An industry member recently spoke with Providence Business News regarding the need for a strategy when deciding to acquire a new property.
Dan Awde, the president and principal broker of Keystone Real Estate Group, explained that there are many items to keep in mind once property management companies identify a building that they want.
"The first step is determining your needs in terms of building square footage, layout, parking, mechanical and electrical accommodations for merchandise or equipment, numbers of loading doors, applicable municipal codes and, of course, location, location location," Awde told the news source.
He noted that it is important to get an environmental Phase I assessment for the property, but this largely depends on where it is located, according to the news source. Inspecting the property with a broker will be necessary, but it is vital to let them do the negotiating. Before completing a sale, having all financial information prepared is important.
Awde added that all offers should be made with the greatest detail, PBN noted. Having an attorney who specializes in real estate write purchase and sales agreements from the information provided is completely necessary.