You’ve probably heard the old joke about the three rules of real estate, “location, location, location.” As corny as it is, the truth of that statement cannot be denied. Finding the right commercial property for your business can be the difference between your business succeeding or failing. Below are 3 simple tips to help you find the perfect piece of commercial real estate for your business.
Put Together a Plan of Action
Knowing what you want and what you are willing to do to get it is essential. Too often business owners have a vague idea of what they want and end up settling. Having a clear idea of what you want will open the door to developing a plan. Some great questions to ask yourself are:
- How much can you afford?
- What type of location will attract your customers?
- How much space do you need?
- Should the space be able to grow with your business?
Get Familiar With the Lingo
Knowing what the terminology means will help make sure you get a better deal. While most business owners work with commercial real estate agents, it’s still a good idea to have a basic understand of how the process works. Here is an overview of two important terms from Investopedia.
The common key metrics to use when assessing real estate include:
- Net Lease
A net lease is a real estate lease in which the tenant pays, on top of his rent, one or more of the following expenses: property taxes, property insurance premiums, and maintenance costs. There exist three basic types of net leases. A single-net lease requires the tenant to pay only the property taxes in addition to rent. With a double-net lease, the tenant pays the property taxes and insurance premiums. A triple-net lease, also known as an NNN or net-net-net lease, requires that the tenant pay rent plus all three additional expenses.
- Gross Lease
A gross lease is a type of commercial lease where the landlord pays for the building’s property taxes, insurance, and maintenance. A gross lease can be modified to meet the needs of a particular building’s tenants. For example, a gross lease may require the tenant to pay the utility bills.
Consult an Expert
You’re in the business of building your business. Just as customers come to you because you’re an expert at what you do, you’ll want to find an expert in real estate. Hiring a commercial real estate agent to help you find the perfect property will increase your chances of getting the right property for your needs. An agent’s job is to help make your vision come to life. They will have knowledge of zoning compliance, traffic patterns, permits, financing, and all the other details that often get overlooked.
Searching for that perfect location doesn’t have to be a hassle and you don’t have to go it alone. Put your plan of action together, educate yourself on the lingo and reach out to one of Ullian Realty’s commercial real estate experts if you have any questions. We are here to serve your commercial real estate needs in the Space Coast and Brevard County, FL area.