Time management is as much an issue in commercial real estate transactions as it is for any other part of business. If you don’t move fast enough, you may miss the boat. Conversely, if you don’t leave enough time, you may not be able to get the right fit. Here are a few tips to help manage the time aspect of your next deal.
- Be Prepared. Sale and lease offerings may be contingent on financing or other legal requirements. Plan ahead for these contingencies and do as much homework ahead of time as possible so that the deal doesn’t have to wait while these tasks are handled. These holdups may even allow the other party to take another option, putting you back at the beginning of your search process.
- Account for Other Parties. A commercial real estate transaction involves several parties – brokers, attorneys, lenders, title companies, construction contractors – each with a different role and timing considerations. Not having enough time to coordinate these players puts you at a disadvantage – you may not be able to stay longer at your current space, or there may not be time to find alternatives if the planned deal isn’t completed.
- Don’t Be Shy. If you have questions about the progress of the transaction or how changes might impact the deal, be sure to ask. No news may not in fact be good news. Open communication will help identify potential problems and expedite resolution.