Tips for Reducing Commercial Real Estate Costs
Whether you’re hoping to buy an apartment complex in Maryland or sell an office building in Virginia, there are many complicated steps throughout the entire process. However, when done correctly, commercial real estate is like most things in life: the higher the risk, the higher the return.
For all of your commercial real estate needs in VA, MD, and DC, contact the experienced agents at Coakley Realty!
When it comes to commercial real estate, you’re going to need commercial financing. That’s whether you buy some of the units at the mobile home park or all of them. Normally, the more units you buy, the cheaper they are. Whether you’re considering apartment units in a complex, offices at an industrial park, or another commercial real estate investment, consider acquiring more than you originally intended.
According to ENERGY STAR®, energy consumption is “the single largest operating expense in commercial office buildings.” In fact, it’s reported to represent nearly one-third of standard operating budgets. Creating a management plan to make your commercial property energy efficient, or more energy efficient than it already is, could very well pay off down the road. Some ways to save energy include:
- Turn lights off when not in use
- Adjust thermostats when the building will be vacant
- Upgrade or install modern HVAC equipment
- Invest in ENERGY STAR or other energy-efficient products
Other ideas include performing an energy audit to pinpoint specific ways your property is using more energy than necessary, and then discussing your findings with any tenants or employees. By educating the people who will be spending the majority of their time in the commercial property space, whether an office or apartment, saving energy can become a more widespread and common practice.
You can’t assume what works for residential properties will work when it comes to commercial properties. While commercial loans are a higher percentage, there isn’t personal liability like there might be when it comes to residential. Because of that, you can usually borrow the down payment with more leniency. Another element of the commercial real estate process to keep in mind is that it usually takes a lot longer. There are a lot of inspections and tests to complete, plus gathering and finalizing paperwork and financials, that need to take place before you can move onto the next step.
Read more commercial real estate investment tips to see what options might work best for your commercial property.
Commercial Real Estate Company in VA, MD, and DC
Our final piece of advice is to call a professional real estate agent who knows the area, the lenders, the investors, the buyers, the sellers, and the property owners! At Coakley Realty, our experienced agents can help you navigate the process of buying, selling, or appraising commercial property while also staying within your timeline and budget. Plus, we know where to go and who to call, which is a big part of real estate. We are also experienced with appealing real estate taxes, providing litigation support, and managing properties.
Make it easy on yourself—give us a call today at 301-340-8700 for all of your commercial real estate needs!