Before you start looking for property to buy for your hospitality business, you should look for a commercial REALTOR® to help make the process easier. Of all the time-saving elements that commercial REALTORS® provide for clients like you, understanding and deciphering the paperwork involved in transactions like the purchase of your new property is usually at the top of the list.
In effect, with a commercial REALTOR® you get a business partner whose main goal is to help you find the right space for you and your business, at the best possible price.
The commercial REALTOR® you need will have knowledge and expertise in locating the right property for your hospitality business. Working on your behalf, they will advise, recommend, caution, and counsel you at all the major steps in helping your business succeed in a new location.
Your commercial REALTOR® may have one or more of the following designations:
A commercial REALTOR® offers expertise and market knowledge when representing buyers. They can identify locations and negotiate on your behalf, in the process saving you time and money.
Your commercial REALTOR® can help you at each stage of the process from finding your commercial space to finalizing the transaction. Some key steps are outlined below to help you as you start working with your commercial REALTOR®.
Consider location: You may want to consider locations that are close to your customers, your home, workers, vendors or suppliers.
Consider the investment: Understanding market value will help you know when and where to buy your commercial property.
Find a space that suits your business needs: Consider the square footage, facilities, growth potential, street visibility, parking, security and so on.
Building condition: During initial viewings make note of any visible damage or wear and be sure to follow up with a professional inspection.
Zoning: Check with your municipal affairs office or municipal planning department for zoning regulations and land use. Find out how to apply for a zoning bylaw amendment if needed.
Insurance: Look into insurance coverage required for your new business space.
Taxes: Take into account any provincial and municipal taxes as part of your overall cost.
Consult a legal professional: A real estate lawyer will do a title search, review the mortgage agreement and finalize all paperwork.
Renovations and repairs: Consider renovation costs to modify a building for your business needs and negotiate the cost of repairs in the sale.
Making an offer: When you’re ready, your commercial REALTOR® will help you negotiate and draft an offer. Be prepared for a multiple offer situation.