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When your business is on the expanding stage, growing out from your garage, spare bedroom, or office. It is important to have a vision for what the business in the future. There are certain things to think about such as where you will go? What location will suit your business? Are you looking for a place to just impress other professionals or are you dealing with a retail public or services? It is well worth your effort to find the right real estate broker to help you locate space to purchase or to lease a property that suits your needs.
If an entrepreneur contacts a realtor seeking real estate advice, the realtor should take time to get to know their client, their business, their hopes, and dreams and most important, their budget. With all this knowledge, the realtor is more aware of the best solution for their client.
Many people think they can save money by doing their own real estate transaction. There are many things nowadays that can go wrong, especially when moving into a commercial space. This is a serious financial commitment. In many cases, rent is the second-highest expense after payroll.
Depending on the nature of your business and the market, a business relocation can take six months or more to execute. It certainly takes your time and energy away from managing your business. Leasing space is a complicated business deal. Due to real estate rules and regulations that might be ever changing, relying on professional help who represents your best interest and who you can trust is smart. It is also important to ask your realtor to recommend to you a good real estate attorney, because a lease is a specialized document.
Have you ever heard a landlord who said “If you’re not dealing with a real estate broker, I will let you move in without paying your first month’s rent?” Or if you are buying a building, the seller says “I will sell it to you for a lesser price because no realtors involved”. It is not going to happen! However, if you ask a realtor “What other properties have sold in the last 12 months?”, you will be surprised that you did not get the great deal you thought you should have. It is a good idea to work with a realtor, in many cases, the owner/seller and landlord pay the realtor’s commission.
If you are on a budget, a realtor can help you find an owner/landlord to “build to suit” for what you need. For example, this is a true story: There was a successful entrepreneur who wanted to open an impressive insurance franchise office, which would have minimum of 15 offices, 2 conference rooms, media room, kitchenette area, employee lounge and a reception front desk combo greeting area with table and couches, and a child play area for the client’s children. This is a big expense on top of franchise fees and startup costs including the phone system and copy machines etc., His realtor found him a location. The owner/landlord said he would “build to suit” with a 10-year lease.
As an entrepreneur, you are going to need to rely on many professionals because you cannot know everything about everything by yourself. It is best to know who you can use for what information that will save you time and money. A good Realtor can connect you with other professionals to help facilitate buying, selling or leasing. To find the best financing and or other related services, it is common for Realtors to have a network of banks, mortgage lenders, appraisers, and tradesmen they can refer you to. A professional realtor always has the back-pocket listings, the tools to find what you need quicker and knowledge to get you in. Oftentimes, a good Realtor is aware of properties not yet listed but may be for sale or lease.
Mary Hongphuc Le, Schuler is a NC licensed Realtor/Broker and a Senior Executive Casino Host at Harrah’s Cherokee Valley River Casino & Hotel in Murphy NC. Mary is also currently enrolled in the Masters of Entrepreneurship Degree Program at Western North Carolina University. Webmasters and other article publishers are hereby granted article reproduction permission as long as this article is in its entirety, author’s information, and any links remain intact. Copyright 2016 by Mary Hongphuc Le, Schuler.