As a real estate agent, and when inspecting commercial property for sale or for lease, here are some further issues to consider as you prepare for the marketing process:
The existence or potential existence of asbestos in the building should be thoroughly checked. There are many existing buildings today that still contain asbestos from the original property construction. Asbestos is a health hazard and is expensive to remove. Rules and regulations apply in many locations as to how that asbestos is maintained and managed within the property. Take time to understand those rules that apply locally; they can significantly impact the leasing or sales strategy with commercial property. If it is found that asbestos does exist in the property, then seek expert advice on its legally correct containment and management. It may very well be that the asbestos has to be removed; that then would be undertaken by qualified personnel using regulated and authorised removal practices. Following that, the certification of the removal of the asbestos will need to be done. The existence of asbestos in a property has a negative impact on the price that is paid for the property. It is preferable to correctly remove the asbestos prior to taking the property to the market for sale or for lease.
The outgoings for the property are those costs which apply to the daily running of the building. If the property is to be leased to a tenant, those outgoings will be explained and detailed in the lease. The tenant may very well be required to contribute towards some or all of those outgoings. Outgoings should also be identified and reviewed prior to any property sale. Part of the property pricing process is driven from the net income that the landlord achieves in the property. The outgoings will impact that net income.
Any development approvals in the local area can have a direct impact on the property that you are to sell or lease. Those development approvals can change the supply and demand of rentable space. Keep close attention on all new approval processes applying to properties that can compete with your property or in your precinct.
The property that you are to sell or lease could have a development approval that already applies to it. In the case of property sale, that development approval may very well enhance the price that you can ask on the property. The local council or building authority will give you up to date information regards property development approvals and the duration of existence before expiry. Any information here should be evidenced in writing because buyers will ask for more detail a later stage and require proof of the approval.
Matters of heritage can relate to the building. Heritage orders can impose significant costs in any changes to the building and how it functions. The local building authority should have further detail regards heritage orders or listings. If heritage orders do exist then it is likely that the price of the property will be impacted to the degree that further work in keeping with heritage compliance needs to be undertaken.These are some more of the main issues that need to be considered in the property inspection process; accuracy and attention to detail underpins a successful listing.
John Highman is an expert real estate author, conference speaker, and coach. He helps Real Estate Agents to improve their market share, listings, and commissions. You can get a free ebook of real estate tips and tools right here at http://www.commercial-realestate-training.com/
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