It’s paramount during the property acquisition phase that you find out who the top leasing brokers are in the submarket that potential sales property is located in. Call on the top two or three and ask to meet with them either in their offices or at the properties, if possible. Find out what their impression is of the property, where it fits in the submarket against the competition, what the competitive set is, what they think the building needs for enhancement purposes, what their impression is of trying to do deals with current ownership, what is going on in terms of transactions in the submarket, tenants looking for space, etc.
Below we’ve investigated more specific detailed information gathering tips, along with future potential for home design consultation researching from your real estate directory of choice.
Gather Key Information Pieces
This is your big opportunity to gather as much information as possible on the subject building’s submarket from the people who help drive the market. Make sure you are optimizing your opportunity to get as much information as possible for future house design consultation measures. Ask as many questions as you can in order to thoroughly familiarize yourself with the building and submarket you’re buying in. Ask if you can tour the competitive properties in the area with them so that they can point out the strengths and weaknesses of the subject property against the competition. This will give you an excellent perspective on how prospective tenants could view the building your looking to purchase.
Spend Time at the Property
There is much to be experienced and found out by spending time in and around the structure. You’ll discover what the tenants are like, how the parking works in terms of availabilities or peak hours, what the surrounding area looks like in terms of activity and people, at different times. It’s important to check the property out at different times of the day in order to get a better feel for how it operates, i.e. Is the HVAC running after normal business hours or on weekends when it’s not supposed to.
Is the structure locked after normal hours or is the security for the building adequate? Understanding more about the property, reading tips from your local real estate directory and understanding what’s involved will foretell whether this property is for you.
Check for HVAC Issues
Take time to discover any possible issues that could be occurring in or around the building such as: leakage from pipes, HVAC ducting, plumbing, cracks in the roofing, concrete, structure, glass, staining on carpeting, ceiling tiles, concrete, odors in and around common areas that could indicate the presence of mold, mildew, petroleum odor near the elevators, which could indicate leaking hydraulic fluid and any other peculiar smells that could indicate potential problems with the building.
You may be surprised at the different foot traffic that goes through the building. If the building is located in a major metropolitan area, you may get some vagrants coming in the building when it first opens, using the restrooms to clean up. The point is that you want to be aware of what is going on in and around the building, especially when future home design consultation projects will transpire, in case there is a potential problem that you might not have known about.
Not everyone will prepare themselves for property acquisitions amicably; you should read your favorite online blog, real estate directory or consult an agent before dealing directly with owners.
