The rate that people are moving to Florida is extremely high. The 2020 Census shows the population in Florida exceeds…
Florida is one of the most populated states in the United States. In fact, the population was a staggering 22,244,823 people according to the 2022 U.S. Census Bureau. If these growth rates continue, Florida’s population could surpass 26 million by 2030. The state’s rapidly increasing population makes it a great place to start a new business. Before a business can start running, though, commercial property needs to be found and bought — which isn’t always easy. So if you’ve been thinking about looking into commercial real estate for sale, here are just a few myths about commercial properties we can bust for you.
All Commercial Vacancies Are Advertised to the Public
Many people, not just new business owners, make the mistake of thinking that all commercial vacancies in the area are publicly advertised. The fact is that only a fraction of commercial spaces available are actively advertised to the general public. This also happens in the residential real estate market. In both commercial and residential spaces, you shouldn’t settle for what you can find on your own!
When you’re looking at South Florida commercial real estate listings, you need to consider the demographics and target audience you’re trying to reach so you can ensure you are in an area where you’ll actually have potential customers. You also have to think about the practicality of your business in the location. This is where working with a Fort Lauderdale realtor becomes extremely beneficial. Realtors have access to information about properties that aren’t advertised or even on the market yet. This means you can scoop up a great property that includes all your must-haves before anyone else has the chance to do so.
Buying Commercial Property Is Too Expensive
While you certainly should set aside some money to fall back on, banks often care more about the potential profit of the property and less about how much money you have to put down on the property. There are still some considerations to keep in mind; if there’s a stretch of buildings that continually go up for rent because businesses fail in that area, then it’s probably best to avoid that area. Additionally, it’s important to think about how the market trends will have an impact on demand.
Even with that in mind, most commercial property investments involve borrowing money to finance the investment, which means you’re not alone out there. You’ll have plenty of options for getting the money you need. So, if you’ve been letting money hold you back from looking at South Florida commercial real estate listings, don’t let it stop you any longer. Thinking carefully about the market, the demand, and how the two will impact each other will ensure you make a smart business decision. Make sure you talk with Henri Frank realtors to understand the full picture.
You Need to Find a “Good Deal”
People with business ideas can tend to hold themselves back by waiting for the “perfect deal” on a property. It’s important to remember that it’s not all about getting a good deal, it’s all about how you go about buying the property. When you start to look for commercial real estate for sale, know that the process may take quite a while. There are permits you need to acquire, business loans you need to apply for, and many other steps you need to follow before you finally get the keys to your commercial property.
Finally putting pen to paper and investing in commercial property is all about how you proceed — focusing on the ups and downs of the market, the type of property, and establishing risk profiles can help you get a good deal. Don’t skip over the housekeeping steps to invest in a lower-priced property. This is where working with an experienced Henri Frank real estate agent can be extremely beneficial, as they’ll help guide you through the process.
Buying commercial property can be a scary yet exciting event, which is why you need to walk into it prepared. Keep these three myths in mind and don’t let any others out there hold you back. Work with a reputable Fort Lauderdale realtor from Henri Frank to ensure you find the property that suits your business.