Just like renting a space to live, renting out commercial property needs a lot of time and effort. There are many things that need to be considered when looking for retail or office space, such as the size, location, and company budget. However, there are a few details that are often overlooked, leading to complications down the road. Here are a few of the most common mistakes made during a commercial real estate search, and how to avoid them.
No Representation
When looking through potential commercial real estate developments, be sure to look for a space that is run by commercial property management. This is a development that is operated by a professional commercial development expert. These commercial property development experts take on all the responsibilities that come with a tenant-owner relationship, such as signing the lease, collecting the rent, and dealing with any potential issues with maintenance. This will ensure you are dealing with a professional, who knows the ins and outs of commercial leases. Finding property that is offered by these professionals is as easy as typing ‘property management midland tx,’ or wherever you’re looking to place your business.
Unexpected Growth
Commercial leases are legally binding for a set amount of years, meaning you will have to stay on the contract until it is up. When leasing commercial property, business owners tend to think only about what their company needs to start up, rather than how it will grow over the years. When unexpected growth hits, a small commercial space can limit a company’s potential. When renting out a space, keep in mind the kind of growth you expect your company to achieve over the course of your lease. If the space isn’t big enough to accommodate that, it can cause troubles down the line.
Not Enough Time
While you may be excited to get your business up and running, the process of entering into an office lease agreement can heavily delay your grand opening. Depending on how much space you will need, and how complicated your set up is, the entire process of leasing commercial property can take anywhere from 6 to 12 months. Therefore, it’s best to start looking into renting commercial real estate before you start making any other preparations to start your business. Otherwise, you may end up with a business that’s ready to go, but nowhere to put it.
