Whether you are an investor hoping to build up your retirement fund trading in commercial real estate or you are a business owner who wants more control of your destiny in the business world, you know that diving into the world of New Jersey commercial real estate can be fraught with peril.

The good news is, it doesn’t have to be. Owning commercial real estate, and ensuring you go through the process safely and correctly, is easier than you might imagine.

To stay focused on the road towards commercial real estate ownership, here are the steps you need to keep in mind:

1) Know What You’re Looking For

This may seem obvious, but it’s a surprisingly common mistake for people in the market for NJ commercial real estate. They don’t ask themselves the essential questions up front. Why are you looking for property? What do you plan to use it for? Will you be using it yourself or do you plan to rent/lease it? What kind of area do you want to be in? Is that area right for your intended purpose? And so on.

And then there are the logistical details. What kind of cash flow do you have available to you? Can you devote the time to maintaining the property or will you have a property manager? If it’s the latter, do you have the funds for it? And so on.

2) Learn About The Commercial Real Estate Market

Once you know what you want, it’s important to gain a better understanding of the world you’re about to jump into. Get to know terminology about commercial real estate in New Jersey. Understand the basics of how commercial real estate works and what your obligations will be under the law. Never go into an investment like this blindly!

3) Do Your Homework On Potential Properties

When it comes time to start picking out properties, don’t be hasty. Spend some time with your NJ commercial real estate agent and visit a lot of locations. Tour them. Ask a lot of questions. Education yourself before putting your signature on the dotted line. You could end up saving yourself a lot of headaches – and even more money.

4) Enlist The Help Of An Expert

You’re a business owner, so it goes without saying that you feel confident in your ability to handle business matters. Just be self-aware enough to recognize limitations in your expertise. There is a reason why real estate experts exist: because there is a lot more to purchasing and maintaining commercial property than signing some paperwork. Hire an expert, and trust them to help you navigate these sometimes turbulent waters.

5) Dot Your I’s and Cross Your T’s

Once you have settled on a property that suits your needs, it’s time to start getting into the fine details. This is where your lawyer and/or real estate agent will come most strongly into play. Double check to ensure your financing is there and works with your overall financial plan. Make sure any contracts are not going to leave you in a bad spot. And so on. Again, trust your experts. That’s why you hired them!

After all this, and ONLY after all this, should you be ready to sign on the dotted line. Good luck!