Commercial property development is a huge bur rewarding commitment!
So you’ve set your sights on some land and are considering zoning it for commercial use. That’s great! But, you may be feeling a little uneasy about what the project may entail, especially if this is your first time at the commercial property development rodeo. The real estate consulting industry can be hard to navigate. There are so many factors that create a commercial property from scratch, such as legal, financial, and safety requirements. Plus, that doesn’t even include the architects, designers, construction crews, and tenants that will be involved in the actual building and renting process! Luckily, there are many people that are experienced in helping you make your commercial property development dream a reality, like us at Clagett Enterprises. Here’s how to find your footing today!
Gaining Proper Permits
First, consulting experts will need to see if the land you have chosen for commercial property development is indeed suitable for a commercial property to stand on. If everything seems clear, then you’ll have to start submitting requests for permits. The best bet for dealing with permits is to get started right away since it usually takes up to a few months for everything to get approved. Since commercial property development permit requirements vary by location, make sure to keep in contact with local government representatives to keep the process moving smoothly.
Find the Right Contractors and Management
After everything is approved and set to go, it’s time to get down to business- you’ve now moved on to turning commercial property development into an actual commercial property stage! This means that you are soon going to need to find contractors for designing and building your commercial property. More than likely, you will want to contact a company that specializes in the commercial property development type you are going for, such as offices or retail spaces.
Assess Your Future Involvement
When the completion of the building draws near, now is the time to consider your own involvement in the maintenance of the commercial property. Some developers love to be their own landlords, especially those with years of experience. But for most, you’ll need to contact a real estate or property management company to take care of finding the building’s future tenants to have the passive income start rolling in. There are benefits to both sides. It is certainly less expensive to not use a management company, but it will be something akin to full-time work. With a management company, income acquisition is much more passive.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.