The first wave of COVID-19 caused a 10% recession in the property industry. The industry was about to become stabilize when hit by the second wave. However, it is expected that the conditions will get better by October and November. The C grade properties are badly affected by this outbreak. Being totally aware of this situation, I decided to invest in the property.
I retired in December 2019; I had sufficient finance to invest in a business. I have a long-term vision and business plan. It was March 2020 when I planned to open a grocery store in Sydney city. Initially, everyone was afraid of this situation, but eventually, people found alternatives to run their business. I planned to start an online grocery store to check the response rate. My business strategy made it a big success. In July, I decided to purchase a commercial place for expanding my business.
The interest rate was going down and I wanted to take advantage of this situation. I could also save 7%-8% money as compared to the normal situation. I search for commercial property buyer’s agents to find the best deal. It was not less than a risk for me still I wanted to do this. I checked their credibility, viewed reviews, and compare packages with competitors. We had a meeting on Skype and we discussed all essential aspects. I did not hesitate to ask questions for my satisfaction and explained my goals to achieve long-term benefits.
The commercial property buyer’s agent gave megreater access to their database by listing all public property investment platforms. We were communicating regularly via online platforms. After in-depth market research, he prepared a portfolio and presented it to me. He informed about possible risks and growth rates. The selection of the site was very crucial. I was looking for a location where I can track maximum customers. Both of us had long meetings to short-list some commercial locations.
The purchase of commercial property is somewhat different than residential property. The terms and conditions are stricter than home investors. The legal advisor of my property consultant in Australia kept me informing about all these things throughout the process. As far as site visits were concerned, a team of experts came with me for the site inspection by following the social distancing rules. He has eagle eyes to deeply inspect every single detail from infrastructure to outskirts.
By visiting too many places I short-listed one of them. This location was meeting all my criteria and I did not want to lose this deal. I really admire the negotiation skills of my property consultant in Australia that cut the price up to my expectations. He cut the cost to half. All the legal documents were prepared and viewed under the surveillance of expert lawyers. There was no delay of a single day in documentation and transaction process. Everything was completed in just one and a half month. I could not crack this deal without his assistance. A bundle of thanks to him!