Tips from commercial property investors

Tips from commercial property investors

Top tips from commercial property investors who have done it before

There’s plenty of advice out there for people looking to get into the property game and we all know there is money to be had. But just how hard is it, what are the pitfalls and what does it really take? 

Generalist advice is all very well, but you can’t beat learning from people with experience. So, for this month we thought we’d share some advice from real people with firsthand experience in commercial property investment. Here’s what they’ve learned:  

  • Start early. This doesn’t mean that if you’ve hit the big 60 then it’s too late for you. It just means, the sooner you start, the quicker you can see returns and the more room there is for less than perfect decisions.  
  • Persevere.  Don’t scrimp on your research. Finding the right property can take time – a lot of time. This could mean endless calls to your real estate agent and many hours trawling real estate websites but it will be worth it when you get a property perfect for your portfolio.  
  • Spend within your means. Sometimes it’s good to stretch the finances but it can also be risky. Stick to what you can afford and build up slowly. 
  • Stick to your guns. When you first start looking, you’ll probably have a pretty clear idea of what you’re looking for. However, if your perfect property is proving illusive, it’s easy to start compromising. Be careful of compromising too much – exercising a little bit of patience could mean you get a property that ticks all the boxes. 
  • Know your strengths – but, more importantly, know your weaknesses. Remember, there are people out there to help and who do it for a living. They will have knowledge and experience you don’t have and this is crucial – you don’t have to do it all alone, and you shouldn’t.  
  • Avoid temptation. Commercial property is a little bit like shares. Sometime you’ve got to ride out the highs and lows in the market to make gains overall. Although it can be tempting to sell up the moment the clouds come over, resist. Remember the big picture and play the long game.