The Real Estate Site Visit Checklist: What to Look For and Other Thoughts

In our business, initial assessments are most often made from a distance. We rely on Google Maps satellite images, broker packages, demographic reports, street view, and more to evaluate a multi-million-dollar property. And these assessments generally come before we ever step foot on site.

Which is why that the in-person site visit is so crucial. If there’s anything I’ve learned throughout my career, it’s that what you see on a computer screen is never the full picture.

This post outlines a practical checklist I use during site visits. More importantly, it explains why each step matters and how a thoughtful visit can surface risks and opportunities that no model will ever capture.

A Few Thoughts on CRE Site Visits

Before I share the checklist, allow me to offer a few thoughts from over 20 years of experience traveling to 41 states and three countries, and conducting hundreds of real estate site visits.

Your Objective: Assess Perception vs. Reality

First, the primary objective of a site visit is to understand how your desk-bound assumptions compare to the reality on the ground.

By the time you’re visiting the site, you’ve likely already fallen in love with the deal. That’s natural. Which is why it’s essential to take off the rose-colored glasses and assess the property with a clear, unemotional lens.

But ultimately, the goal is not to confirm your assumptions, but to challenge them.

What meets your initial assessment and what’s different? And how do those differences increase or decrease the value of the asset?

It’s just a Snapshot – Remember That

Second, remember that a site visit is still just a snapshot. It’s just a single point in time. If you can visit the property twice during your trip – say, morning and evening or weekday and weekend – all the better.

The more snapshots you get during this period, the better your perspective will be.

Beyond your site visit, property condition assessment, and phase I environmental visit, you might also consider hiring a local videographer to swing by and record a 10–15 minute video of the site. That extra footage can offer a fresh angle and help you see things you might have missed.

Don’t Discount Your Gut

Finally, don’t underestimate your gut. Instincts matter. And those instincts come to life when you’re physically on the ground.

For example, we once underwrote a shiny, well-located power center that looked great on paper. Everything penciled.

But when we visited, the reality didn’t match what we’d envisioned from the office. One of the outparcels, not part of the asset, was home to a high-traffic Chick-fil-A that created an ingress/egress nightmare.

Accessing much of the center was a challenge. And so, while the Placer data on the entire center was great, the reality for the subject property was less than great.

On top of that, we saw heavy loitering in the parking lot and visible homeless activity in the adjacent sidewalk. Shoppers and workers were visibly cautious.

So, while the deal technically worked on paper, the site visit surfaced issues that ultimately killed it.

The Real Estate Site Visit Checklist

To help you make your site visit as unemotional and valuable as possible, Michael and I have put together a checklist for your next real estate site visit. And while not an exhaustive list, it covers what we pay attention to most when visiting a property.

1. Location and Access

• Drive the market during different times and days
• Assess ingress/egress and internal circulation
• Look for main road visibility and signage opportunity
• Check access for delivery trucks and service vehicles
• Watch for bottlenecks, construction zones, or traffic issues

2. Exterior Condition and Curb Appeal

• Walk the site perimeter (including alleys and back-of-house areas)
• Inspect the roof, facade, paint, and parking lot
• Review lighting, landscaping, and signage quality
• Confirm ADA access and safety features

3. Interior Inspection

• Tour every space, especially those not included in marketing materials
• Check for signs of deferred maintenance (water damage, smells, pests)
• Measure ceiling heights, layout flexibility, and window lines
• Evaluate HVAC, electrical, and plumbing infrastructure

4. Community Fit and User Behavior

• Observe shopper or tenant activity at various times
• Talk to tenants, property managers, or nearby business owners
• Note customer types (students, families, professionals, etc.)
• Check nearby schools, universities, offices, or anchor tenants

5. Tour the Market and Comps

• Visit rent and sale comps in the area (i.e. perform your rent and sale comp analysis in advance)
• Compare tenant mix, visibility, condition, and foot traffic
• Ask yourself: “How does my deal compare to these?” Then adjust your initial analysis accordingly.
• If you’re underwriting to ‘top of market,’ confirm it with your eyes and ears

Parting Thoughts on Site Visits

Just because a deal looks perfect from behind a desk, doesn’t mean it is. In fact, every deal has hair and it’s your job to find that hair and determine whether it’s hair you can live with.

So, take the site visit seriously. Challenge your assumptions. Listen to your gut. And when in doubt, get out of the car, walk the site, and talk to people. You’ll learn more in 30 minutes of walking a property than in hours of staring at an OM.

We hope that this checklist helps you catch a few red flags or two. And if there’s something you’d add to the list, let us know and we’ll look to add it to the list!