Whether you’re relocating an expanding business or starting your first company, dealing with the details of commercial real estate is often a challenge. Like any business decision, there are risks to weigh. If you want to minimize them and maximize your profits, here’s what you need to remember. 

Do:

Consider the long-term.

In any commercial real estate transaction, you need to think about how the location will serve you in the long-run. The property should accommodate your current needs and future growth potential. Although every company is different, planning for a two-year term is a sensible starting point. If a property can’t fulfill 24 months of realistic projections, look elsewhere.

Hire a team of professionals. 

Once you’re in the market to purchase commercial property, assemble a team of experts. In addition to a commercial real estate agent, include a lawyer, an accountant, and a general contractor in your group. They’ll guide you to the right locations, advise you about costs, ensure proper licensing, and help you with many other details. 

Don’t:

Forgo learning the terminology. 

Even if you have a reliable team, you’ll be a more informed consumer if you learn the basics of commercial real estate. You don’t need to become an expert, but if you familiarize yourself with terms like “letter of intent,” the process will feel less overwhelming.

Ignore local zoning ordinances. 

Depending on the location and type of building, limitations on intended use may be an issue. For example, if the property is in a historic district, you’ll likely be constrained by what you can do to a building’s exterior. Always check with the local government and your lawyer about zoning ordinances before you settle on an option.

If you’re searching for commercial real estate, you can trust the team at KW Commercial. Based in Florence, KY, they’re known for their industry knowledge and dedicated customer service. You can browse their current listings in the Greater Cincinnati area on their website, or reach them at (859) 359-6805 if you have questions.