Things to Consider When Searching for Commercial Real Estate

When investing in commercial real estate for business, being prepared for the property search can prevent making any hasty decisions that may impede a positive return on the investment. The following are some helpful things to keep in mind when looking for commercial real estate:

Be Prepared When Visiting Potential Properties

When looking at different properties with a real estate agent, be armed with the tools needed to make an accurate decision. Bring a camera to take pictures of the space, a tape measure to double check square footage, a calculator, and a notebook. It’s also beneficial to get a copy of the blueprints of the building to keep on file.

Make Sure the Property Is Zoned Properly

Before the search begins, let the agent know what type of business will be in the building. This is because some areas are not zoned for particular businesses. For example, the real estate agent may find a lovely building in an office park, but the venture is a retail store. The office park is not zoned for retail use, so there is no need to investigate that space since it cannot be used for the business.

Determine the Building’s Impression

When approaching the property, determine the impression the building gives off through its appearance. Determine whether the appearance will alienate the desired customer base. Depending on the nature of the business, the appearance may not matter as much. If the building looks too shabby for an upscale clothing store, consider a different location.

Check the Interior for Defects

Once inside, check for obvious defects in the space such as missing flooring, broken or unattractive lighting fixtures, and damaged ceiling tiles. Also, look at the air and heating unit. Ask about the condition of the duct work and the outside unit. The renter will be responsible for making all repairs to the building, so decide how much of a maintenance budget is needed to fix anything that may be wrong with the space. However, if there is a structural issue with the building, that will likely be the responsibility of the owner or landlord.

Investing in a commercial real estate space is a big step in starting a new venture. Make sure to consult experts if there are questions about unfamiliar areas of expertise, especially regarding the building’s structure. The advice of an attorney may also be helpful before signing a lease to ensure everyone involved in the process is protected in the event there is a zoning change or other events that could cause problems for the venture.

How Data Analytics Can Transform The Real Estate Industry

The real estate industry, for the most part, has not been well known for being technology intensive. This nature may soon disappear, however. Data analytics is transforming how real estate companies, customers, and financial institutions do business in this industry.

Create additional value

Traditional property data is becoming a commodity. Anyone with an Internet connection can access basic information about the market and properties. Real estate companies need to provide additional value via highly customised solutions.

Data analytics could potentially transform how the real estate industry meets the needs of its customers. For example, what can a commercial real estate company do when its client wants to move to a new office space? Traditionally, the company would take into account factors like budget, preferred location and space to come up with a list of recommendations. But what if the company can help address other business challenges for the client as well?

One of the major challenges for businesses today is to recruit and retain the best talent. So the client would probably prefer a location that is most convenient to all of their employees. Employees can input data of their homes’ locations, movements throughout a typical working day. This data then can be used for analysis, such as spatial mapping. The result is a solution for office space with the optimised location for employees’ daily commute. That new office would potentially bring the additional value of attracting and retaining great talent to the client.

Make smarter decisions

The real estate market has a huge data set of millions of properties and potential individual buyers and sellers. Additionally, there are lots of metadata for each property and customer. Digging through that raw data will give companies the edge over the competition. Companies armed with advanced data analytics can remain competitive by utilising data to find useful insights which allow high-level executives to make smarter strategic decisions regarding investment, financial management, sales and marketing, procurement, etc.

The finance aspect of the real estate industry has already adopted data analysis to help investors and financial institutions make wiser decisions. Banks today have much better insight into value of foreclosed properties than they used to do. Risk scoring algorithms is advancing to provide more precise assessment of the properties.

Data analytics allows for customer insights that previously were unheard of. It is capable of presenting a clearer picture of who buys what, when, where, why and how. More importantly, it can predict who will buy or sell their homes in the near future. Such capabilities could dramatically change the way real estate companies approach their customers. Instead of attempting to reach out to a wide audience, companies can target specific people who are most likely to be their customers.

Empower individual customers

Advanced analytics benefits not only real estate companies but also individual customers. It creates an unprecedented level of data’s transparency and accessibility for both buyers and sellers. For instance, homeowners could be provided with information about their properties’ potential value, as well as the trend in the future.

Real estate companies that are still doing business in the traditional ways may feel intimidated by such transparency. However, purchasing a home is among the most expensive and personal transactions people make in their lifetimes. Companies that can make the process easier and more informative are more likely to win the customers and drive sales.

Increase online visibility

The Internet has become the favourite destination for individual customers when looking for real estate. As a result, real estate agents and professionals need to be more visible online in addition to old-fashioned aggressive sales tactics and advertising campaigns. Data analytics allows agents to understand what visitors are doing when they do online searches. More importantly, the advanced analytics today can produce actionable information in real-time that enables almost daily adjustment of organic or paid efforts.

Learning About Senior Housing Financing

So, you are looking at putting together a facility that is going to allow you to house seniors for a price that is going to be a lot less than everything else. That being said, there are a lot of things that you have to consider here, including how you are going to pay for everything that will allow you to give what people need for a price that they can afford. What are you supposed to do? Can you actually get senior housing financing that will allow you to achieve the goals that you want to achieve?

Actually, yes. Because the baby boomers are starting to age, we’re getting to a point where we really need the help of additional senior housing so that they can feel comfortable and have everything that they need, even as they get older and are trying to figure out exactly what they are going to do as they age. So, because of that, there is a lot of senior housing financing and funding that is available for you to access, as long as you meet requirements. Here are some of the things that you’re going to need to do.

– Have a plan set out so that you can present it. No one is going to just give you money. You have to have a plan so that you can show it to people and say that this is exactly what you have been intending to do and this is how you’re going to be able to take care of it all. By having this plan in place, not only can you feel confident that you’re going to be able to do it, but so will other people who may be looking to finance you.

– Take some time to make sure that you know what you’re getting into. Do you know what is going on here? Do you know that you have a lot of things that you’re going to have to take care of? And do you feel comfortable with everything that you’re going to be doing and how you are going to take care of? That is the sort of thing that you have to figure out and what you will want to do in the long run.

– Work with an appraiser to see how it could work out in the end. You want to make sure that you are on the right path and that there is actually going to be a need for senior housing for you to take care of. These people can help you to see what you have the possibility of making and whether or not it’s actually going to be something that can succeed in the region that you are living in. They can give you solid advice as to how you should move forward and they will also let you know about the valuation that is related to what’s going on. By having all of that information, you’re a lot more likely to succeed when it comes time to really get running your housing.

– Apply for senior housing financing.That’s it! Now it’s time to apply. By being armed with all of the information that we’ve talked about above, you are in a good position to just go ahead and apply for financing that will help you to achieve your goals and feel great about what you’re doing. The application process takes a while, but you can make it shorter by showing off what you’ve done before you even put in the application.

While it is going to be a bit of work for you to try and figure it all out, it’s a good idea for you to actually do what you can in order to get everything taken care of quickly. You don’t want to feel like you can’t figure out what is necessary for you to succeed, and you really need to work with financial advisors that have your best intentions in mind in the long run. Want to see what else is available? Contact us to learn about all of the options that we have for you today.