There are many different aspects of running a business, and it takes a very driven individual or team of individuals to get a business up and running, and to keep it so to the point of flourishing. A good business owner will be able to appoint different people to monitor and manage different areas as the business grows too large for just one person to handle. The same is true for commercial real estate companies, or really anyone involved in the real estate game. If you are at the point where you are handling several different properties, or if you are a landlord, you might do well to hire a property management team.
From REO properties to different sized office buildings
Commercial real estate can be very complex, and involve a large number of interactions with different people or companies. And within the business there are so many different types of transactions, involving small and large office buildings, as well as REO properties, or real estate owned properties. REO properties are also know as foreclosures, so instead of dealing with an owner of the building who is trying to sell it for profit, you are interacting with a bank that has gained possession of it. REO properties are often more affordable, but the process of buying such a property is different than the real estate process would be otherwise.
Different aspects of one big business
There is often a very different feel when handling commercial properties as opposed to the more intimate or personal showing of a residential space to a hopeful buyer looking for their dream home. The business world is far different. For the most part the properties are going to be of significant size and monetary value, especially in comparison to residential homes and buildings. Commercial buildings are considered to be on the large size if they are valued and sold at more than $2.5 million. These types of buildings include office buildings with multiple floors, warehouses, and office parks. On the other hand, those commercial properties that are generally valued significantly under $2.5 million are sized at less than 10,000 square feet and make up about 70% of all commercial buildings. These types of buildings come in the form of small strip malls, convenience stores, and small offices and retail shops.
Seeing the bigger picture
Once the space is rented, you may encourage the owner to use tenant representation services in order to ensure that the companies using the building office space are having their needs met. Overseeing such a large space, with so many people involved, can be complicated and often too much for one person to know what to do with. The right representation services can guarantee that everyone involved in each part of the rental agreement is taken care of.
Business over time
Commercial real estate properties that house everything from multi-level offices to warehouses to lodging or retail space made up about 48 billion square feet of space in one year. It is not a small business to be involved in, but you must be prepared to work hard and get involved on many levels, as well as have the right team aligned with you. It is a bit baffling to consider just how much business has changed over time, particularly as we continue to build higher and higher into the sky. Society continues to encourage climbing the corporate ladder, and that ladder keeps getting taller. There has been a recent push to refocus again on small businesses, and it is often successful on the local level, but the big businesses keep getting bigger, and it is evidenced in the buildings that are built and chosen to house the operations of those companies.