Articles
3 Ways to Improve Your Luck with Each Opportunity
#1. ALLOW ENOUGH TIME
Commercial real estate transactions – both leases and purchases – take longer than most people think. From start to finish, the entire process typically takes a year, but there are several factors which can drag the timeline out much further. This handout maps out the complete timeline. If a business owner doesn’t allow enough time, this will likely eliminate property options and decrease negotiating leverage. To play it safe, we recommend meeting with your commercial agent 24 months in advance to review your goals and create the best strategy to achieve them.
#2. BE PREPARED
Commercial tenants and buyers will make the best decisions for their businesses when they are educated on the overall process, and reading content like this is a great start. Business owners can also get a head start by assessing their current space conditions, creating a must-haves list, and ranking their priorities. We call this a needs analysis, and when we meet with clients, we walk-through the exercise with this form.
#3. HIRE A GOOD TEAM
With each commercial transaction, it takes a team of talented professionals to complete, including a commercial lender, an architect, a general contractor, a real estate attorney, furniture and equipment representatives, and more. However, when a business owner partners with a commercial agent (like us) at the very beginning, the rest of these hires will come easy. As industry experts, part of our job is to ensure our clients stay on track and bring on the right team members at the right time throughout the process. And the best part is our services do not cost our clients any money; all commission fees will be covered by the landlord or seller. How lucky is that?
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