Whether you’re planning on opening a new business or you’re thinking about an office move, the location you choose is crucial. Because it can either kill your business or help it thrive. Therefore, you should carefully assess all your options before committing to a specific commercial space. At the same time, you should be prepared to make some compromises. After all, there’s no such thing as the perfect commercial property. Plus, you can’t always afford a space that satisfies all your wants and needs. So, what can you do to ensure the success of your business? Use these tips for choosing the best location for your commercial real estate.
No. 1 Hiring a real estate broker is one of the best tips for choosing the best location for your commercial real estate
If you’re opening a new business, your budget is likely tight. As a result, you might consider that hiring a real estate broker is too big of an investment. But this couldn’t be further from the truth. An experienced real estate broker will help you avoid commercial real estate pitfalls. Therefore, they can help you save money rather than waste it.
Furthermore, due to their knowledge and experience, these professionals can offer you precious advice and information. For instance, they can provide you with information on market prices, commercial real estate availability, new developing areas, and so on. A broker can also save you a lot of time by sifting through the properties and showing you only the ones that match your criteria, not to mention that they have the skills to negotiate a better price for you. Most importantly, a tenant or buyer’s real estate brokerage commissions is typically paid by the seller or landlord. You incur no additional expense by having your own professional representation.
No. 2 Identify your wants and needs
If you’re planning to move your business to a different location, you can base your search on your wants because you have the finances to support that. However, when you’re just starting a business, you might have to limit the search to your needs. Furthermore, by identifying precisely what you are looking for, you’ll be able to narrow down the search significantly.
One of the most important aspects to consider is the size. And this is quite tricky because you have to take into account many factors. These include the number of employees, how much space each of them needs to do their job, the size of the office furniture and necessary equipment, etc. All of these things will enable you to determine how much office space you really need.
No. 3 Determine what you can afford
One of the best tips for choosing the best location for your commercial real estate is to first determine what you can afford. Otherwise, you’ll just waste your time viewing properties that are out of your budget. When you analyze your finances, you have to factor in the monthly operating costs of your business. This includes everything from wages and taxes to utility bills. Once you write it all down, it will be easier to decide if you should rent or buy.
Now, if you’re just starting your business, renting is your best option. Still, you should take into consideration the fact that your rent will likely increase over time. Thus, buying might not be such a bad idea. To make an informed decision, do some research on financing options. Identify the types of loans you’re eligible for. You might even be able to apply for a government loan for start-ups.
No. 4 Look for the competition
To find the best location for your commercial real estate, you have to do some market research. This will enable you to identify the local competition and avoid setting up shop next door. Otherwise, it will be hard to attract clients because they are already loyal to your competitor. Instead, look for an area where the supply is low. Here, it will be much easier for you to create a client base and get recognition.
No. 5 Factor in foot traffic
This depends on the type of business you’ll be running. Foot traffic is essential if you want to open a shop, a gym, or a hair salon. Without this, your business won’t survive. So, look for areas that include multiple stores, but remember to avoid the competition. It would be best if you also visited the site several times throughout the week at various times of the day. This will enable you to determine the actual level of foot traffic.
At the same time, some types of businesses require a more remote location with low foot traffic. For example, this applies to rehab centers. Patients need a quiet and peaceful place to undergo treatment. That’s why the addiction treatment experts from brightfuturestreatment.com advise you to look for commercial real estate in the suburbs or a secluded area near a forest.
No. 6 Don’t overlook the appearance
First impressions are crucial. This doesn’t only apply to people but also to commercial real estate. If the property is old and deteriorated, it will scare off potential customers. Moreover, if the property requires extensive repairs and renovations, this can end up draining your bank accounts. So, try to avoid fixer-uppers if money is tight. Instead, look for a lovely space that feels welcoming.
Of course, even commercial properties that are in good condition might still require some work. Therefore, you should factor in these costs before deciding to rent or buy. Furthermore, it would help if you researched local heritage and zoning rules and regulations because you might need to obtain specific permits, even for minor changes. Not to mention that your requests might be rejected. So, it’s essential to be well-informed beforehand.
Final thoughts
Finding the right location is vital for the success of your business. The problem is that there are lots of factors to consider. But these tips for choosing the best location for your commercial real estate will help. Still, you shouldn’t hesitate to ask for help. A good real estate agent can make the entire process much easier. They can also save you a lot of time and money. Still, if you’re determined to do it on your own, make sure you don’t make any rash decisions. Take your time to assess all your options and carefully inspect each property before deciding on the best one.
At Mobiliti CRE we focus 100% on representing tenants with relocations, expansions, contractions, and subleases throughout Tampa Bay and the entire West Coast of Florida. We also assist businesses that are looking to purchase office, medical office, flex and industrial Reach out to us for assistance with all of your commercial real estate needs at (813)-300-2227 or email us at pam@mobiliticre.com