Most landlords and building owners have professional representation looking out for their best interests. When it comes to leasing property for your hospitality business, shouldn’t you have the same?
A commercial REALTOR® has the experience and market knowledge to find the right space that will fit your plans and financial requirements. In effect, giving you a 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 space 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® knows the leasing opportunities available in the marketplace for you and your business. They’ll work with you to determine the exact requirements and needs for your new property, and then represent you in the marketplace to get you the best possible deal.
Your commercial REALTOR® can help you at each stage of the process from finding your 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.
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 you may want to follow up with a professional inspection.
Zoning: Check with your municipal affairs office or municipal planning department for zoning regulations and land use.
Expansion or subletting: Check with the landlord to determine whether expansion if your business grows or subletting if you have extra space is permitted.
Leasing fees: Commercial lease rates are usually based on the size of the space or the square footage. Your landlord may add operating costs to this base lease rate.
Insurance: Determine what is covered by your landlord's insurance and what your business is liable for.
Taxes: Verify which parties are responsible for property taxes or any municipal taxes.
Consult a legal professional: Ensure your lawyer reviews your lease agreement before signing.
Repairs and utilities: Review your lease agreement to determine which repairs are covered.
Terms: Determine the length of the lease and the penalty for terminating the lease if required.
Making an offer: When you’re ready, your commercial REALTOR® will help you negotiate and draft an offer.