Thursday, February 5, 2015

How To Hunt For Commercial Property

Every business owner knows the struggle of finding the best commercial property to lease. Every market around the country is different but the time-consuming experience is usually similar. Whether you are looking for your first commercial place to lease or need to find a better location for your business, focusing on the basics in commercial real estate leasing fundamentals will help you get the space that works best for you. You want to work smarter, not harder, so check out our tips to help you with your hunt.

Leave Emotions At Home
When you check out a commercial space, try to put your emotions aside. Too often business owners get caught up in the moment and don’t really examine the space. Keep in mind your main focus should be whether it will work for and attract your customers. It’s best to leave your emotions aside until you have negotiated the lease terms. You’ll want to make sure you do not sign a lease until you have all the information, including knowing how the building maintenance works regarding repairs, curb appeal and other essentials; these should all be part of your lease agreement before you sign it.

Have More Than One Option
You’ll want more than one option for a commercial lease; having comparables to see will help ensure you tick off the most important items on your list of qualities you are looking for in a space and a location for your business. Keeping a running list of pros and cons about each property will help you narrow down which will work best. In addition to the monthly rent, it may help you to know the price per square foot of each space, to gain a better perspective on the value you’re getting for your money.

Of course, most business real estate decisions are primarily about location. If you want to capitalize on heavy foot traffic in the most densely populated state in the country, check out commercial properties for lease in NJ to ensure the properties you’re targeting are in areas that will provide high numbers of potential customers. Most property management companies will also offer statistics on local demographics to ensure you’re targeting not only the right number of potential customers, but the right type of traffic, as well. For instance, whether you seek more affluent customers or your business is targeted at the middle class, can help you zero in on the right location for your business.

Scout the Prospective Area
If you are very close to signing a lease on a commercial property, check out the area surrounding the property. Is it busy? What time of day is it least busy? Who are the neighboring tenants? Knowing this information can greatly impact your final decision; you may want to ensure traffic is prevalent at the times when you’re open for business, or you may want to ensure your employees have options nearby for business lunches. If the property is near other commercial properties that draw in a good amount of customers, your business could automatically benefit, as well, if you’re not in direct competition. Be sure to visit the area at different times of the day, including your key hours of operation, before signing a lease.

With all of the above information at hand, you should be able to make a sound decision for your business and wind up in a property that helps you build a successful business. 



At June 2, 2015 at 12:16 PM , Blogger Unknown said...

I want to purchase some apartments and run a little apartment complex. My hope is that this can be a side effort for funding my retirement. I still have my own full time job to show up to. The plan is to find a reputable and trustworthy property manager that can run the complex for me.

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