In New York, commercial real estate continues to be a competitive industry. Part of the reason for this is an imbalance in the market, with too many purchasers pursuing an insufficient number of available properties. A couple of tips may help buyers to position themselves for success in their real estate transactions.
First, avoiding the inclusion of contingencies with a purchase offer can be helpful. An example of a contingency is that one's current property needs to be sold before the new one is purchased. In addition, not having important members of one's real estate team in place may slow the buying process down. These important team members include CPAs, contractors and architects along with attorneys.
Reacting quickly is also essential in the fast-paced real estate market. For this reason, having a handy source of off-market and new real estate availabilities is paramount. Although residential real estate agents have made it easier than ever before to search online for available properties, the same is not true for commercial properties. Thus, staying on top of the market is necessary in order to take advantage of the deals that crop up.
Purchasing commercial real estate can be complicated because every deal is different. Some mistakes may end up preventing a deal from going through or may cost a buyer more money, time and energy in the long run. An attorney in the state of New York can help buyers to protect their best interests when engaging in real estate transactions of all sizes and levels of complexity.
Source: ocregister.com, "4 ways to win a commercial real estate deal", Allen Buchanan, Sept. 2, 2017