Commercial property auctions can get your adrenaline pumped up as much as the next roller coaster does. It’s an experience like no other with its highest of thrills and the most chilling of scares. But once you make it to the end, it’s something that you’d likely want to try again. It’s addicting to say the least especially with its slew of benefits. Besides, it’s quite the joy ride for adventure seekers and risk taking investors.
I’ve been to a good number of commercial property auctions and if there’s one thing I could tell you, it’s that it’s a learning experience. Over the years, I’ve had my fair share of successes and few misses. With that, I’ve gotten hold of tricks and advice, some I learned by myself while others as a piece of knowledge handed down by my seniors.
Now it’s my turn to pass it on. Here are some do’s and don’ts to remember when participating in commercial property auctions.
Start to observe not to bid. Nobody enters the scene a master and a jack of the trade. Seniors investors advised me and what I soon realized after my first auction is that it’s best to sit the first one out. In other words, participate to observe not bid. This is the perfect time to have your first taste of the scene. Get familiar with the process and how people interact. Don’t feel too hot and heady to go to war just yet.
Never believe everything. Auctions are still sales only more competitive in the upfront sense. Take all information about the asset being sold with a grain of salt. You must first check and validate. Sales talk and sugarcoating are not screened. Always perform adequate research about the seller, the auction house and the asset. In fact, run a background check on the properties you like and visit them prior to the event.
Keep asking not answering. Keep your cards as close to your chest and avoid divulging information such as the assets you fancy and how much you’re willing to spend. They can be used against you. In fact, be the one to do all the asking. Inquire about the assets but don’t be too keen to the point that you show high interest because sellers might just raise the minimum price or other bidders might get the idea that you’ve found a treasure.
Prepare your financing early. When attending commercial property auctions, you have to be financially ready. Pre-approve and have your funds at hand because winning a bid won’t suffice. You need to pay for it, often with a percentage upfront.
Choices are very tricky. In a world where that presents so many alternatives, isn’t it a lot of pressure to choose the best? Especially when so much is at stake, it becomes extra crucial to weigh the pros and cons of every given option to truly assess which one fits the bill. The same is true when choosing an investment property.
Real estate comes in all forms and sizes. It’s not surprising that many people deem it overwhelming. But to win the game, the secret lies in the manner by which one examines the choices at hand. That said here are the factors to consider when choosing an investment property.
Determine how much you can afford. Find out which funding options are available given your current financial standing and credit score. Because these acquisitions will demand considerable money, it is crucial to determine what you can and can’t afford to buy.
There’s a reason behind every investment. What’s yours? The purpose determines the needs. Is it for personal use or for business? What type of property do you seek: residential, commercial or industrial? Because these needs will have to be met, you will find that not all available assets fit your interest.
A major feature of any property that plays a huge role especially in terms of value and convenience is location. Growth areas, those with high foot traffic and are near transportation hubs make for worthwhile purchases especially if we think commercial and retail. Which location suits best will still depend on your need.
There’s more to land that simply its area or size. It’s important to also assess its quality. For instance, agricultural lands should be rich in nutrients to be able to grow crops while lands for residential, commercial and industrial purposes should be strong enough to stand as foundation for a building construction. Not all lands are the same. Keep that in mind.
#5: ONGOING COSTS
This is a common factor that many people forget when choosing an investment property. Because ongoing costs occur after the purchase, they are often overlooked. Comprised of repair and maintenance expenses, these are regular disbursements spent on equal intervals, often monthly and yearly, that must be met to keep the functionality and value of the asset. Some assets may appear affordable upfront but with staggering ongoing costs, they’re very expensive in the long run.
The finance team is perhaps one of the most crucial departments in any organization. Administrative and backend it may be, it serves as the means by which entities assess the use of resources and measure success. This is why there is added pressure when it comes to hiring for positions that fall under its category. Today and in true meaning of corporate strategy recruitment, we’re giving you a standard list of questions to ask and why you should throw them to candidates.
· What makes you want to be part of our team?
This is the perfect time to know how well the candidate has researched and gotten to know the organization. It shall also help you assess whether they fit into its culture or not. As much as you want someone who can offer a new perspective and inject unique ideas into the company, you will also need someone who feels right like a missing puzzle piece.
· How do you feel about schedules and deadlines? This is a question that allows you to take a look at the candidate’s ability to showcase their work ethics and time management skills. Be keen in noticing their mention of actual events in contrast to generalized ideas and typical responses. The profession comes with the need to deal with so many schedules and deadlines and you want to know how well they can prioritize and deal with tasks as they come.
· How do you manage to keep abreast?
Let’s face it. Finance is a very complex matter. It’s beyond mere accounting. To be fully effective at the job, one has to always be in tune with the various changes in laws, legislations, standards and best practices of the profession. Professionals achieve this through different means such as attending seminars and trainings, membership to professional organizations, research and reading of industry publications and participation in conferences among others.
· What was your worst day at work like?
There is no such thing as perfect people and you’d be crazy if you thought otherwise. However, you’d want people in your team who has the ability to come up with solutions to problems and the efficiency to deal with adverse mishaps no matter how horrid they turn out. Make them talk about an experience or even their perception of a bad day at the office. This gives you an insight regarding their thought process, problem solving skills, patience, perseverance, analytical prowess and creativity.
And before we wrap up this article, we’re living you with this last tip. Make sure that your corporate strategy recruitment standards apply throughout the interview.
Recruitment agencies are nothing new in the business. They are a third party organization separate and distinct from companies who serve as professionally skilled recruiters to their clients with various needs with regard to employee staffing and hiring. They match the business’s needs with that of the applicant thereby creating an advantageous situation for both parties.
You see, job seekers aren’t the only ones competing with one another to land a good job on companies which are considered to be on the higher ladder of success. Due to the rigorous increase in competition regarding the employment of the best applicants for different company positions, businesses have also found it challenging if not hard to attract and win over candidates they want to work for them. Even companies have to compete for the best talents. This is where the recruitment agencies step in.
One of the busiest and most beautiful cities in the world for both businesses and tourists is the city of London. Due to its economic status, wide tourist attraction, ports and the never ending list of businesses that spring forth just about anywhere in the area, many companies in London have found recruitment agencies as a very helpful partner in their recruitment needs. Here are five of the reasons that made them seal the deal with them.
1. Expertise, skill and knowledge
Recruitment agencies due to the nature of their work are jam packed with the right kind and amount of skills, knowledge and expertise when it comes to hiring employees. They are trained in the field and like engineers and architects who are very well versed with their buildings and structures; these professionals are the best when it comes to matching employer and employee needs.
2. The real talent versus the fabricating liars
Having had years of experience backed with knowledge, they are more likely to detect frauds than if you do it by yourself. They can do background checks and even compare resumes uploaded by the applicant to see if they are hiding something from you. Even during the interviews they conduct, liars are seen fast.
3. Speed, efficiency and success
Most companies have so many tasks and objectives in mind other than hiring. Despite of that they want the process to be done fast but still be able to get the best results. A recruitment firm helps achieve this.
4. Goodbye stress, hello comfort
When the burdensome, long and tiring hiring process is lifted from the company’s shoulders, they can finally say goodbye to stress and hello to comfort aka more time devoted to the business’ main objectives.
5. The perfect candidates
Last and definitely not the least, recruitment firms help their clients find the best candidates through their skill testing and other related measures.