Finding a location for your new business can mean many things. You may need to consider building a new building, find an existing building, discuss purchases vs. rent, and more. Whatever the case, if you are purchasing you are likely going to need to consider commercial real estate financing. Before real estate financing comes into the picture however, you have to find the real estate.
Know the Area
If you are not from the area, spend some time there getting to know it. If you are from the area, consider where the most business takes place. Take notice of main travel routes, whether or not the brunt of business seems to me migrating in a new direction, and where your potential customer base spends the most time.
Find a Great Agent
A reliable, hard working real estate agent is worth her weight in gold. Let them know what you are looking for, what your budget is, and the general area you would like to be in. A local agent can help make up for what you do not know about the area, and their experience can help you make the best decisions possible.
If you can get preapproved for commercial real estate financing, you will have a better idea of your price range. In addition, a preapproval can allow you to make a much more confident offer on the spot. This could mean the different in scoring the location you want or losing to another offer while you iron things out with the lender.
Explore All of the Options
Thoroughly consider all of the options. Be open minded and allow yourself to see the potential in the each possibility. Run the numbers all the way through on renting vs. buying vs. building. Do market research on each potential location, and remember you can always expand later.
Whether you are seeking preapproval so you can begin looking for commercial real estate or you have the perfect location and need real estate financing now, Biz2Credit’s network of lenders can help. We will make certain you find the perfect lender with the right financing for your situation. Visit Biz2Credit.com today to get started.