Where To Start? The Property Professionals Who Can Help You Invest In Commercial Spaces
Published by The Landsite on 13th October 2020 -
It may be tempting to ‘go it alone’ but there are lots of property professionals who can help you invest in commercial spaces. They can advise you, manage transactions and keep you on track; all of these are very useful skills, especially if it’s your first time investing in property.
Here we’ll take a look at some key professionals you’ll need on your side if you’re going to invest in a commercial property
7 stages of property investment:
If you want to know who to talk to, you need to understand the process of property investment.
Here it is broken down into simple stages for you. This will help you keep track of where you are in the cycle.
- Identify your motivations for investing
- Evaluate different commercial property types
- Lock down your financing
- Build the right team for the job
- Identify a potential property in your market
- Run the numbers on the property
- Make an offer and close the deal
Professionals who can help you invest;
It makes sense that a financial advisor is your first point of call when you start thinking about investment. They’ll help you determine why you’re investing, areas to address, how to make a profit and advise on how best to proceed.
Next you want to develop a good relationship with a commercial property estate agent. You want someone trustworthy who understands your needs and intentions. This will help ensure that you get the right property for your investment.
Instruct a solicitor to oversee the conveyancing and any other aspects of the project. Looking at legal documents surrounding a development project is a must, as well as any disputes or paperwork. Getting them on your team will ensure you are protected.
Bring in a surveyor to make sure the site is structurally sound and will be able to sustain any changes that you may be making. They can also value the site if you’re intending to sell it, so can be very useful.
It can be tempting to buy insurance policies on your own, but we’d always advise you to get an insurance broker in to make sure both your building and your business is properly protected.
It’s not so much a ‘professional’ role, though your mentor may be a property professional themselves. Talking things through with other investors and industry experts is an invaluable experience; especially if it’s your first time investing.
With all local and regional real estate networking events cancelled or postponed for the time being due to COVID-19, try talking to existing contacts about their experiences then build on those relationships. Eventually, you’ll be presented with new and fulfilling investment opportunities, so it’s well worth taking the time!
You may also benefit from discussions with land acquisition specialists, planning, property and tax consultants and other people who specialise in the field you’re looking to invest in.
It’s best to seek lots of advice, but ultimately the decisions you make are you on. This can be a very important and intense decision, so do not take it lightly.
Whether you are dipping your toes into the commercial property world for the first time or you are a seasoned investor, The Landsite is here to help you navigate your way through the commercial property industry. The Landsite ethos is simple – to connect you with all property related sectors you are searching for. Why not click through to our Property Investment channel http:// https://www.thelandsite.co.uk/channels/property-investment
Get in touch with property professionals who can help you invest via the Landsite, today!