Wednesday, 18 November 2015
Kenyan Commercial Property: Commercial Real Estate Is Not for Ordinary People
People are naturally inclined not to trust what they don’t understand. The same is applicable to commercial real estate investing. It’s a natural phenomenon when confronted with something new, different or seemingly over your head.
But when it comes to commercial real estate investing, that belief can cost you a small or large fortune.
For instance, when I first got started in real estate, one of the biggest challenges I had to get past was the idea that commercial real estate was too complex for me. That it was for the “big boys”.
Even residential real estate agents suffer from this same mindset. They too believe that in order to break into commercial real estate they have to be promoted.
Nothing could be further from the truth.
For those with a determined mind to get involved in commercial real estate, the challenges are easily overcome able.
But like all, myths the idea that commercial real estate investing is too complicated for mere mortals is grounded in a bit of fact. Commercial real estate does seem complex.
So let’s dispel this myth right now.
Would you file your own lawsuit?
How about fly your own jet?
What about do your surgery?
Or how about even filing your own tax return.
Would you do surgery on yourself?
I think you’ll agree these things are complex if you tried to do them on your own. But ordinary people get them done every day.
So what’s the truth?
The truth is that the most successful investors, whether novice or experienced, use professionals and experts when some “heavy lifting” is required. The details of tax, law and finance are better off left to them.
If there’s one area where you should spend your time and become an expert in is the market where you have your real estate. This is one area where you should spend your time.
Knowing your market, knowing the mindset and behavior patterns of your prospects will pay handsome rewards for your long term.
Leave the complex topics to the people who know how to deal with the complicated stuff. That’s the best strategy for success for the up and coming commercial real estate investor.
So as you can see, there’s no reason to be intimidated by commercial real estate. The benefits and advantages of investing in commercial real estate far outweigh the disadvantages or unforeseen complications you may occasionally come across. And even then, there are experts who can support you in your efforts. They are rather inexpensive when you look at it in this light.
The only time they get expensive is when you try to do it on your own and then unintentionally make a mess.
Put these professionals on retainer and use them. That’s what they are there for.