When you buy a facility from the current owner, you may not be looking at the facilities on the inside of the building but instead looking at what is available on the outside. This is why you need to know how many facilities are being used in your area so you can find out whether or not the facilities that you are interested in are actually being used. You need to know how many properties are occupied and if anyone is currently looking for a property that could potentially be profitable.
If the facility has been empty for some time, you need to take a long hard look at the list of current properties. Are they all occupied? Do any of them have potential?
Some facilities might only be a few months old and haven't even had any tenants yet. While this isn't necessarily a bad thing, it can be confusing if you don't know whether or not the space is currently being managed by someone who is looking for something. This is a very big red flag.
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This is why you should buy the current list. You need to have an idea of how much money the property is worth. Once you get the list in hand, you can then compare it with the other listings in the area. If the numbers aren't close, you may want to continue your search.
Another way to find out if you're on the right track is to go through the list and see how many facilities are listed as being for sale. If there are just a few, these are probably for lease and aren't likely to be occupied any time soon. Take a look at the list again to see if it is filled with apartments that will be occupied shortly. Of course, if it has hundreds or thousands of units, it could be full of potential tenants. This is where the next step in the process comes in.
Once you have an idea of what the list contains, you need to check it against the current inventory. Are there spaces in the database for more units? Is the list complete and accurate? If there are discrepancies between the list and the data you already have, the chances are that the facility itself isn't quite ready to receive new tenants. You may still be able to rent the units that are currently vacant on the list, but you may not be able to move into some of them.
If this is the case, don't panic just yet. There are still steps you can take to buy facility director databases. A good way to do this is to hire a professional real estate agent to do the searching on your behalf. They will make sure the lists match up and that all the information is accurate.
Once you have your list, though, you need to start looking at each property carefully. Don't make your decision until you've gotten a good idea of how much each property is worth. This is one of the biggest pitfalls of looking for a facility through a listing service. Many agents start with the most expensive list, hoping that there is a good deal out there. But if they can't find a decent deal, they will quickly lose interest in pursuing other listings.
Instead, make your list simple and stick to it. If you are looking for a luxury suite, make your list limited to those suites that fit into the luxury price range. Don't include units that are within the $400K price range - they simply won't sell. Agents who try to sell these units will quickly lose interest in the listings.
The best way to determine the value of a unit is to look at similar properties that are similar to it. For example, if you want a luxury suite in a middle-class building, but you see an unfilled, slightly run down unit on the listing, it's probably worth less than that unit. Agents should know to look for similar properties on their own, but if they don't, you can do a search of the local realty directories. You'll find dozens of listings for facilities that are in the same city or state.
Once you have a list of dozens of potential properties, you're ready to create your virtual tour. A virtual tour is simply a graphical representation of what the property has to offer. You can add pictures, floor plans and floor maps. Agents who buy the facility are more inclined to make a purchase when they see a great visual representation of the property. So, make sure you keep all of these things in mind when you create a facility director virtual tour.