Commercial Real Estate Misconceptions: You Mean Location, Location, Location Was a Lie?
Commercial real estate is a wonderful, exciting business that can offer a wealth of opportunity for those who look for it! Many people are often hesitant to enter such a market as commercial real estate for many different reasons. In fact, there are some major misconceptions about commercial real estate which I am going to address here.
Many people who hear about commercial real estate, but aren’t necessarily in the business, often use the expression Location, location, location! Many people associate this expression as the truth, that the three most important attributes about a property are Location, location, location!
I am here to tell you- this is absolutely not the case! Now, I am not going to say location is not important, but what if you have a beautiful location for a mountain resort, complete with snowy hills, a perfect location for a lodge, and beautiful mountain views? What you want to do to the property is improve it for a weekend getaway for romantic couples with a beautiful lodge, resort, luxury type housing, and perhaps some individual cottages...