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How to Find the Ideal Retail Space

Finding the ideal location for your business is not easy because you need to consider different elements, including amenities, location, and size. Apart from this, you also need invest your time for searching for the available space and narrowing down your searches. For this purpose, you may want to seek advice from a real estate broker.

But before you do, let’s do some simple planning, shall we? Here are the steps you should follow to find the perfect retail space:

Retail shop sign

Determine the Type of Space You Need

Before you get in touch with a real estate agent, you need to figure out the type of space you require. Your specific business needs might include a kitchen and a checkout station. Here are some factors that you should consider:

  • Traffic – you need to analyze the foot traffic around a location as well as the ease of access.
  • Location – your business’s success might be determined by the neighborhood you choose.
  • Amenities – you should consider the type of special options you need, such as building security, parking, and fire prevention.
  • Size – you need to figure out how much space you need. Moreover, you need to consider your current and future business needs when choosing a business size.
  • Budget – figure out what you can afford and ensure that the size of space you want can fit within your budget.
  • Utilities – depending on the type of business you want to start, adding an electricity and water bill could tip the balance.

Hire a Commercial Real Estate Broker

Although you can choose to search on your own, a real estate broker will have access to listings that you do not have access to. These people are very qualified in negotiating rental agreements on your behalf. You should hire a real estate broker to help you negotiate the best lease terms.

To find a broker, you can start by asking local businesses for recommendations. Moreover, when searching for commercial real estate agents, you can start by looking at the National Association of Realtors.

Store location scouting

Search for Yourself

You can search for properties by yourself, but the process might take longer without the help of a realtor. Some sites are only open to commercial realtors, which is another good reason to hire one. If you are determined to do it yourself, just start searching for business spaces around your area by looking for ‘vacant’ signs.

However, you will need the services of a realtor when negotiating a lease unless you have some experience in closing deals.

Scout the Space

When your real estate agent gives you a list of possibilities, you need to visit each of the places personally to see whether they have the amenities that you want. According to the owner of Atlantic condos for sale, shopping for a business space is not much different than shopping for a house. You need to make sure that you are in a good neighborhood that has easy access and curb appeal.

You also need to make sure that the business space is the right fit for you.

Negotiate the Lease Terms

When the time comes to put your signature on the dotted line, make sure that you have negotiated the best deal possible. You need to work with a lawyer who specializes in commercial real estate. Such an attorney can review your lease for any potential snares and ensure that you are protected when your lease ends.

Real estate agent

Takeaway

Ask several local business owners to give you a recommendation when you are looking for a commercial realtor. If you have a good relationship with your real estate agent, you should ask him or her for referrals. Such a person would be in a better position to provide you with a good referral. Make sure that you choose a space that represents your brand well.

About author

Ivan Widjaya
Ivan Widjaya 2882 posts

Ivan Widjaya is the Owner/Editor of Noobpreneur.com, as well as several other blogs. He is a business blogger, web publisher and content marketer for SMEs.

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