Selecting Commercial Real Estate for a Potential Business

Congratulations! You have a great idea for a new venture. You’re ready now to turn this idea into a real brick-and-mortar company. The next step is to pick the location.

There are a number of things about your business that are determined by where it is. Competing businesses, workers, expansion room, zoning, and renovation all play an important part in your ability to turn a concept into a profitable enterprise.

Most owners try to choose commercial real estate in an area where there will be the most exposure to potential customers. While your ability to attract people to your store is important, there are other, less obvious factors that also need to be considered.

Competition

Situating your new venture within sight of a competing outlet is a risky move, one that most owners don’t wish to take. Customers tend to go with what they know, which, in this case, would be the more established business. You would have to work extra hard to win them over to your storefront. Instead, placing an outlet in an area where there aren’t as many ventures like yours is a great way to stand out and attract new, loyal customers.

Room for Expansion

Your initial idea might call for a small storefront, but it is always a good idea to have room for an upgrade down the road. The alternative-moving your business to another location-can potentially drive away customers and hurt sales. Having the ability to add storage, table space, or sales floor space quickly can bolster your business.

Zoning

Zoning can be a big hurdle for potential new companies. Zoning is the local government’s authority to control the use of the land within a certain area. Each city is different and has its own unique zoning laws. Potential bar and club owners should be the wariest of zoning laws because these industries have strict regulations in most cities.

Renovation

Few pieces of commercial real estate come “move-in ready.” There will be a fair amount of renovation involved with any building in order to fit it to the needs of your business. Even so, there are some buildings or spaces that are better adapted to the needs of your venture. Consider how much of your budget you can devote to making the space your own.

Government/Economic Incentives

In some areas, state or local governments offer different loan, tax, or other financial incentives to create a certain type of business. Location often determines whether you qualify for any of these programs. Government assistance can be a big boost to a fledgling company, providing needed backing without having to deal with private investors.

As you get into the final stages of selecting the perfect piece of commercial real estate, it could be to your advantage to contact a local commercial real estate company. This agency will have a clearer picture of what sort of financial support you can expect from the community, it can also give you more insight into the market, and it can be a useful ally in closing a deal once you’ve settled on a prime target.

After that, all you have to do is start construction!

Quick Things to Know Before Selecting a Property Agent

Most people save money for years before investing in their first home. Expectedly, a considerable amount of homework goes in the entire process. Regardless of your experience in real estate, you should consider getting a property agent onboard for the deal. In this post, we will talk about a few aspects that you need to know.

Do I Need Help?

Thanks to the internet, a lot of people believe that searching and listing properties doesn’t require any expertise. Sadly, that isn’t the case. Yes, all property agents charge a price for the services they offer, but they reduce considerable hassles for buyers and sellers alike. More than anything else, they know the local market and are capable of offering assistance on most matters. Let’s assume you want to sell your house for amount $X. Your property agent will be able to tell you about the price trends and when you should initiate a listing to get that price or something more. Just by bridging the gap between buyers and sellers, real estate agents keep the market in motion, even when other factors are not favorable. Even during recession, they make things possible for sellers in need of quick money.

What to Expect?

Usually, a property agent does everything from listing properties to finding buyers and sellers. If you are the buyer, they can work as your sourcing agent and can even bid at auctions for a charge. They are extremely well-versed with ups and downs of the market and can also help in minimizing the work involved in documentation and other processes. Once you have handed over your requirements, they will do what it takes to get the deal done, and at all steps, you will be intimated about the proceedings.

Things to Note:

Before you select a property buying agent, take your time to evaluate their work and services. If a service claims to be in business for a long time, they will have enough clients and will offer references on request. Many agents charge a part of the deal price as their commission, but as a smart seller/buyer, you should find one with a fixed rate. This just ensures that the dealer doesn’t raise the price in hope to get more. Also, check their services. Do they offer basic consultation? Do they bid at auctions? Do they work with investors? What kind of experience do they have with overseas buyers? What are the regions they specialize in? These are just some of the things you need to ask before making your mind. Also, talk to your agent if they can check and complete the paperwork and other procedural formalities.

With very precise range of services, property agents make things easy for both parties. Many times, they have details of hidden deals and can also get you homes in the most unique locations, owing to their industry liaisons. Check online now to find more on property agents, and don’t shy away from asking questions related to the relevant aspects mentioned above.