If you’ve recently become aware of the huge financial benefits of investing in commercial properties, you should also be aware that hundreds of thousands of other people have uncovered this exact same information. This is why you’re likely to get stuck in a bid war when seeking out your perfect investment opportunity. This situation can be tough, but there are a few things you can do to ensure you land the property of your dreams at the end of the whole endeavor.
Make the First Move
You may think it’s a good idea to hang back and see what the competition has to offer, but your best bet lies in making the first move on good commercial properties. Making a quick offer shows the seller that you’re serious about obtaining the property in question, meaning they’ll consider you more closely as a serious buyer.
Have Cash on Hand
Another way to convince your seller that you’re a serious competitor is to already have some cash on hand. This doesn’t necessarily have to be enough to serve as a down payment, but enough to show that you’re willing and able to invest in the property’s purchase and development.
Go Out of Your Way to Express Interest
As is the case with residential properties, commercial properties oftentimes have a history, and there’s a good chance that your seller holds the lot in question close. Expression interest in the property and talking about your future plans is a great way to reassure the seller that by selling to you, they’re leaving their former business in good hands.
Pay for a Preinspection
This might not help you win the bid war in question, but it can help to ensure you’re spending your cash on a good investment. In the end, this could simply be a few hundred dollars you won’t get back, but it could prevent you from investing in a flop.
Get Pre-approved for the Loan
Nothing says you have your finances together than getting approved for your loan for the property ahead of time. Sellers are sure to pay you a little extra attention if you already have your finances for the purchase in order.
Have a Detailed Plan for the Property’s Future
As previously stated, sellers are oftentimes invested in the future of their commercial properties. Proposing a details list of your plans can help to give them more reassurance that you know what you’re doing and are responsible enough to handle the property.
While there is no clean-cut way to win a bidding war, these six steps can help you make a great impression when looking for commercial properties.