For those who are not familiar with the commercial real estate market, it can be an intimidating industry to break into. It can be extremely competitive, especially in a thriving market like Chicago. However, just because you aren’t familiar with commercial real estate investments in Chicago doesn’t mean that you should shy away from the industry altogether. At Frontline Real Estate Partners, our team is ready and willing to help you with your investments!
Here are some frequently asked questions to provide you with basic information to get you started.
Q: What is the role of a commercial real estate broker?
A: Commercial real estate brokers are licensed to help you buy, sell or lease real estate properties. If you are looking for someone to help you with a commercial real estate investment, this is what commercial brokers handle. If you are hoping someone can help you find your next home, it is best to contact a residential real estate agent.
Q: What is a commercial real estate loan?
A: This is a type of mortgage loan that is secured for commercial purposes. These loans are typically used for larger transactions and they can last for anywhere from five to 20 years. This average is smaller than residential loans, as those typically last for around 30 years.
Q: What questions should I ask my commercial real estate agent?
A: Figuring out the right questions to ask your commercial real estate agent can make all of the difference in the outcome of your investment. Here are some helpful questions that you should consider asking:
- What are your strengths and weaknesses?
- What is your accessibility like?
- How large is the agent’s brokerage?
- What are the fees going to be like?
Q: Is a broker necessary in order to look at properties?
A: A broker is generally needed in order to gain access to potential real estate properties. This is not a strict requirement, but you likely won’t be able to access all parts of the property without a broker with you. You can also try to view the properties online, but this is more of a limited view as opposed to seeing the space in person.
These are just some of the questions that our team gets about commercial real estate investments in Chicago. If you are interested in working with our team, please contact us today at Frontline Real Estate Partners to get started!