Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

Commercial Real Estate Outlook 2019 – 1st Quarter

What is the Outlook for Commercial Real Estate? There is a smile on my face… Take a look at the 2019 1st Quarter report done by the National Association of Realtors.

https://www.nar.realtor/sites/default/files/documents/2019-q1-commercial-real-estate-outlook.pdf

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

Guide to Setting Rental Rates

Setting the right rent can be one of the most difficult areas for many people who are investing in rental property. If your property rents out in no time, it could be an indication that you are not charging enough rent. On the other hand, if your property seems to take a long time to rent out, it could be a clear indication that your rent is too high. So, how do you go about setting a rental rate that is in line with the current market?

One of the best places to start is the newspaper. It is imperative that you do some local research to find out what kinds of prices are driving the local market. Location is the most important factor in determining rental rates. For example, a three bedroom, one bath apartment in one part of town may rent for a $750 a month while another property on the opposite side of town may only be able to draw $500 per month. Most prospective tenants look for convenience when searching for a rental property. They are either looking for a location that is near their work or close to their children’s schools. Neighborhoods that are considered to be trendy or hip can also be a driving factor, as many people like the idea of living in certain neighborhoods.

Of course, the budget of the renter will also play a role in determining how much they are willing to pay and can pay in rent. Due to the fact that most renters have needs that must be filled, especially in terms of space, it is quite common for square footage to also play a role in determining rental rates. This means that larger homes and units will typically be able to rent for rates that are higher than smaller homes and units.

When setting rental rates; however, it is also important to keep in mind that there is a certain point when rental rates can reach a cap. When interest rates are low, if rental rates rise too high, renters will quickly make the connection that it just does not make sense to rent any longer when it could be less expensive to buy a home.

Another way to make sure that you stay updated on rental rates in your local area is to join a local association for landlords. This is a great way to make sure that you keep your finger on the pulse of the local rental market. Emerging trends in the area will affect not only you but also other landlords as well. For example, if your particular area is in an economic slump or even an economic boom then this could have an effect on local rental rates. Make sure you keep track of whether there have seen job losses or the creation of new jobs in your local area.

It is also important to keep in mind that basic amenities can also play a role in determining how much rent you can charge for your unit or apartment. Some of the basics expected by most prospective tenants include off-street parking, washer and dryer hookups, dishwashers, etc. If these basic amenities are not available, you may find that you need to either offer something else that would attract prospective tenants or lower your rental rate.

Finally, the absolute best and easiest way to setting appropriate rental rates is to work with a professional commercial real estate broker.  They have access to reports and other information that can point out growth or decline in the market and in your area. Since they are in the field day in and day out they know when a shift in the economy is coming and can help you prepare for it in advance.

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

2019 Commercial Lending Report

Take a look at the 2019 Commercial Lending Report. Interest rates are still good. If you are tired of leasing your warehouse, office or simply looking to expand your investment portfolio now is the time to do it. Call me!

https://www.nar.realtor/research-and-statistics/research-reports/commercial-lending-survey

 

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral

Realtors Remain Positive on Commercial Real Estate Market as Economy Remains Robust

Look at what the National Association of Realtors has to say about Commercial Real Estate in 2019 -2020… Let me summarize it in 2 Words: “Looking Good”

https://www.nar.realtor/newsroom/realtors-remain-positive-on-commercial-market-as-economy-remains-robust

 

 

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

Miami Architect Working To Design Drone-Powered Hospitals

Have you ever thought about what it would be like to live like “The Jetsons”? Well look at this article and see how it may be closer than you think? This is really thinking out of the box! Love It! https://www.bisnow.com/south-florida/news/economy/drone-powered-hospital-98963

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

Check This Info Before Buying Commercial Property

As a matter of fact, commercial real estate offers more profit potential than even residential properties represent. Finding good opportunities can be difficult. Here is some advice to assist you in making better informed decisions regarding commercial property investments.

When you are buying or selling commercial real estate, always negotiate. Make your voice heard and strive for fair market value pricing.

Purchasing commercial properties is more time-consuming and complex compared to the purchase of a home. Understand, however, that this additional time and effort often translates into higher returns.

Initially, your investment will take up a great deal of your time. It will take time to find an opportunity that is profitable, and afterwards, you may have to wait for repairs and remodeling before you can start monetizing your investment. Don’t throw in the towel because the process is taking too long to complete. You may need to spend some time researching before buying your commercial real estate purchase, but it will pay off in the end.

When choosing between two different types of commercial properties, it’s best to look at things on a bigger scale. Obtaining adequate financing is a major undertaking, whether you opt for a ten-unit apartment complex or a twenty-unit apartment complex. Also, purchasing more units is like buying in bulk. The more you buy, the cheaper each unit will be.

When starting out in commercial real estate, it is important you understand the measurement labeled Net Operating Income, or NOI for short. To succeed, have positive numbers.

Search for buildings that are simply designed and constructed if you’re planning on renting out commercial property. These will attract potential tenants quickly because they know that these properties are well-cared for. These types of buildings are easier to fix for everyone and they might not need as many fixes.

Have your property inspected before you list it for sale. Fix all problems that they find as soon as possible.

Make sure that the advertisements for your commercial real estate reach both local and non-local audiences. It is a mistake to think that only people in the immediate area will have an interest in your property. Many private investors are interested in cheap or affordable properties in other areas of the country or world. Working with a professional and experienced commercial broker can help you reach more investors that are local and non-local and is a must. They usually have extensive marketing strategies and have lists of investors they are working with that are local, national and in many cases international. In addition, they have relationships with other brokers on a day to day basis that can offer them pocket listings. Pocket listings are properties that are not actively on the market but have owners that are interested in selling.

When you are comparing different properties, get tour site checklists. Be sure to take the initial proposal responses, but do not proceed without making the property owners aware of what is going on. There is nothing wrong with hinting that you have other properties in mind. It could even get you a good deal.

Now you know the basics of commercial real estate investment. Remain flexible and continue to stay nimble as you make your way through the many steps leading to owning your own property. Look into working with a commercial broker.  This will help you find the good opportunities, and make the most out of your time, efforts and investments.