Real estate is a great investment and there is no better option than commercial real estate in NYC. In theory, the process of finding the right property might seem simple. After all, you simply have to buy property, rent it out and watch your asset pay its dividends like clockwork. However, in reality, the process is a lot more complicated than you might think. It is not just the legal hassles but also unanticipated issues, which end up costing you in terms of both time and money.
You can choose to do your own research, figure out the procedure and processes involved and go for it on your own. However, when it comes down to the larger concerns like finding the right tenant and getting the right rent for the property, you might be more than a little out of your depth. Finding a company with top of the line real estate management services will take the burden off your shoulders and help you sail through the entire process.
Online shopping has made leasing retail property all the more competitive. What may help you get the edge over other retail owners is if you know what exactly it is that your potential clients are looking for.
Here are 5 things that all buyers look for in a retail commercial property for lease.
Safety and security concerns
Retail spaces cater to a large number of people. Your property needs to be located in UK Commercial Rent Arrears Recovery an area that has a low crime rate. If the crime rate of the area in which your property is located is questionable, you are better off with providing the necessary measures needed to ensure security in and around the premises. Commercial real estate management trends show that safety of a premise is high on the list of criteria that tenants consider when looking to rent a property for retail purposes.
Know the customer base
As a smart investor who wants a good return on their investment, you should be pro-active. With the help of your commercial property management agent to understand what kind of clients will be best suited to your property. Also find out what are the kind of customers and their shopping preferences that frequent that area. This kind of data will help you pitch your property better.
Tenants that are interested in commercial real estate property listings want to know where their competitors are located. If there is already a competitor in the locality that your property is in, the chances of them leasing your property are higher. Even though this may come across as counter-intuitive, tenants consider the fact that the competitor has customers which are interested in similar products and services, which in time will bring in customers for them as well.
Infrastructure and connectivity
With online shopping being the preferred medium of retail therapy, tenants are increasingly becoming more cautious about the location they chose to lease as their retail property. Not just the location of your property but also the connectivity of the same is crucial deal makers. Availability of public transportation near your property will help you seal the deal. Also being near the highway helps you make it to the list of options that your client maybe considering to lease.
Compatible business spaces
Retail spaces work very well if they are located near a well-known cafe or lounge or bistro or even a gym. The already established customer base increases the footfall at the retail property.