Miami Commercial Real Estate – Investment and Leasing Tips for First-Time Marketers
Whether you're a first-time marketer or seasoned pro, when buying a Miami commercial real estate property for your business, make sure you know just what you're doing. There are several commercial real estate agents that are willing to help you through the process; but don't expect to be spoonfed. Due diligence on your part is crucial and you must cull the right real estate savvy to form your own survival guide. Here are some of the things you need to remember when leasing in the city.
Know the types of properties
There are a lot of Miami commercial real estate properties available. Even before you set out for the city in search of the right home for your business, you know exactly what you are looking for. The following is a list of the general types of commercial properties:
1. Retail Spaces
2. Multi-Family Commercial Properties
3. Office Buildings
4. Industrial Spaces, Warehouses
5. Recreational Buildings, Hotels
Hire the right agent
Hiring a commercial real estate agent is quite the same as hiring a residential agent but with few nuances. It's crucial to check for the specialty of the agent you plan to choose. Each agent specializes in a specific type of property. There are agents that can handle transactions for office spaces while there are those who are apt in working with buyers looking for industrial warehouses. While there are certainly several criteria to use when hiring an agent, the specialty is pretty much the foremost standard.
Learn the lease types
Unless you're planning to buy instead of lease, which is the most common and safest practice, you need to the several different kinds of lease terms. To help you, here is a list of the three common lease terms in the Miami commercial real estate:
1. Triple Net Lease
2. Modified Net Lease
3. Gross Lease
Crunch the numbers
Aside from the Miami commercial real estate mortgage, you must know the other expenses involved in buying commercial real estate properties. For starters, once you find the property you plan on leasing, you have to be ready for the appraisal and inspection. These two are different and therefore calls for a separate fee. The appraisal fee can run from a few hundreds to more than ten thousand depending on the size of the property; the same as with the inspection. In addition, you should get a good faith estimate in order to have a clear view of the expected expenses during closing.
Mark Michael Ferrer
Miami Commercial Real Estate
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