If you are getting ready to open your first storefront, you need to know a little bit about how the commercial renting process works. It is different than renting an apartment or house, and requires the help of different individuals in order to successfully navigate the process. Here are the two people you need to work with in order to find the best storefront for your business.
Find Yourself A Tenant Broker
Although you can do a little searching on your own, you really need to hire a tenant broker to help you find a storefront. You will not have to pay the tenant broker directly; most tenant brokers receive a commission from the landlord when they rent out their space. This fee is generally built into the rental fee for commercial spaces; landlords expect you to use a tenant broker, and will calculate their fees into their rental rates regardless of if you use one or not.
Using a broker to find a storefront has a variety of different advantages. To start with, a broker can listen to what you need, and will be able to more quickly find storefronts that fit what you are looking for than you could on your own. An experienced broker will also be able to lend you insight into things you may be overlooking with your want list, such as the level of foot traffic or vehicle traffic of a potential location.
Additionally, an experienced tenant broker will be able to provide you with valuable insight into different areas that you can't learn just from looking at a brochure or a listing. They may also already have relationships with specific landlords, and may be able to use these relationships to help you get a fair deal.
Find Yourself A Commercial Real Estate Attorney
Next, you need to find yourself a commercial real estate attorney. Make sure that the real estate attorney you hire has specific experience with retail leases, since you are looking for a storefront for your business.
Although you will have to pay the attorney yourself, it is well worth the investment. A commercial real estate attorney may be able to point you towards specific listings, and will work with your broker to ensure that any location you look at would meet all of your business needs.
Commercial real estate leases are not something you should just glance at and agree to. They include complicated terms that could either help your business succeed or that could ultimately sink it.
A real estate attorney should look over any lease you are interested in signing. They will make sure that your rent is a fair rate, and they can make sure that your landlord pays for and covers everything that they should. They will make sure that you don't end up stuck or pushed out years down the road due to a clause you didn't notice in your lease. Reach out to a professional like Steve Butcher Sr to learn more.
Before you start looking for a storefront, find a tenant broker and a commercial real estate lawyer that you feel comfortable working with. You will need both of these relationships in order to find the best location that will allow your business to thrive, and to make sure you can afford the terms laid out in your lease.Share