Avoid These 5 Common Commercial Real Estate Mistakes

When you are first starting out with commercial real estate investments here in Calgary you're going to receive a lot of advice about what you should be doing but maybe not so much about the mistakes you should be avoiding. Real estate investments can be extremely lucrative as long as you put in the effort and learn how to get started properly.

Here are the top five commercial investment mistakes that most first-time investors make.

Rushing into the opportunity

With the lure of big money in front of you, it's easy to rush into real estate investing without first securing a proper foundation. Like anything else, this is going to be your own business and you need to learn more about it before taking any action.

There are plenty of home study courses on the Internet that will show you the ins and outs of starting up your own business for investments. You need to treat this investing as a business and learn a lot about what you're getting into before delving headfirst into an opportunity.

Failing to plan

Any of the investors that have become very successful with commercial real estate investing have made a plan for the future first. If you were to open your own restaurant you wouldn't just go ahead and start it without having a firm business plan in place first. It's the same for investing in properties. A good plan will lead you to success and no planning will usually end in failure.

Not negotiating properly

When you're negotiating for a commercial property you'll be talking to some heavy hitters that are experienced in the field. You'll want to work with a commercial real estate agent that has excellent negotiating skills to make sure that you come out on the winning side - especially when you're first starting in the business.

Purchasing too quickly

Most people are anxious to get their first sale under their belt since this is when all of the action and excitement starts. You'll have to have patience by your side, however, and head into your first sale slowly. You want to go over the properties that are available and if there's nothing that looks appealing right away you'll need to be willing to play the waiting game in order to end up with the right commercial property.

Expectations too high

Don't expect to get into this business and see your first million in the first year. It takes time to build up a real estate portfolio and your first profits may not materialize right away. Talk to some experienced real estate investors to really find out what your expectations should be. While some real estate investors plan for short-term profits others look for higher-end profits that will be seen over a longer period of time.

Source: http://www.justinhavre.com/blog/avoid-these-5-common-commercial-real-estate-mistakes.html

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