Ways to Determine Value While Onsite at a Real Estate Investment Property
Modern technology makes many things in life more accessible than in the past. Searching for commercial real estate properties and obtain needed information to put together deals is no exception. There is a myriad of new tools available that allow the progressive broker or agent to take advantage of the availability of public data online. Tapping into this vast resource from a smartphone or tablet makes mobile access while physically visiting the property possible. Having information available to you about a property without spending hours researching it in the county courthouses can potentially save you significant amounts of time. The time you can devote prospecting, getting educated or closing commercial real estate deals.
Imagine standing onsite at a property you are interested in purchasing and being able to pull up current mortgage details on demand instantly. With today’s cloud-based apps, you can do precisely that. Armed with this information and the physical information such as condition and location, you can put yourself into a good position for negotiating with the current owner. Understanding the current status of any liens, the amount owed and the length of time left to pay out the mortgage gives you insight into how motivated the seller may be in hearing an offer on the property. Success in commercial real estate is often a matter of being at the right place at the right time in possession of the correct information. Instant access to mortgage records through the internet can help you control the convergence of these circumstances.
While you are visiting the property, you have the opportunity to assay its value through traditional methods. Is the building structure in good shape, does the area seem descent and in what condition is the neighbors’ properties? Talking to the owner is probably still the best way to determine what is going on with a property. Sometimes, it can be helpful to speak to the owner of the commercial real estate on the phone while you are walking the property. As you view the property, questions will naturally occur to you about the condition of the structure. It is also usually a good time to start some preliminary negotiating to feel out the prospect and see if he or she is at all interested in selling.
Having the right tools, the proper knowledge and the right approach can help you beat out the competition in the commercial real estate game. Let them spend all day researching property information at the courthouse while you are out in the field doing research and making deals.