Finding the ideal location for your business is one of the most important (and time consuming) decisions you can make. Real estate decisions are complex and finding a Real Estate Professional with experience and market knowledge is key, and can mean the difference between success and failure.
Sometimes the unlikely or “off-market locations” may also be the best location for your business. This is where deep experience on your team is critical and local knowledge has no substitution.
When hiring a Real Estate Professional, some of the questions you should ask a potential candidate are:
- What experience do they have and can they provide an example of the work they did with another client with a similar business and requirements?
- What resources do they use to source possible locations for your business?
- What other information on the market can they provide?
- Do they have time and empathy to devote on your search?
Your Professional should not just look at the obvious vacancies for your business. They should not just look at what is listed on listing websites. They need to be able to see not just what’s in front of them, but also what is on the horizon. It takes a Real Estate Professional on the ground, talking to owners, tenants and civic officials to see what could be or what should be available for your business’ location.
Things a good Real Estate Professional should look at are:
- What spaces should/could be available?
- What about existing businesses that are contemplating retirement or a readjustment in sizes?
- What is going on in the community – new developments, housing growth rates?
- Spending patterns and income.
- Drive time analysis, to determine how much time customers need to drive to visit you, and who lives in the catchment area.
Only once all these resources have been used, can you analyze all the locations and determine what would be the most suitable location for your business to succeed. Sometimes seeing over the horizon is key and sometimes “we need to see around the corners” to succeed.
A good tenant representative goes beyond what is required. At Shindico we pride ourselves on Succeeding by Helping Others Succeed.
President & CEO