Finding the right commercial property for your business can be a bit tricky. Fortunately, real estate expert Larry Starr in Sarasota has some vital tips.
If you own or are looking to start a business, one of the most important decisions you’ll likely have to make is finding the right commercial property. While your company might start in your garage, as it grows, you may need more space. Finding the right commercial real estate could propel your business to greater heights. Let’s see what commercial real estate guru Larry Starr of Sarasota has to say.
“Selecting the right commercial property could make or break your company,” Larry Starr points out. “The first decision you might have to make is whether to rent or purchase real estate. The best choice depends on your situation.”
Buying commercial real estate will require a considerable investment. Yet when you purchase properties, you add valuable assets to your portfolio. Still, for many newer companies, that money might be put to better use developing products, hiring staff, and otherwise making moves.
Many startups first choose to rent a property over the first few years. As revenues stabilize and business owners get a better grasp on their real estate needs, some owners then choose to purchase a property.
“Purchasing commercial property can make sense in some situations,” Larry Starr of Sarasota notes. “Instead of spending money on rent, you’re investing in a valuable asset that may later provide equity. Still, renting offers more flexibility, say if you need to move into a bigger space, and offers other benefits too.”
Larry Starr Sarasota Suggests Paying Attention to These Factors When Evaluating Properties
Location, location, location! This common business phrase keys into how important location is for many businesses. If you’re running a B2C business, say a restaurant or bakery, a good location can drive foot traffic and raise awareness.
“Location is always important,” Larry Starr in Sarasota says, “but it’s especially important for businesses that rely on foot traffic. And even if you don’t rely on foot traffic, the right location might help you attract employees and afford easy access to your clients.”
Work-life balance is perhaps more important than ever before. Talented employees don’t want to waste 3 hours a day commuting. When evaluating real estate, look beyond specific facilities and pay attention to the community too.
If your business is located in an area that offers a high quality of life and an easy commute, you might have an easier time attracting talent. Ultimately, companies are only as good as their employees.
“You’ll also want to pay very close attention to the lease terms as well,” Larry Starr Sarasota says. “Who’s responsible for maintenance and upkeep? How much can rent increase per year? What are the terms for breaking the lease, say if you need to move your company to a bigger location?”
When evaluating commercial real estate, don’t focus solely on your needs today, but also on what you might need in the future. Spending time planning for different scenarios, such as rapid growth, could pay off in the long run.
