Here are 11 tips to help you find your first or next CRE property
- Prepare yourself – know what you want (property type, market and investment goals)
- Do your research on the property type you are looking after (market prices, rents, volatility) to have a background knowledge to be used as leverage during a negotiation
- Make your search known and make it known again by reaching to people in your database consistently
- Underwrite every deal that comes your way because you could find one that meets your investment criteria
- Hire a commercial real estate broker to be your representative and therefore negotiate in your favor (fiduciary duty). The broker will help you with the letter of intent, the vendors and the lease negotiations (rental rates, allowances, abatement periods)
- Networking : the more eyes and ears you have working for you, the better
- Social media to make your search known, share contents and connects with other investors or decision-makers
- Cold calling to have a direct path to the owners. Keep their contact details even if they are not interested to sell at the moment (follow-up!)
- Direct mail to the registered office of property owners
- Drive or walk your market and look for boarded windows / deferred maintenance, sale signs or empty parking spaces during peak hours. Do not forget to bring a notepad so that you can make more research on the selected properties when you go home
- Search online on listing portals even if the descriptions are not always comprehensive or up-to-date. Portals are still useful to filter properties by location, size, price range, type and amenities. Use a lawyer if you want to bid on a CRE property.