Hi all,
I found a listing I am interested in, it’s a warehouse, 25x100 (was used as a auto shop last)
Seems a warehouse should be pretty straight forward, since it’s just a bare brick shell, right?
I’m debating if I should find a broker/agent to represent me before contacting the seller agent. I ask, cause previous agents I talked to, seem less knowledgeable then myself (and I’m not a pro)
And if I go without a buying agent, what should I be aware of in a commercial property deal like this?
Or should a commercial property lawyer already know and be able to help with this?
Also any suggestions on where t ofind a commercial agent to use as a buyer in Brooklyn, NY?
If you directly approach and contract the property through the listing agent he / she will recieve all the commission for the listing and sale side of the deal, which is alright considering the seller pays the sales cost of agencies.
However if you have a good agent on your team you would like to “Throw a Bone To” and see get the buyers side commission even if this agent does not know anything about this type of property but has been helpful to your investing strategy in the past this is a perfect opportunity to get one of your agents something back for their time and effort.
You probable have a good idea of what your looking to buy and obviously need contingencies to have things checked.
I think it would be a good idea to reach out to an agent especially since you will not be paying a commission as the buyer. It is a good idea to have an expert there with you. Is there a way you can search for agents that have experience with the type of property you are interested in? There has to be someone who is knowledge of small warehouses.
You may not need a commercial real estate broker to represent, but if you’re buying a former auto repair facility, you should definitely make sure you have a handle on the environmental condition of the property.
Considering the fact that we are talking about a warehouse which was an auto shop previously, I suggest that you get one to represent you so everything will be thoroughly explained on your end. Good luck.
What is the EPA going to say?
What is in the ground from the old auto repair shop?
What is the HVAC.?
How old is it?
What is the power?
Single phase 220, Three phase 220?
What is the pallet height?
How much weight will the floor withstand?
What can you store here?
What can you manufacture here?
What can you sell here?
Having been a commercial broker…these are just a few of the things I would check out BEFORE I got serious about this.
If the property has been around for a while, perhaps the Seller has a fairly recent Phase 1 Environmental Study, which just may suffice for your commercial lender once you get the property under agreement.
By the way, it’s Realtor, although people from certain regions pronounce it “Real-a-tor”…
Unless you are very knowledgeable in this type of properties and in commercial real estate business, then I would recommend just sticking with the listing agent. However, you need to understand that some listing agents would love to sell you a property no matter what and won’t really care about your personal situation and etc. So you should probably get a second opinion. Just like in medical field. There are a lot of smart real estate agents out there. If you haven’t met one yet, doesn’t mean you will never do.
(and I’m not a pro)