Real estate can have a major impact on how a business is able to bring in customers and turn a profit. As many of us have looked at how we can streamline our expenses amidst the last few months, commercial real estate investors have also reanalyzed the value of the properties they are currently in possession of (as well as those they might be interested in in the future).
Businesses that don’t have any commercial property might also be on the hunt for real estate as they see an opportunity in the market. With so many factors going into commercial properties, the process of actually finding a location, getting approved for a loan, and moving the business can take a while to decide on. Therefore, the cost of the property isn’t the sole thing weighing on business owners’ minds.
Location, location, location
No matter how inexpensive a property is, you want to find something that fits your business needs and can bring you the most sales. Your property should be easily accessible and convenient for potential customers to visit – the more visible your location is, the greater the chance that more people will stop in. On the same thought, when you have a prime location you can use the building itself to advertise to those passing by.
How your business looks to your customers can have an enormous impact on how much product or what services they purchase from you. With the right commercial real estate, you can elevate your business’s brand and showcase exactly what you bring to the table for potential customers. When you have a property in a high-value location, you can leverage the impact your business neighbors bring as well.
Buildings & Structures
Before settling on what might seem like the perfect commercial property for your business, take notice of the building or structures on the property themselves. What condition are they in? Will you need to make changes to the building in order to make it “fit” your business? If it has any appliances or fixtures, are they energy efficient? If you need to make any changes to actually be able to use the location, it’s something you should take notice of (and weigh the pros and cons of it). You might find that a less than prime location is able to offer more in the long run in terms of cost than a high-value location.
Whether you are in the market to find a new business location to cut costs or are looking to niche down your commercial real estate investment portfolio, we are here to help you choose the right loan to get you there! Contact one of our loan officers today for a consultation.