Let’s dive in to purchasing commercial real estate for your small business with these top tips.
In the following discussion we will share a brief guide to purchasing commercial real estate including tips and key topics to consider before taking the plunge into ownership.
Assemble a Team of Experts.
Having a team of professional, advisors at your back, just like with buying a small business, is key to achieving success in buying commercial real estate. Because a small business owner, you’re most likely not a commercial real estate expert. Your team of experts will be well versed in the entire process of purchasing commercial real estate from finding listings, and negotiating at the closing table, to financing the deal and getting together all the proper documentation.
Transworld recommends the following professional team:
Accountant or Wealth Advisor.
Hopefully, at this point as a business owner you have an accountant who keeps your books and records on track and is familiar with your numbers. If so, they can help you determine how much you can afford and analyze tax consequences. If you do not have an accountant, we highly recommend you bring one in to your operations, as they will add value to your business and are necessary when it comes time for projects like purchasing commercial space, or exiting your business in the future.
An attorney that focuses on commercial real estate transactions will best be able to help you complete the transaction, negotiate with the seller, and execute formal documentation.
A lender or mortgage broker will help you sort through the best financing options for your financial situation and the type of property you’re purchasing. These options may include a bank loan, SBA loan, or even a home equity line of credit.
Commercial Real Estate Broker.
A quality commercial real estate broker is the key advisor you will want when purchasing commercial real estate. They can help you identify potential properties and may even have access to space that has not yet hit the market. They will also have plenty of experience working with other buyers and can refer you to other qualified professionals, if you’re in need.
A commercial real estate broker will be absolutely vital in facilitating your entire commercial space purchase process and getting you to the closing table! If you’re interested in speaking to a commercial real estate broker about your small business space needs contact Transworld Commercial Real Estate.
Rachael Holstein is the Marketing Manager for Transworld Commercial Real Estate. Her work experience has been largely focused on business development and marketing in business brokerage, finance, architecture, property management, and information technology. A long time resident of Cleveland, Ohio, she attained her undergrad from John Carroll University and her Master’s Degree from Cleveland State University. In 2013, she relocated to Denver with her husband, Joe, and her furry companions to explore the mile high lifestyle!