While it’s an exciting challenge to look for commercial real estate for your business, there are many factors that you need to consider before settling on a property. Fortunately, a real estate agent who specializes in commercial properties has the expertise to assist you in making the best decision. However, before seeking their help, it’s critical to ask as many questions as possible to make the most informed decision.
4 Questions to Ask a Commercial Real Estate Agent
What previous experience do you have?
Make sure your real estate agent has worked with businesses with a similar scope, size, and industry to your own, since they’ll be more familiar with your needs. It’s also helpful if they have experience with the cities, neighborhoods, and locations that interest you most.
Ask them how many deals they’ve closed and what their success stories are like so that you can see how well they handle challenges.
Is it better to lease or buy?
There are times when buying makes more sense than renting a commercial property. Purchasing gives you the freedom to do what you want with the property, in addition to equity, appreciation, tax breaks, and the chance for ownership. With leasing, it’s easy to simply move locations if you’d like once the contract is up, and it offers tax breaks as well. The best choice depends entirely on your present and future business needs.
Go over your business plans and current finances with your real estate agent. Since mortgage or rental payments, as well as upkeep costs, can vary widely by location, market, square footage, and other factors, they will give you advice about whether purchasing or leasing makes more financial sense for you in the context of the future you envision for your business.
Can you help me make comparisons between properties?
You might find several suitable places for your business, so your real estate agent should be prepared to help you narrow down your options. A highly detailed diagram comparing the costs, pros, cons, and variables of each potential property would be helpful.
How can you help with expansion?
If you anticipate growing your business beyond its current location, find someone who has connections with commercial real estate agents in other areas. They should either work with a national firm or boast a highly developed network of skilled and experienced independent agents. This way, you won’t need to become familiar with a completely new agent each time you look for property.
To find a commercial real estate agent who can answer your questions, contact Galvin Realty Group, Inc. in Rochester, NY. Since 1987, they’ve helped business owners find the perfect property. They’ll be there for you during each stage of the process, including viewing properties, narrowing down the best options, and helping select the best one. To schedule a consultation, call (585) 546-1290 or visit them online to learn more about their services.