This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList.
As a commercial real estate agent, I usually spend 5 to 10 hours just looking for potential sites for sale. Once a list of potential locations are found, they are sent to the client to pick which buildings they want to see. Tours can be as short as an hour up to 20 hours in total over a number of days. In 2019 , as the economy continues to soar, buildings will sell very quickly. Therefore, it is imperative to do your homework before you even begin. Owners of professional buildings don’t have time to educate you or wait for you to get all your ducks together.
As the buyer’s representative, it is my job to find the properties and set up tours. Setting up a tour to see 5 spaces can take a few days, as all of the agents in the commercial world need to meet you at the building.
You can also call the listing agent or owner and set up an appointment to see the building. A word of caution: It is a lot harder to find a good fit when buying a building rather than leasing one. Unless the economy is in horrible condition, it might take you a while to find a building. In the 2019 economy, buildings can easily go under contract in the first week that they’re listed for sale.