Purchasing a commercial property isn’t a piece of cake. It requires a set of efforts to execute right investigations to avoid probable due diligence in the property. Help yourself with these seven key resources who can act as a tool while running a due diligence check on a commercial property. All of these resources must be a part of your team and highly trusted people.
Don’t forget that the people who will be the part of your team will surely encompass expertise in their concerned areas. This proficiency will be fruitful for your investment analysis. The resources will be your number one source of information therefore delegate certain parts of due diligence process to them and ask for their findings and opinions about the attainments. Use that information in your projections as you will emerge a management strategy for the prospective asset.
Have a look below to realize your seven key resources of due diligence:
- Property Manager:
This person acts as a property toolbox. He will provide details about the tenants which you must look for. Plus the information about the neighboring properties, history of identical properties and operating expenses etc.
In addition to these services, they also offer lease audits and create your portfolio to set a budget. Market surveys are also conducted by property managers as they will do site inspections to provide a capital improvement suggestions.
It goes without saying that an attorney is crucial while making an investment in a commercial property. They will play following critical roles:
- Conduct a survey and perform title review
- Review the vendor’s contract.
- Evaluate loan documents and provide conciliation of mortgage terms.
- Real Estate Broker:
He works as a middle man amid you and the seller. Therefore he is your representative to the seller as a “go between”. He will provide a comparable market research like for rent and sales comparisons.
- Field Representatives:
They drive an inspection of the physical property of the owner. Not only this, they also do a research in the current owner’s office of leasing to attain the required leasing information. In addition, they also provide their know-how of neighbors and market.
- Mortgage Broker:
They arrange and optimize the documentation to present in the Lender’s office. Moreover, they also provide a loan cost details as an exemplary for the pro forma.
The significance of certified public accountants can’t be ignored. They will play a significant role in handling the financial concerns of the investment. They will create your pro forma and budget plus they will also conduct financial analysis on seller’s details.
- Public Information Services for free – This resource is also valuable as you will be able to assess the free market analysis report. Plus you can visit different websites which can add content to your knowledge.
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