Those blue skies filled with cranes and workmen towering 5 stories above the city could be the sign of your property design dreams becoming a reality. You may have always wanted to own or build your own building to open a kaleidoscope of shops of all colors of the rainbow, and as fun as that sounds, it is a tough old business to get your foot in the door with. Not to mention the upfront capital and financing needed to get the ball rolling, funds to keep you afloat till revenue starts flowing in regularly, and the manpower to get the project off the ground.
That being said, we have other options, thankfully, that don’t necessarily involve remortgaging your current home to finance a new development, there are large corporations who have been doing it for years and successfully so, let’s leave it to the professionals, shall we? You can enjoy the fun part (for most of the process anyway because let’s be honest it is not without its stresses) and see this experience from a new perspective.
What are we talking about? Well, instead of taking out loans and financial credits to build a skyscraper that still needs to be filled with operating businesses, you can skip the development part and head right on over to the moving in part. You can rather lease a retail space from a developer who has been in the industry for many years and thus has the expertise to sign and agree on a good lease rate for your store or stores (even better).
Where to start.
Companies who understand this know that sometimes the little guys need a helping hand, and rather than compete to see who can build and develop their building first or the quickest, take a step back (from the stress load of developing too no doubt) and see the bigger picture. You ideally want a firm such as https://shopsatsullivan.com/norm-ebenstein/ who has the industry knowledge to know how to conduct business honestly and professionally, but which will listen to what your ideas are and have your best interests in mind.
My grandfather always used to say that there is not a single agreement that cannot be solved over a fine bourbon, and if this is the case, then drinks and dinner with your possible new landlords sounds like a great way to start a long-lasting business relationship.
You need to do your homework, of course, like with all-new adventures and business transactions, but if a retail space is what you’re looking for, choosing the right firm from the get-go is going to be your best shot at a successful trading operation in the long-run.
Features and criteria.
Knowing if a company has your best interests in mind or one which is simply looking to get someone into their property spaces for the most rent possible is going to take some savvy research and homework on your part. Too often people are won over by smooth-talking and bold promises yet forget to look at the fine print till it is too late, and the last thing you want or need when trying to build your brand and business is being weighed down by the pressure of extortionate rental rates and a contract that sees you tied to them well into retirement. No thank you.
Keep your eye out, be aware of what to look for, and take these quick tips as pointers to guide you as you begin your retail leasing developer process.
- Market. Speaking to a sales agent or company representative is a quick way to see the angle they may be working. Are they knowledgeable only in their properties or are they well-versed in the properties and spaces available on the market within their sector and at which rates. You want someone who can answer questions not only of their available property spaces but what makes them more justified and worth it compared to others.
You ideally want someone who has been in the industry for some time, has hands-on practical experience in the field (read this article on the importance and necessity for having an all-round arsenal of information to hand), and who can make adjustments or suggestions to make the deal that much sweeter where everyone is a winner.
Not only will you feel more confident in their abilities but relaxed knowing you are in safe and capable hands.
- Location. Be sure that you are being shown a property and space in an area that will be good for your business and trade. If a deal seems too good to be true it usually is, and you could end up signing the paperwork on a back alley retail space where the most foot traffic you’ll see are delivery men.
- Plans. As an entrepreneur, and assuming you are hence the need for a retail space, discuss your options with the landlord and developer about planning for your future success. Prime locations, lower rental rates over extended lease periods, or multiple rental spaces are all things to bring to the table.
Your time to shine.
You may be taking a huge step in leasing this retail property space which also may well be your first, and good for you, with big risks come big rewards and if you don’t try you will never know, correct? You may be nervous and hesitant and that’s a good thing because it shows compassion and that you want this to be a success, so take a quick look at this magazine excerpt to keep you motivated and your spirits high and to be the best version of yourself and your dreams that you were meant to be. With the right developer company by your side, you can take on the world one retail space opening at a time.
There is always going to be a building going up, always someone looking for tenants to take over the space to do with as they feel fit, let that be you. Take the moment and run with it, life is too short to wonder ‘what if.’