We live today in a digital world that has affected and changed most aspects of life and work. We can find information, bank balances, register our cars, and perform serious actions, such as dating, filing for divorce, and earning a college degree. With close to 96 percent of consumers shopping online and many working from home, it is becoming increasingly difficult for commercial property owners to find good tenants. Digital world has affected & changed most aspects of life & work, this blog post talks about buying and selling real estate in a digital world.
Buyers are now using apps that enable them to search by location, neighborhood and a myriad of other criteria. These online searches allow buyers to compare and contrast homes that are for sale by desired features in specific communities. Most of the searching and locating is done before they connect with a real estate agent.
With people working from home because of COVID and the ability to function due to the digital age, fewer are venturing out to conventional retail stores. Many businesses have found that they do not need conventional offices to conduct their businesses or stores to hold their merchandise, leaving properties with no tenants and landlords with no income. Commercial real estate owners and managers need to adjust their marketing and tactics to adjust to this new reality.
Property owners need to become more flexible when seeking tenants. As fewer tenants are looking for office space and retail establishments, landlords must learn to repurpose their buildings to match what businesses now require.
Think Outside the Box
Devise a plan to entice non-traditional tenants. Invest in properties with multiple uses. Ensure the properties are tech capable. Create experiences to draw customers away from their computers and into the physical properties. Be ready to adapt to current market trends. Where appropriate. move away from commercial retail space into residential space. Some properties may be converted to offer residential space with entertainment, retail, restaurants and offices
Investing in commercial real estate is a serious venture and holds risks that require foresight, planning and adequate capitalization. Before committing to a strategy, It is vital to get advice and guidance from real estate professionals experienced in architecture, construction, finance and the law. Joining forces with others who have successfully gone through the experience will provide a level of confidence going forward.
Richard S. Weinstein
A real estate attorney can help you with all of your real estate needs. Richard S. Weinstein is an experienced real estate attorney and title agent who can help you with your real estate transactions. Having legal representation makes good real estate business sense. A competent and experienced attorney will protect your interests.
With over 50 years of experience as an attorney, Richard S. Weinstein assists clients with the important financial situations in their lives. Whether you are dealing with bankruptcy, real estate (both commercial and residential, including short sales, foreclosures, and title insurance), estate planning, probate, business formations, or sales or mergers, Richard S. Weinstein is the attorney with the education, experience, and knowledge you need! Call us at (561) 745-3040 or visit his website at rweinsteinlaw.com.
Law Office of Richard S. Weinstein, P.A.
250 S. Central Blvd. #101
Jupiter, FL 33458
Phone (561) 745-3040
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