Property inspections are indeed important to properly shortlist and then to finalize the right properties. Inspections can be a waste of time but are still needed. Many clients complain going out with realtors and spending hours and hours seeing places over many days to no avail. To start, it’s important to find a commercial property site that has verified pictures, videos etc. so that you can properly shortlist the right office spaces in Mumbai to retail spaces in wherever else you are looking! And then take it from there. If go directly through a realtor, ask them to send you pictures of the properties first.
We at Jagaha.com help you take the right step and move forward toward growing your business!