You may have only ever considered hiring a real estate agent, or securing a new space through a property manager, if you were looking to rent a home or apartment for you and your family to live in. But, you may be pleased to discover that property managers can help you find the perfect commercial space as well. Or, if you are landlord, you can hire a property manager to oversee all of your commercial properties as well as your residential ones.
At ASM Properties, managing partner Jon Selinger has helped many landlords market their homes and business properties, and has also assisted tenants in finding the space that best fits their needs. Here, he describes what you should be paying attention to when you go shopping for the ideal space to run your business out of.
First and foremost, advises Selinger, it is important that you are working with an individual or company that is well-versed in all areas of the law regarding commercial property real estate. Numerous laws dictate what kind of business can occupy a certain space, and you should be made fully aware of what guidelines your company meets or is restricted by prior to viewing any property.
For example, zoning laws are a major issue when you move your business to a new location. If you are transforming the space into something completely different from what it was previously used for, then you must acquire all of the proper permits prior to starting construction. One of the most basic examples is converting a clothing store into a family restaurant. As the business owner, you will need to make sure that you are within the zoning laws of the area, and that it is legally possible for the property to house a kitchen, bar, tables and everything else you will need to properly run the restaurant. Additionally, prior to renovating the store you, will also have to apply and be granted all of the proper permits for adding in items such as stoves, extra bathrooms, or outdoor seating.
Besides all the legal red tape, you also have to consider how you will be able to function in your new rental property:
- Will the space function properly for your company?
- Is it accessible to customers and clients?
- Will it hold the number of employees you have, or the customers you have coming in and out daily?
- While being too small could hurt your business, having a space that is too big could also be a problem if you don’t have the merchandise to fill the property.
- What kind of lease are you getting into? Is the lease for one, three, or five years?
- Are any utilities included in your rent? Sometimes water is included because separate meters aren’t available for every business in the location.
- How will reconstruction affect your lease? Does your lease term begin prior to building, or does it begin once the business is up and running?
In many aspects, renting a residential property is easier than finding the right commercial space since families generally need the same things (bathrooms, kitchen, bedrooms, etc.), while every business differs and may need a wide variety of things to function properly. From a commercial renters’ perspective, this is what makes working with a property management company so appealing. Not only will you be able to find a location that can accommodate the needs of your business, but you will also have a company who is always accessible to handle any problems you run into. Imagine how detrimental it could be to your company if you have an uncooperative landlord who doesn’t make repairs on time.
From a landlord’s point of view, hiring a property manager guarantees that all the proper zoning laws have been followed and that you are renting to a company who won’t go out of business within three months and leave you with a faulty lease.
