There’s no two ways around it: technology has made a big impact on the way entrepreneurs think about their business. Indeed, concepts like digital marketing, SEO, and remote employment were virtually unheard of a mere 15 years ago. Yet, nearly every modern company prioritizes its online presence now. Still, despite these many tech breakthroughs, a business’s location and real estate holdings still matter a great deal. With that in mind, today we’ll share four tips that entrepreneurs can use to find the right commercial real estate for their company. Check them out here:
Make a Priority List
What’s most important to you and your business? A proximity to a city center, or a good deal on a plot of suburban land? Would you rather buy a property with existing facilities on it, or do you want to build your company’s new headquarters from the ground up. These are all questions business leaders need to ask themselves before they begin searching for a property for their company. Decide what kind of property you want to buy. Doing this early in the process will help you narrow your search and gain a better understanding of the market.
Assemble a Team
Contemporary business owners have to “wear a lot of hats” to build a successful organization. Still, many entrepreneurs have never bought land before. If this is the case, then it’s important to discuss your purchase options with professionals. Hire a real estate agent to help you identify potential properties and always bring out a surveyor to inspect the property. They’ll be able to identify problems with it that you may have overlooked!
Set a Budget
Buying commercial real estate can be very expensive. And if you’re not careful, you could end up purchasing a property that is too costly for your startup. Remember also that construction costs are often estimates; in some instances, you may have to spend thousands of dollars more than you originally thought. Keep these things in mind when setting a budget.
Plan for the Future
It’s important for business owners to play the long game when they buy commercial real estate. Envision what you want your business to look like in five, ten, or even twenty years, and base your purchase decision off both short-term and long-term considerations. Note, you should also think about the nature of your business when selecting a real estate location. After all, a company that manufactures lab equipment like 6 Well Plates has very different office requirements to a car dealership, for instance. Lastly, make it a point to get to know the area around your property. Regardless of the success of your organization, the surrounding neighborhood could have a big effect on the value of your property –– should you need to sell it down the line.