Real estate investments are a favourite for new investors. While they often come at a hefty price, especially compared with other investment products, they are also more accessible for anyone who isn’t confident with finance management. Unlike stock exchange markets or cryptocurrency transactions, real estate is a tangible asset that you can assess visually.
However, that doesn’t mean that property investments are a walk in the park. You still need to ask yourself essential questions to prepare your real estate portfolio. Will you be using a short-term or long-term investment? Will you have a hands-off or hands-on approach? Lastly, will you invest in residential or commercial properties? If you are considering commercial real estate, there are some contacts you want to keep on speed dial!
Real Estate Attorney
What does a real estate attorney do? As expert Jacob Kupp explains, real estate lawyers act on behalf of investors on a range of development projects, transactions, infrastructure, and management of properties such as shopping malls. Their role focuses on lease, purchase and sale of the land, investment, leasehold management, and overall development. Therefore, they are crucial to managing a variety of disciplines that touch on commercial real estate management, including planning, environmental issues, litigation, tax law, and construction.
Advisors on City Development and Infrastructure
The value of your property and its appeal will depend on many factors, one of which is the surrounding infrastructure. Therefore, keeping up to date with the latest infrastructure investment projects in your local area is a no-brainer. It can be helpful to work closely with the local governing cabinet to hear about projects and be in a position to lobby the board. Ultimately, your commercial property becomes worthless if a new infrastructure project drives traffic away from it. Having contacts who can let you know what is going to happen before it’s too late, or who can include your input in infrastructure debates can help preserve the value of your property.
Architectural trends matter for any property. As a homeowner, you can follow your taste. As a commercial real estate investor, you need to be smart about the design and layout options. Architecture reflects on curren zeitgeist. In other words, properties need to embrace modern and forward-looking designs to appeal to the right audience. For instance, business buildings tend to include shapes that evoke the natural world to create an eye-catching result. Shopping malls, on the other hand, need to include changing digital signage and fluid branding to appeal to today’s shoppers. It pays off to stay in touch with an architecture agency that can keep you updated on trends and help anchor the property into today’s world.
Real Estate Manager
A real estate attorney will provide advice and legal management for your leases. A property manager, however, can help you promote your commercial property and screen potential tenants ahead of a lease. Additionally, you will rely on the property manager to collect rent from each tenant, hire contractors to maintain your commercial real estate, and create positive partnerships within real estate associations.
Are you ready to buy your first commercial property? Most investors think of commercial real estate as a residential property with a different type of tenants. In reality, there is no comparison between residential and commercial property investments. Failed commercial investments can be typically traced back to the absence of an expert to help you through the legal, infrastructure, architecture, and management sides.