No matter how seasoned you are in Alaska commercial real estate, everyone wants to find a deal. Finding a great property at a great price that can potentially help you generate income and reach your financial goals is the most ideal scenario afterall. However, you have to know which factors signal a steal in commercial real estate and which are red flags that should prompt you to move on.
Landing a low price on a property with potential can be challenging, but remember that we are here to help guide you! Below we’ve outlined a few ways to find a deal in Alaska commercial real estate:
Build Your Network
You cannot rely on yourself alone to find the best deals in commercial real estate. It is important to build your local network! Every professional from lenders to business owners, to your real estate agent and attorney, can help you find deals in the market simply by alerting you to properties when they come across them. Let your network know what you’re looking for so they can keep an eye out. Alaska is a small market and somewhat undeveloped in terms of marketing. Sometimes the best deal sits on the market for several months before anyone even knows it’s a deal. Most commercial “deals” never even hit the market.
Get to Know the Market
There are a wide variety of commercial properties available in Alaska, but in order to find the best deal that meets your criteria, you need to narrow down a specific area. Decide which area you’d like to focus on and work with your real estate agent to get to know the market. By doing so, you’ll be able to quickly identify which properties may meet your financial goals, make educated offers, and most importantly, miss fewer deals.
Just as you’re getting to know the Alaska commercial real estate market, you’ll want to brush up on your knowledge of the industry itself. There is no such thing as knowing “too much” about real estate terminology that can help you better understand a property’s terms, requirements, and lease. When trying to close the deal, you may be put up against other knowledgeable investors who know the in’s and out’s, so you’ll want to give yourself the necessary edge!
Know When to Compromise
When negotiating your Alaska commercial real estate deal, it’s best you know when to compromise and know when to walk away. There will be other deals, so you should not compromise your finances or change your terms to favor the other party. Always make sure the deal meets your goals, if not, it may be best to keep moving.
Ready to start or enhance your search for commercial real estate opportunities in Anchorage AK and the surrounding areas? Give Northern Edge Commercial Realty a call today!