When real estate investors or agents in California get into the market, they are usually focused solely on residential properties. With time and experience, they may want to move onto something a little more profitable such as commercial real estate. However, because commercial real estate is much more complicated, it may also place investors at a greater risk of losing money. The following includes a few tips for you to keep in mind if you’re thinking of moving into this sector of the real estate market.
Understand how to market your services
Before you place any of your commercial real estate properties for sale, you want to first understand how to market them. Fortunately, those coming from the residential market will be very familiar with this tip and may even have a leg up on the competition. What can you do to market your property? It is recommended to be present on a variety of social media platforms as this can be an inexpensive way to promote your real estate. You may also create your own website and fill it with information regarding the process and your properties.
One of the most common mistakes real estate investors and agents make is believing that they know enough to get through the process. Although practice does make perfect, it is much better to learn from a mentor rather than by seeing your bank account diminish. Seeking guidance from someone who has been in your position before may provide you with valuable information that most people would have to work years to obtain.
Set attainable goals
You may be eyeing those multi-story commercial buildings, but the fact is that you’re likely not going to have the expertise or funds to purchase and sell such property during your first few years. This may discourage many people, but the reality is that you will need to start with what you can handle. This means setting attainable goals for your first six to 12 months and adjusting accordingly.
One of the most important people you may want assistance from during this journey is an attorney. An attorney may help you navigate the complex web of commercial real estate contracts and thus give you the opportunity to avoid common mistakes.