The COVID-19 pandemic has changed the way people buy and sell real estate in Florida. With the added risk of venturing into public places, doing business has become a challenge.
However, buying and selling commercial real estate properties isn’t impossible. Here are some tips to help you keep your business running.
Tip #1: Get help from a trusted real estate agent
Hiring a real estate agent who has adapted to the changing times has become more important than ever before. To fully understand how trends are developing and their possible impact on your market projections, nothing but an expert Realtor will do.
An expert Realtor will function as your point person when it comes to your queries and concerns. Their connections within the community and around the world will help you find the buyers you need or identify investment opportunities in possible foreclosures, short sales, discounted properties, and the like.
Your ideal agent is also someone who has experience working in your target areas, as well as the type of property you’re buying or selling. Their presence will prove to be your competitive advantage during this time.
Tip #2: Make the most of online listings
For buyers, make use of the many online listings available to you. Your real estate agent may have access to exclusive, unlisted properties as well.
When looking for properties, in-depth research is key. Bear in mind that you may not be able to see real estate in person.
If you’re selling, make sure your listing photos zero in on the best features and unique selling point of your commercial property. Employ drones, if the scenic location of your property is key.
Tip #3: Learn about virtual open houses
Buyer and sellers can benefit tremendously from virtual open houses. It provides all the perks of an open house without having to be physically present.
When viewing a live virtual open house, buyers should ask as many questions as they can and actively engage with the seller.
For sellers doing a live video tour of their property, use a high-quality camera, proper lighting, and a steady hand. Walk your audience through the property as you would at a regular open house. Learn how to work your camera angles so they effectively showcase the best aspects of the property. Promote your virtual open house through your personal social media accounts and have your Realtor do the same on theirs. Share the link of the video after it goes live.
Tip #4: Use online resources
Even if you and your buyers and sellers choose to remain indoors, take advantage of online tools to get your commercial property out there.
For those at the latter stages of the buying or selling, use Skype, Zoom, and other online conference apps to schedule meetings with your Realtor and the relevant parties to push the process forward.
Tip #5: Learn about possible extensions
Given the times, some real estate transactions may not follow through as originally planned. For those whose contracts are affected by the current situation, you can apply for an extension by filling out and submitting the Coronavirus (COVID-19) Extension Addendum to Contract.
This addendum covers extensions related to the following:
- Closing date
- Financing period
- Inspection period
- Title cure period
- Feasibility study period
- Due diligence period
Tip #6: Take advantage of remote online real estate closings
In Florida, it’s possible to close a real estate deal without being physically present. Florida’s Remote Notary Law, which went into effect on January 1, 2020, allows non-contact closing. An audio-video conference now qualifies as a “personal appearance” requirement.
For remote closings to be legally binding, obtain the consent of all of the parties involved, such as sellers, buyers/borrowers, and lenders. It’s especially important to have the mortgage lender agree to the remote online real estate closing (RON), otherwise, the deal may be invalid.
If the buyer and/or seller are out of state, closing the sale could still be possible but certain restrictions and additional requirements may apply.
Tip #7: Contact Viewpoint Realty International
While buying or selling commercial property these days is challenging, having a real estate agent with decades of experience by your side can make the process easier than you might imagine.
If you’re buying or selling commercial property in Pasco, Pinellas, and Hillsborough County in Florida, contact Viewpoint Realty International. We have successfully represented these communities for over 40 years and have consistently been recognized as one of the Top 25 Commercial Real Estate Brokers in Tampa Bay.