Looking for someone to help me analyze a commercial deal in Ogden. My realtor, who's awesome, doesn't have commercial experience so we are needing someone else.
We are considering this property to either:
1. Finance & move our existing business to this location as it will significantly increase our space (much needed!).
2. Purchase as an investment opportunity either through financing or my self-directed IRA.
PM me and I'll send you the details.
Hi @Joseph Davis . There are lots of agents who would love to do commercial, but don't have the experience. It is a different beast from residential. Just as a CPA or Financial Planner is hired for his expertise, a commercial real estate agent knows the nuts and bolts and all the nuances of commercial deals.
I am great at finding residential flips and rentals, but I know my limitations as an agent. I want my client to get the best advice and help for his particular situation. Don't get sucked in by an agent who merely "dabbles" in commercial or hasn't done even one deal yet but talks a good talk. If he or she claims they "needs a break" to get their foot in the door, then run. There is too much at stake. Find a true commercial agent.
Thanks @Steve Theobald
You need to define more what you are looking for in a commercial broker.
Unlike in residential we highly specialize. For instance I do larger retail and also apartment buildings.
If it's straight office,warehouse,industrial,etc. that is not my thing. Also you have to look at deal size. If you are buying in a small town there tends to be commercial agents that are dabblers and handle all types of smaller properties under 1 million. They do a little bit of catch all due to the smaller town versus strong suburban or urban core.
When you get into larger metro areas the prices are much higher and brokers tend to specialize.
My current deals in retail are up to about 25 million in price. So when someone contacts me I pretty much have the experience to handle whatever they are buying with retail properties. That said I do not work on anything below 1 million in price. Most of my closings in commission are six figures or higher per deal so about 30k is my minimum and I tend to like the smaller deals being more closer to me.
The smaller properties tend to be much more work and headache with less pay due to the asset quality is not as high so harder to find lenders to finance and the buyer tends to be unsophisticated and needs a lot of time to understand the asset type and what risks to watch out for.
So define your asset, the deal size, and then look for organizations with their directory to find a broker that specializes.
@Joel Owens I totally understand what your saying. Just send me a pm and I can give you the details.
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