When your business is going through a phase of expansion, growing out of a small space, such as an office, a spare bedroom, or just your garage, then you need to have a vision of where it’s going to go in the future. What location is ideal for your business? Are you looking at places that might impress other professionals? Or are you going to be interacting with the public through services or retail? It’s well worth it to discover just the right broker to guide you to the right real estate space, either to buy or lease, that matches your company’s needs.
When an entrepreneur contacts any realtor seeking advice on real estate, then that realtor needs to take the time to actually get to know the client, the business, the hopes and dreams, and most critically, the budget. All of this knowledge helps the realtor find the ideal solution for their client.
A lot of folks think they might save money doing real estate transactions on their own. There’s a lot of things these days that might go wrong, particularly when you move into any commercial space. This itself is a very hefty financial commitment. In a lot of cases, the rent a business pays is the second-largest expense it faces, following payroll.
Depending upon the specific nature of both your business and your market, a potential business relocation might take over six months to pull off. It will most definitely take time and your energy away from actually managing your business. Leasing space for a business is a complex deal. Given that real estate regulations and rules are always possibly changing, it’s smart to rely on someone professional to represent your best interests through the process. It’s also critical that you ask your realtor for a recommendation for a great real estate attorney, given that a lease is a very specialized document.
Have you ever dealt with a landlord that said something along the lines of if you’re not personally dealing with any real estate broker, they’d let you move in without having to pay the first month of rent? Or have you been looking at buying a building only to hear the seller claim he’d sell at a lower price if there wasn’t a realtor involved? Don’t do it! On the other hand, if you ask any realtor what other properties got sold in the last year, you’re going to be shocked that you didn’t get the sweet deal you expected. Always work with a realtor, and in most cases, the realtor’s commission can be covered by the landlord or the owner/seller.
If your budget is lean or tight, then a realtor might help you locate an owner or landlord that will “build to suit” just what you need. For instance, consider this true story: A successful entrepreneur was hoping to open up a rather impressive franchise office for insurance. He was looking for at least a dozen offices, a pair of conference rooms, a media room, an employee lounge, a kitchenette area, and a reception greeting area with a front desk, table, and couches. He even wanted a child play area for customer kids. This huge expense was going to be on top of the franchise fees as well as startup costs including things like phone systems and copy machines. His realtor actually found him a spot where the landlord/owner promised to “build to suit” in exchange.