Many businesses do not have a designated internal real estate personnel to manage the expansion or relocation process. Therefore the burden of a move is placed on a current staff…
When contemplating a commercial real estate transaction, it is necessary to establish a relationship with a number of service professionals. These people should be experts in their field and able to help guide the process. In addition to a commercial real estate broker, an attorney is a necessary part of a successful transaction.
Following shortly after budget and spacial needs (square feet), location is very important to many prospects when looking for a new office, retail site, or industrial building. However, it is not just the physical location of the site that is important, factors like demographics, accessibility, visibility, and proximity to referrals/competitors are very important.
Many times companies start the real estate process on their own, looking for sites that interest them. They gather information by calling each property and the broker that represents it. Although this may result in the same end goal, it is often times not the most successful and time saving or cost saving method. Forming an exclusive relationship with one broker that will lead this process is very beneficial for a number of reasons.
Similar to using a Realtor to look for and purchase a home, a commercial real estate broker helps clients look for and either rent or purchase office, retail, medical, or industrial space and land. This process is known as tenant representation and is a very common practice for many businesses looking to move, expand, or add additional locations.
Many company leaders are looking for alternative ways to cut costs, that won’t affect the staff they have come to appreciate so much. Second only to payroll, real estate always ranks amongst the top expenses on a business’s checkbook. We’ve come up with three ways to potentially save you money in this department.