Tips for choosing Commercial Real Estate location
If you’re looking for commercial real estate you’ll find a number of options from leasing to undertaking new construction and to converting an older home into a commercially zoned neighborhood. Once you learn your way around the world of commercial properties, you will become even more successful.
1. A qualified commercial real estate broker whom you consider can provide you with information about market trends, landlords, demographics that can help you save money and maximize profits. They can also help narrow the list of properties that may be right for you given your budget, needs, and goals.
2. Choose a right location for your business. When choosing where you want to open your business, there are several things to consider. If your location is not appropriate for your business or target market, success will be much harder.
3. Check the space required for your business. Renting the right sized space for your company is essential for success. If it is too small, your success may be restricted. If it is too large, you will likely be paying too much in rent for the space you are utilizing.
4. Measure the space yourself. If the square footage is even slightly less than what the landlord provides, you should renegotiate rent. You may be paying for more than you are actually receiving.
5. Consider your business’ future. Although it may be difficult to do, consider your business in five years. You may well be ready to expand or open another location. Considering the possibility of both success and failure can be crucial for helping entrepreneurs stay in the green financially.
7. Don’t sign an unreasonable lease agreement. When negotiating with a landlord, it is imperative that you do not get locked into an unreasonable lease. For example, review the agreement’s cancellation policy, duration, and flexibility.
8. Have a commercial real estate broker review the lease. If you haven’t been working with a commercial real estate broker, at least have one review the lease with your best interests in mind. Doing so may give you insights for negotiating a better lease agreement.
9. Have your insurance carrier review the lease prior to signing. If your insurance carrier will not cover your space, and you have already signed a lease, you could be in quite a predicament. Send your agreement over to the insurance company as soon as you receive a copy.
10. Hire an attorney to review the lease. Leases are full of legalities that many people don’t fully understand. Don’t hesitate to ask questions and request input from your attorney about any language or conditions that may be cause for concern. If you are not working with a commercial real estate broker, an attorney can also help negotiate lease terms that are in your best interest.