Kristen Boen: 701.340.5592
Duane Peterson: 701.240.3660

Finding the Perfect Commercial Property, and What You Need to Know

Whenever we make a big investment we always like to know the outcome is going to be not only profitable, but that our investment will be a successful endeavor. When purchasing commercial real estate there are multiple factors that go into choosing a property that is sure to help your business be all that you’ve dreamed of. Even with the constant rise and fall of the economy and real estate costs continually climbing, it has proven that entrepreneurs are still better off purchasing property instead of renting them. Here are a few tips to finding, buying, and maintaining the perfect commercial real estate property.

  1. Do your ResearchFinding the Perfect Commercial Property, and What You Need to Know

Make sure to look into the local tax rates as well as any environmental issues that may arise so you are prepared for anything. One of the worse and yet easiest mistakes to make when purchasing commercial real estate is not educating yourself with the environmental issues that surround that area. Pending the trade of business you plan to run, also keep in mind what potential employees are in the area.

  1. Layout is Key

A great business can be ruined by a poor closed off layout. While doing your shopping make sure to visualize how you would have the property set up to ensure it fits your personal business needs. Whether this be an existing building that is turn key, a building that needs renovating, or a piece of land you will start building from the ground up, always keep layout in mind.

  1. Do Some “Farming”

When deciding where to purchase your property, get a feel for the neighborhoods and surrounding areas. Go to open houses, local events, small-established businesses in the area and any local gatherings that may be planned. This helps you get a feel for your consumers.

  1. Evaluate the Property

When searching for great deals, use all of your recourses. Take advantage of the Internet to do some online searching, read the classifieds and check local poster boards for any “hot topics” or “help wanted” ads to see where the community currently has a need. Each tip you gather will help you evaluate how your business will fit into the community and how to improve your new commercial property.

  1. Keep it Professional

When you own a commercial property, generally there are going to be more LLCs than single-family ownerships, which allow the property to run more or less like a business. This allows the landlord and tenant both to maintain a professions business relationship, which keeps the interaction, both with each other and consumers, professional.

The market is always changing and with this so are businesses. Take the time to continually do research on how your area is changing and evolving to ensure your business and property are keeping up with the times and continually offering up to date services and/or goods. Your search can start today! Take the first steps to finding your first or next commercial property. Do your research, chat with professionals and start your journey.


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