Owners of small businesses often don’t have time to contemplate much beyond the day to day operations that keep them in business, but as a company grows, often its space requirements do too. At some point it becomes crucial for a business owner to evaluate whether the space is the appropriate size and whether it is suitably appointed in a way that keeps the business running most efficiently. As you start to consider your needs, it is often a good idea to get a commercial real estate agent involved.
An agent specializing in commercial real estate will be able to carry some of the burden for you as you look into relocation or expansion. The agent will take your needs into consideration and suggest space that fits your needs and is in the right location for new and existing patrons to find you. As professionals that work with business owners day-in and day-out, real estate agents that specialize in retail and office space have a good knowledge of what small business owners need. They are prepared to ask questions about your flow of business, who your customers are, how your customers find you, and what type of facilities are best suited for your business type. That is the point when their knowledge about the specific market comes into play. They can also help you with understanding terms, industry standards, and certain other aspects of purchase agreements and leases, although it is also often a good idea to have a lawyer review any such legal contracts as well.
If you are a retailer, relying on drive-by or walk-in traffic, a commercial real estate agent’s knowledge of market demographics, population density, and vehicle counts will help them narrow down the best places for you to locate your business. A real estate agent can work within your financial constraints to help you find your new space. One caveat is that it is easy to underpay for the wrong space; taking the risk to locate to a more expensive retail area often benefits businesses because of increased sales due to higher volume of walk-in business. Your agent can help you find your way through all the options by working with you to determine what is most important and what is possible given your budgetary and space needs.
Just as you don’t want your retail business to be located in a place where it will fail because it is hard to get to or too far off the beaten path, you don’t want to overpay for space either. If visibility from the street is not important because you are a destination business, an online business, or you work with a set client base, an agent can help you find the perfect location which is off the beaten path — often with added amenities or a lower rent than you might find in the high visibility areas.