As an owner, investor, or potential buyer of commercial real estate during COVID-19, we are sure you have weathered many challenges. Commercial real estate is struggling since many office spaces, restaurants, stores, and bars have been forced to close or seen reduced business due to COVID-19. This means that if you own or plan to purchase any commercial projects, you need to have the best team possible around you. M1 Capital Corp in White Plains, NY is here to help you understand what it takes to buy and own commercial real estate during COVID-19.
Finding the Right Legal Opinion Team in COVID-19
The changes due to COVID-19 are unpredictable, and M1 Capital Corp is here to help. In our experience, the most successful investors and owners of commercial real estate have a great attorney on speed dial as legal matters change and arise. Your legal counsel should be current and constantly researching new issues, they need to be prompt and connected with the courts, as well. Finding someone who has been through economic down turns and who understands health and privacy laws would be the ideal.
Finding the Right Commercial Real Estate Brokers in COVID-19
Experienced investors also tend to have a good understanding of who the best commercial real estate brokers are. Whether you need to sell or buy in a pinch, you should have someone you can trust on call. This person should understand all the recent changes in the local market and have good relationships with the local players. We want to emphasize that you may need to work with more local buyers. International investments are seeing declines as other countries tighten their borders to avoid the spread of the pandemic.
Finding Quality Maintenance and Cleaning Teams in COVID-19
Most landlords of large commercial real estate know of decontamination firms certified to work on COVID-19 exposures by this point. You may have common areas that need to be cleaned upon prompt notice. In addition, you also need to have a good maintenance group that can go in and safely make urgent repairs. Have a plan in place for what repairs you can and cannot safely make if your spaces are occupied by tenants. Working with a regular, well-staffed team ensures you can also negotiate better pricing and bulk orders.
Finding the Right Financing in COVID-19
M1 Capital Corp is here to help you learn who is being more flexible with borrowers during COVID-19. Do your research and build rapport with those who can offer solutions if your current lender becomes untenable. Again, we are here to help you during these challenging times. If you have additional questions, please contact our team in White Plains, NY.