Many businesses opt to own a retail space where they can physically sell their items. While selling online gives a great advantage, there are some customers around your area who would want to check your item before buying them. Plus, people who aren't familiar or do not buy online can stumble into your store and buy a few things. So if you've got the extra money and you're willing to take that step, you can now search for retail spaces to rent.
In Georgia, retail space is abundant, but because of the many retail spaces to choose from, finding a space suitable for both you and your business can be difficult. So here are some ways that can ease your tension and help you look for a great retail space.
- Look around malls or check online if there are any retail spaces available. Consider the location and the number of people who visit that certain area.
- Consider the rent and how much you can afford per month. If you can only afford around $1,000 per month, then look for places with renting prices at that amount of price, no higher than $2,000 if you can negotiate.
- List the properties you're interested in getting and have a walk through with the owners of these properties. This is the time when you can check the area and ask your questions. Don't be hesitant to ask who the previos owners were or what this retail space was used for, ask every question needed to be asked so you won't have to worry about anything after you own the retail space.
- After looking through the properties and choosing the one you want, negotiate the terms to fit your needs. But these terms have to be fair to the landowner, too. Hire a real estate lawyer if you're not sure of the terms your landowner gives you.
- After you send in your application and fees to the landowner and he accepts you as the official renter of the property, start renovating and advertise that your store will open at this particular place.
Buying and selling property can be an adventurous undertaking. If you are looking to enter into the commercial real estate market, be sure you start with some professional advice. The friendly people at Century Retail will be happy to help you get started.
The first thing to consider when looking for property to buy would be the location. The second thing to think about after location is the future of the property values in the area. If you buy in a depressed location, you may get the property for a reasonable price and if the property values increase over a period of time you will be able to make a healthy profit. On the other hand, if you buy in an upscale area the price may be more expensive and there might be a potential the values will go down. If that happens you won't make a profit and will lose money on your investment. Once you have chosen the general location, you will then need to decide on what kind of commercial property you want to purchase. There are many different types such as the traditional strip mall, an anchored retail development, or even a mixed-use development property. The one that may give you the most flexibility is a mixed-use development. This type of property contains both retail stores and business offices. When purchasing commercial real estate, it is important to keep your clientele in mind as you will make a better profit if you cater to them.
Once you have decided on where you would like to purchase, your next step would be to retain the expertise of a great real estate agency such as Century Retail. They can help you every step of the way from selection of your ideal property to purchase. They will even be able to assist you when it comes time to sell.