Purchasing commercial real estate is a landmark accomplishment. However, for savvy investors, first‐time commercial real estate ownership can serve as an exciting segue into profitable, long‐term investment. Different commercial properties bring unique challenges and it is best to surround yourself with experienced investors and professionals to help guide you through the process. At Domain Realty, we strive to put your mind at ease by walking you through the entire process and offer all‐inclusive service, we eliminate many of the normal speed bumps that can arise and create as seamless a real‐estate experience as one could hope for.
Some benefits of investing in commercial real estate:
- The income that a piece of commercial real estate produces is directly related to its usable square footage. Not always the case with residential.
- Commercial property helps diversify risk.
- Cash flow is often greater with commercial real estate.
Where Do You Start? A Step-By-Step Overview of the Process
STEP ONE… Speak with a lender for assistance in determining the parameters of your budget. After working with you to establish an ideal spending range, your lender agent will help you obtain a pre‐approval letter for submission along with your offer. You can contact our affiliated mortgage company, Great Hills Lending Group, LLC at (512) 740-0807 to get started. As a buyer, you are free to select the lending institution of your choice to secure mortgage financing. However, we can confidently recommend Great Hills Lending Group because we know that they will give you the red-carpet treatment!
STEP TWO… Meet with one of our real estate consultants to give them a fuller understanding of your needs. After getting a feel for your timeline, budget, and property specifications, your agent will help you set a realistic strategy.
STEP THREE… Following the guidelines of your plan, commercial property searching begins. Though the initial search tends to be broad, it gradually grows narrower as your specifications become more refined. Whether you find your dream business space on the first outing or months later, your consultant will work relentlessly to help you find the perfect property. Commercial property shopping isn’t easy, but you can rest assured that your agent will help you evaluate and revise your initial plan if necessary.
Make An Offer
STEP FOUR… Once you find the right business, your agent will evaluate both market conditions and comparable properties to determine how to present the offer. After establishing a plan of action, your agent will draft the offer and present it to the opposite party. It is normal for negotiations to go back and forth a few times before both parties come to an agreement. Your agent will act as your representative throughout this process and help you navigate the process of negotiation.
STEP FIVE… After final acceptance of the terms by both parties, you are under contract. This means that the terms of the agreement are binding. The final acceptance by both parties require the following to occur:
- All parties must sign off and date the contract appropriately.
- Money must exchange hands—this includes earnest and option monies.
- The earnest money is delivered to the title company who then receipts the contract upon receiving the check.
- The option money must be delivered to the seller or their agent and receipted within a 3‐day period.
STEP SIX… Now begins the negotiated option period, which is usually 7‐10 days but can also be longer or shorter. This is your time to get the home inspection and make any amendments to the contract. Changes to the contract are uncommon after the option period unless something unforeseen is discovered. Your lender will also order the appraisal after the inspection and the title company will typically provide a title commitment for you to review.
Closing & Funding
STEP SEVEN… Once you obtain the Final Approval and a CLEAR TO CLOSE your lender and the title company collaborate to finalize all figures based on all invoices provided by third parties (appraisers, surveyors, attorney, insurance, etc.). The CLOSING DISCLOSURE is then sent to you for review. Once you confirm receipt of this information, current regulations require you to wait three (3) business days before you can sign the final documents to complete the sale. Once all the required documents are signed and finalized, money exchanges hands, the property becomes yours and keys are delivered. Celebration time!
Why Choose Us?
At Domain Realty Austin, we know that you have many choices when it comes to selecting a realtor to assist you with the commercial real estate purchase. That’s why we strive to set ourselves apart from the rest with our expertise in the market, superior client-service, and unrivaled communication. We know how important this investment is and will diligently work to ensure a smooth transition.
If you are an investor, we know the challenges you face when purchasing an investment property. We can help recommend areas of town that will maximize your investment and make prudent decisions based on your specific financial situation and goals. Only an experienced professional agent should assist you with this major investment purchase, and that’s why so many investors choose Domain Realty Austin over the competition.
When you work with us, you can rest assured that the entire team at Domain Realty Austin is working on your behalf to find you the investment property that will benefit your portfolio. Our service speaks for itself, and here are a few reasons why others have turned to us when they are looking to buy commercial property in Austin:
Market Expertise: We know Austin, and we will work with you to identify the area of town that is most suitable for your investment. Whether you are looking for scenic hill-country or the bustling downtown scene, we can guide you to the right location for your purchase.
Fair Negotiations: Real estate transactions require trust between the agent and buyers, and we will always work to protect your interests in every negotiation we engage in. There is a right way to handle each deal, and we pride ourselves on honest, fair, and straightforward negotiations with every deal we do.
Superior Communication: We make a commitment to you from the very beginning; that we will keep you updated on all the relevant information you need to know from the start of the process all the way through closing.
At Domain Realty Austin, we don’t want to sell you one business; we want to be the agents you turn to again and again. We want to be the company that you recommend to your colleagues, friends, and family. That’s why we don’t treat this as a one-time deal; we look forward to working with you again when you decide to upgrade in the future. We’re your trusted partners in one of the most important transactions of your life, and we’re proud to work on your behalf. Contact one of our experienced Austin real estate agents at (512) 872-4211 today.