How To Select The Correct Management Company For Your Office Property2 min read
The question of how to select the correct property management company for your office properties cannot be answered in a simple bumper sticker, “it’s a case of asking the right questions.” No doubt, it takes a bit of time to find out the right questions and conduct thorough investigations before you sign the contract with any real estate agent. Ask yourself, “How much do I want to invest?” How quickly do I want to sell my property?
Ask yourself questions that will help you get a better idea about your available real estate investment options. Are you interested in commercial properties or residential? Are you planning to use your properties as rental properties, primary income generating properties, an investment portfolio or as a retirement home? Is your target price for a manageable price range? If you are a first time home buyer, what type of homes are you looking at? What kind of neighborhood do you want to live in?
Ask yourself questions regarding how much money can I afford to spend on commercial or residential real estate? What type of long term financing options do you require for commercial properties? Do you have sufficient cash to finance a property purchase? If you are a small business owner, what are your operational expenses? Are you currently re-evaluating your business goals? If you have any special needs, will they be helped by having a real estate agent to manage your business assets?
Once you have answers to these questions, you can proceed to the next step which is to conduct a complete search of the Internet to gather basic real estate information, current and historical real estate data for your area or city. In most cases, local newspapers will carry advertising from real estate agents.
These ads may contain information such as opening hours, floor plans, available closings, photos, descriptions of units, condition, rents, and a link to the agent’s Web site. When you are evaluating the information that you have gathered, it is important to consider whether the ads are relevant to your needs. Are all of the details relevant to you and your business?
After you have gathered this information, it is time to make a comparison between the properties and assess their market value. How much money will you need to borrow? What terms will you be able to agree upon with a real estate agent? How much time and effort will you be willing to invest?
You may also want to obtain a copy of your local real estate agent’s contract and review it with other business owners to determine if there are any restrictions on selling a house in your area. Is there a redemption period? Are there any restrictions based on square footage or floor plan? Once you have a list of ALL of these items, you can then begin to follow the steps above in order to select the right real estate agent and real estate property for your needs.