Picking the right business site is critical to any company’s success. If your business relies on walk-in customers, and needs high visibility, location is the all-important factor in deciding whether or not your store will be successful. GbBIS can help you decide which locations will best suit your needs demographically and geographically; but once you’ve decided to purchase that piece of commercial real estate, there are a still few things you still need to consider. GbBIS looks at Dan Awde’s ‘Commercial Real Estate Checklist.’
DanAwde, the President and Principal Broker of Keystone Real Estate Group, Inc, shares his experiences and what steps he believes businesses need to take after they’ve decided to purchase a piece of commercial real estate.
Determine your needs
“The first step is determining your needs in terms of building square footage, layout, parking, mechanical and electrical accommodations for merchandise or equipment, numbers of loading doors, applicable municipal codes and, of course, location, location, location,” said Awde. “Depending upon that location, the completion of an environmental Phase I assessment may be required.”
Awde recommends exploring properties currently on the market and, once a property is identified, obtain a thorough interior and exterior inspection of the property with the broker.
Allow your broker to negotiate
“Let your broker negotiate with the seller on your behalf. They do this for a living and will be looking out for your best interests,” said Awde.
Have your financial information ready
“Make sure your accountant has completed a business plan detailing projected financials, full budgets, and marketing objectives. Be sure that you, as a potential guarantor, have all of your personal financial information up to date and readily available.”
Rely on the professionals
“It is highly recommended to engage the services of an attorney who specializes in the practice of commercial real estate,” said Awde. “Once the real estate attorney drafts the written Purchase and Sales Agreement from the written offer, review the document to be sure that everything you require is, in fact, accounted for in the agreement.”
“Stay on top of the bank to be sure the loan application is proceeding smoothly with no surprises.”
Awde’s experience allows him to give some trusted advice to businesses seeking real estate. GbBIS has over 25 years of experience implementing geographic-based business information services and we have the resources to aid your business in selecting the appropriate business site for your needs. Using the most accurate demographic and geographic data, we can ensure that you select a business site that keeps you near your target demographic. Detailed street networks on our maps and web applications help you determine how accessible your new business site is to customers. With our business reports, you can determine how many competitors are within a certain distance from your business site, allowing you to select the site that is the fartherst removed from competitors. With GbBIS’s extensive library of the most accurate data, we can find the right solution for your business needs.
Contact GbBIS today and discover how our maps, reports, web applications, and databases can help you select the right business site.
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