Nature of your business
- What specific industry does your business fall into? If you consider the nature of your business, you’ll be able to identify the requirements that you need. Take the size, for example. If your business requires storage, you can’t just get a small property.
- Now that you have ruled out the industry placement, you can now move to the location. Does your business require handling and logistics? Please do not dismiss the travel time to and from your company to its destination. Getting a far-off location can add to your overhead expenses. And on top of that, you lose your most valuable commodity- your time. Time lost during dispatch is not healthy for any business.
Target Market
- What is your business’s target market? Observe the foot traffic. Will you be getting traction on the location? How can you leverage the area to your advantage? These are the series of questions that you have to ask yourself.
Cost of property
- Will you be able to yield your return on investment?
- Will there be renovations needed?
- How long will the repair and rehabilitation take? Can you spare time for it? Note that every single day that you don’t get to operate your business can be taxing. Lost time translates to lost sales.
- Do not be deceived by aesthetics alone. Check the underlying flaws. You might overlook the electrical, plumbing, or sewage system of the said property. It would help if you kept an eagle eye on all these variables because failing to do so can lead you to spend and lose more.
- Consult your trusted real estate professionals to assist you. That remains the wisest approach when dealing with property investing. As experts, they know how to handle contingencies to ensure that you get only the best deals.
Hi! We’re Josh and Jolene Baijot, the creators of this website. We’re also commercial real estate brokers in Bellingham, Washington. Thank you for taking the time to read this blog post. We appreciate your time spent on this site. You can connect with us on Facebook, Instagram, or contact us through this website.
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